Buying Real Estate

[robjh80]

Originally Posted by old_mate

UPDATE. Signed a contract on a 4brm place last night. paid a bit over 300k for it, but its a really big house. small block but, 600m square, im going to struggle to fit a titan for the XY but we'll see. First house at 22. Not bad i reckon. Now to suss out how to buy a BF turbo ute without it ruining me

Congratulations mate, all the best with it, enjoy.

Where did you end up buying?

I got my first house at 22 as well, back in 1998, brand new 3 bedroom brick and tile house on flat 820sqm block in Thornlands..........price: $112,000,
how times have changed, that house was on the market last year for $390,000!!

[lavenlaar]

I'm putting in an offer on a place tomorrow actually. Listed for $290,000 neg. Im a firm believer of "pay what its worth". I reckon around that mark is right, so im going in with $278,500 making it an odd number so that i can say that this is all the bank is willing to give me and i want the house. But been approved by the bank for $450.000. Hopefully that'll work :S but if not i'll put next offer in. Find out next week.

[Casper]

Originally Posted by robjh80

Congratulations mate, all the best with it, enjoy.

Where did you end up buying?

I got my first house at 22 as well, back in 1998, brand new 3 bedroom brick and tile house on flat 820sqm block in Thornlands..........price: $112,000,
how times have changed, that house was on the market last year for $390,000!!

Yeah, know that feeling.
10 years ago we built a modest little house in Bald Hills Qld. Price in total, about $136,000. Sold it 4 years ago for a very tidy profit and was happy with that. Looking at the house prices for similar places now in the same area the going rate appears to be between $280,000 and $320,000 : That jumped almost $100,000 more in 4 years!

Ah well, such is life.

[old_mate]

Bought in Regents Park, just down the road a ways from mum and dad (where I grew up) would have liked to be closer to town but such is life

[robjh80]

Originally Posted by robjh80

Congratulations mate, all the best with it, enjoy.

Where did you end up buying?

I got my first house at 22 as well, back in 1998, brand new 3 bedroom brick and tile house on flat 820sqm block in Thornlands..........price: $112,000,
how times have changed, that house was on the market last year for $390,000!!

Typo........I put 1998, should have been 1988

If it were 1998 that would make me only 31 years old

"Forget it.......leave it at 1998"........ :

[Hitman]

Just bought my first house, settlement happens in 13 days.
Was advertised for $249000, offered $225000, they came back with $235000, I said $227000 final offer, and it was accepted.
I hate moving.

[XRchic]

What people said about getting out of the metro area is right too. We bought in Mt Barker because it is really nice in the semi-country, the place is developing quickly enough to have everything you need and the values are skyrocketing.

We made an offer on the place equal to the asking price because the house itself was worth quite lot more. They were asking $350K because they had to move out quick and get to Victoria. We knew there were plenty of others sniffing around too, so we just offered the money and they accepted and we signed quickly.

Turns out they were offered $380K a few days after we signed. Too bad for them. LOL. They apparently had quite a few offers same or higher than that after we signed. I have told other real estate agents since we bought it what we paid, and it appears we have gotten a really good deal.

Two weeks ago it was valued at $430K. Thats $80K improvement on what we paid in just over a year.

Basically the house is on an 850m2 block, dead flat and square. House was one year old, steel frame. 3 bedroom and massive rumpus which has own sliding door outside access. Lounge, dining, tv area, large bathroom and ensuite and WIR to main bedroom. Really nice ceramic tiles through the house, massive reverse cycle ducted unit. All of the extras like nice doors, dimmers, heater lights in bathrooms, heated towel racks in bathrooms, massive laundry, built ins throughout, nice tap fittings, halogen lights, full computer router system throughout house and shed (about $5K worth of stuff from big router in linen cupboard).

We have double carport with electric roller doors, and one roller door at back to drive car through. Also gate on side of house big enough to drive cars around the back. Two car shed out the back too, with carport on side of it with room for another car. Shed fully wired and has internet connections.

Fully landscaped gardens and sprinklers. Really good for the kids. Loads of fruit trees too. Apple, peach, apricot, orange, lemon and plum trees.

No neighbours at the rear either, property backs up to Mt Barker Golf Course which is really nice.... Big trees and lots of grass around, and its still pretty green.

Bus stop about 50m walk away which takes the kids to school in Hahndorf (another really nice place around the hills)..

I like our house, and I love living in the hills and I think we got a pretty good deal really and I am not that fussed that we didnt offer anything less than the asking price.

[brenx]

Buying established is a good idea especially if you plan to resell it within 5 years. I had quite a positive experience with my prior established home.

My current home that I built how ever is an absolute nightmare. I won't be building another new home ever. Whats happened with this one is I've sunk $340k (purchase price + bits and pieces needed to establish the house to it's current stage). I've owned it for 4 years now. I previously had it on the market in the $340-365k bracket. Not a single bite :( I've currently got it on the market again as of last Fri @ $325k as I want out. I don't see the point of keeping it for longer as it's already devalued and I generally only live in one spot for 5 years. I've made the decision to get rid of it and walk off with nothing. I started off with 80k cash 4 years ago. To come away with nothing after 4 years is disheartening.

[XRchic]

Originally Posted by brenx

Buying established is a good idea especially if you plan to resell it within 5 years. I had quite a positive experience with my prior established home.

My current home that I built how ever is an absolute nightmare. I won't be building another new home ever. Whats happened with this one is I've sunk $340k (purchase price + bits and pieces needed to establish the house to it's current stage). I've owned it for 4 years now. I previously had it on the market in the $340-365k bracket. Not a single bite :( I've currently got it on the market again as of last Fri @ $325k as I want out. I don't see the point of keeping it for longer as it's already devalued and I generally only live in one spot for 5 years. I've made the decision to get rid of it and walk off with nothing. I started off with 80k cash 4 years ago. To come away with nothing after 4 years is disheartening.

Devaluing is not good mate! Not the way things are now. Any thoughts of hanging onto it for a bit longer to get some more value into it?

Ive heard nightmares about building and have been put off, despite the possible financial benefits of it at the outset.

[brenx]

Originally Posted by XRchic

Devaluing is not good mate! Not the way things are now. Any thoughts of hanging onto it for a bit longer to get some more value into it?

Ive heard nightmares about building and have been put off, despite the possible financial benefits of it at the outset.

Nah it's not a viable option IMO. I'm over it, I'm affraid. I'm sick of being a hermit and not being able to go out because of a house. I think, I'd at least need to be here for around 5 more years to see any increase in value (a small one at that). At this point in time I've already paid $101k (inc interest) on the loan. Hanging around for another 5 years paying 100k+ on the loan might be worth it if I knew I'd get $500k+ for it but I doubt that'll happen in 5 years.

[atec77]

Originally Posted by old_mate

Bought in Regents Park, just down the road a ways from mum and dad (where I grew up) would have liked to be closer to town but such is life

Which way do I throw the rocks ? (yes I am very close) and well done

[athol]

I had a look at a property last week a beautiful house landscaped driveway and entrance with the size of the block being 1.8 acres.The agent appeared vague on where the boundaries of the block were so we decided to get the block surveyed as we have been bitten on block size once before. Due to the survey we discovered that the beautiful driveway was a right of carriageway and some of the entrance belonged to another block, that had been sub divided fron the original block and that it began about 3 metres from the house. so in order not to have another house built on top of us we asked if the sub divided block was for sale and it was but at a premium price.

The bottom line is the property that the agent showed us was totally different to what was for sale, and without the sub divided block the property would be a very poor purchase.


Athol