Off-Topic
Not on main roads(traffic will drive you dilly);no surrounding units( you'll eventually hate this) and unless you really need it- not on any bus route-noise of buses unless you can sleep through!
hard to tell you what to look for in a house- very individual as to what you're happy with.
Think of things like do you want a garden if so small/big
number of bathrooms you'd like
Number of bedrooms you'd like
access-not nice if you have +++ stairs to entrance and you have to carry lots of shopping bags
two storeys or less
For future-? school availability
If it's not exactly what you want has it potential to be altered down the track( and it's never exactly what you want)
Is it livable as is as well
if things like mobile phone towers make you worry about cancer- any near the house- once went to one house that almost had a mobile phone tower in its back garden
Is it next to something like a fire station/pub-obvious why
Also some people don't like to live near schools re noise and possible parking issues pick up and drop off times
hard to tell you what to look for in a house- very individual as to what you're happy with.
Think of things like do you want a garden if so small/big
number of bathrooms you'd like
Number of bedrooms you'd like
access-not nice if you have +++ stairs to entrance and you have to carry lots of shopping bags
two storeys or less
For future-? school availability
If it's not exactly what you want has it potential to be altered down the track( and it's never exactly what you want)
Is it livable as is as well
if things like mobile phone towers make you worry about cancer- any near the house- once went to one house that almost had a mobile phone tower in its back garden
Is it next to something like a fire station/pub-obvious why
Also some people don't like to live near schools re noise and possible parking issues pick up and drop off times
pick up a newspaper and have a look at houses around that price and see what you're likely to get for that sorta money.
Not sure what Gold Coast housing prices are like. I would have thought that number would be at the bottom end of the scale for somewhere like that.
So.. I'd be seeing what sort of options you're to get for that price before you start nit picking too much about what you want.
Not sure what Gold Coast housing prices are like. I would have thought that number would be at the bottom end of the scale for somewhere like that.
So.. I'd be seeing what sort of options you're to get for that price before you start nit picking too much about what you want.
1) Take a look at the area you are buying it in. Try to pick the best area you can afford, or an area that is going up in value. If possible, buy the worst place on the best street in the town.
2) Look at the neighbourhood, see if it is safe. Can you go to the train station and not get stabbed or robbed?
3) Check out any underground pipes or anything of that sort, it may prevent you from building later on.
4) MAKE SURE that if you put in an offer, you put "Subject to builders inspection" on the paper.
5) Get your parents / solicitor to help you. It is a real pain in the arse getting it all sorted, and you can lose your deposit in a few days if you are not careful.
6) Be prepared to stop the lifestyle you currently have. You will be budgeting your last dollar.
2) Look at the neighbourhood, see if it is safe. Can you go to the train station and not get stabbed or robbed?
3) Check out any underground pipes or anything of that sort, it may prevent you from building later on.
4) MAKE SURE that if you put in an offer, you put "Subject to builders inspection" on the paper.
5) Get your parents / solicitor to help you. It is a real pain in the arse getting it all sorted, and you can lose your deposit in a few days if you are not careful.
6) Be prepared to stop the lifestyle you currently have. You will be budgeting your last dollar.
You can tell your from melb. Pete lol :p
I'll also be looking at buying in that sort of period (well 24 months) so keen to follow this one along.. I'm thinking start with a unit first something comfortable and livable, then saving for a house deposit closer to when I'm 30 and either selling or keeping the unit as a renter
Those Kit houses are quite amazing but would also have to fork out for the land
Can look at www.happyhaus.com.au
Happy Haus ( Donovan Hill Brisbane architecture firm)-studio incl bed,bathroom kitchenette and livingroom $100 000
Bachkit in Perth( really like these)
$340 000 3bedroom home;2 bathrooms;laundry facilities;open plan living/dining and kitchen
www.bachkit.com.au
Modscape melbourne( www.modscape.com.au)
Had this lying around as I like looking at houses(sad but true)
Can look at www.happyhaus.com.au
Happy Haus ( Donovan Hill Brisbane architecture firm)-studio incl bed,bathroom kitchenette and livingroom $100 000
Bachkit in Perth( really like these)
$340 000 3bedroom home;2 bathrooms;laundry facilities;open plan living/dining and kitchen
www.bachkit.com.au
Modscape melbourne( www.modscape.com.au)
Had this lying around as I like looking at houses(sad but true)
Do you have any mates/family that are tradies? When you look at a house its handy to have an eye for things that a lot of other people would miss...
As a plumber I see a lot of people doing dodgy shit to bandaid problems so they can sell a house!
Check that the hot water system is less that 10 years old or you could well be looking at replacing it soon. Look for any patches to concrete paths, walls inside and outside or ceiling/roof and think about why they were patched and what was/is underneath... Has it been fixed properly? Will it break again? Look for water stains on the ceiling that may indicate a leaking pipe or leaking roof. Water stains under a tap from a persistant leak, particularly where the taps are in the wall, may end up in an expensive repair to cut the wall and replace the parts inside. Excess moss growing in unusual places around the house may indicate an un-discovered water leak. Check the silicone around the basins, sinks, baths and showers and the grout in the tiles.
If there is gas connected to the house it would be worth having a plumber/gasfitter come out to test the gas service for leaks and the condition of any appliances... If the gas company comes to test the gas lines in your house and finds even the smallest leak they will shut your gas off without warning until you have a registered plumber come out and fix it. This can mean you are without hot water, heating and cooking facilities with a very expensive (you will be lucky to get change from $2000 to replace a gas service) repair bill before it gets turned back on.
From an electrical perspective... Check the age and operation of all smoke alarms noting that manufacturers recommend replacement after 10 years. Check for and at least press the "test" button on the safety switch in the electrical box. Check the condition and operation of power points and switches. Anything more than that would really need a sparky to test.
It really can pay for its self having a plumber, electrician and a builder look over the place before you buy!
Good luck with the house hunting.
As a plumber I see a lot of people doing dodgy shit to bandaid problems so they can sell a house!
Check that the hot water system is less that 10 years old or you could well be looking at replacing it soon. Look for any patches to concrete paths, walls inside and outside or ceiling/roof and think about why they were patched and what was/is underneath... Has it been fixed properly? Will it break again? Look for water stains on the ceiling that may indicate a leaking pipe or leaking roof. Water stains under a tap from a persistant leak, particularly where the taps are in the wall, may end up in an expensive repair to cut the wall and replace the parts inside. Excess moss growing in unusual places around the house may indicate an un-discovered water leak. Check the silicone around the basins, sinks, baths and showers and the grout in the tiles.
If there is gas connected to the house it would be worth having a plumber/gasfitter come out to test the gas service for leaks and the condition of any appliances... If the gas company comes to test the gas lines in your house and finds even the smallest leak they will shut your gas off without warning until you have a registered plumber come out and fix it. This can mean you are without hot water, heating and cooking facilities with a very expensive (you will be lucky to get change from $2000 to replace a gas service) repair bill before it gets turned back on.
From an electrical perspective... Check the age and operation of all smoke alarms noting that manufacturers recommend replacement after 10 years. Check for and at least press the "test" button on the safety switch in the electrical box. Check the condition and operation of power points and switches. Anything more than that would really need a sparky to test.
It really can pay for its self having a plumber, electrician and a builder look over the place before you buy!
Good luck with the house hunting.
With a 12 to 24 month time frame you can certainly start to get a feel for the type of property and area that you would be interested in but keep in mind that a lot can change in that time.
What you should be doing now is reviewing your financial position/budget. I am assuming that you will need to borrow some $’s to purchase this property unless you win Tattslotto soon :) .
· Take some time to do a budget – include everything, including the future rates etc, so that you have a realistic idea of what you can afford to spend on loan repayments. Be realistic, allow some spending money for yourself, and build in a contingency amount.
· Once you know what your future surplus will be you will be able to determine what your borrowing capacity will be – there are loan repayment calculators available on most bank web sites. Build in some buffer by using an interest rate of at least 2% above the current rate.
· Banks will generally lend up to 95% of the purchase price but this will come at a cost. If you borrow more than 80% the bank will generally require you to purchase Loan Protection Cover which effectively insures the bank, not you, against any shortfall should the bank have to sell the property. The higher the % lent, the higher the premium payable (which can be in the order of $2k), so you should look to only borrow up to 80% of the purchase price.
· Investigate any First Home Owners Grants which you may be eligible for, and any conditions which apply and when they might end.
· If you are looking at a $300k purchase then you would probably want to have a deposit of around $60k, plus an additional $5k to cover legal fees, moving costs etc. It looks like you would be exempt from Stamp Duty as a First Home owner in Queensland.
· Establish a relationship with a bank. This is not as important as it used to be, but it can be useful if you end up needing the bank to do something a little outside the square. Make an appointment to visit the bank lender 6 months before you are looking to purchase – they can make sure you are on track to achieve what you want to and it starts that relationship.
· When the time comes, consider using a mortgage broker if you are not comfortable dealing with a bank.
Good luck
What you should be doing now is reviewing your financial position/budget. I am assuming that you will need to borrow some $’s to purchase this property unless you win Tattslotto soon :) .
· Take some time to do a budget – include everything, including the future rates etc, so that you have a realistic idea of what you can afford to spend on loan repayments. Be realistic, allow some spending money for yourself, and build in a contingency amount.
· Once you know what your future surplus will be you will be able to determine what your borrowing capacity will be – there are loan repayment calculators available on most bank web sites. Build in some buffer by using an interest rate of at least 2% above the current rate.
· Banks will generally lend up to 95% of the purchase price but this will come at a cost. If you borrow more than 80% the bank will generally require you to purchase Loan Protection Cover which effectively insures the bank, not you, against any shortfall should the bank have to sell the property. The higher the % lent, the higher the premium payable (which can be in the order of $2k), so you should look to only borrow up to 80% of the purchase price.
· Investigate any First Home Owners Grants which you may be eligible for, and any conditions which apply and when they might end.
· If you are looking at a $300k purchase then you would probably want to have a deposit of around $60k, plus an additional $5k to cover legal fees, moving costs etc. It looks like you would be exempt from Stamp Duty as a First Home owner in Queensland.
· Establish a relationship with a bank. This is not as important as it used to be, but it can be useful if you end up needing the bank to do something a little outside the square. Make an appointment to visit the bank lender 6 months before you are looking to purchase – they can make sure you are on track to achieve what you want to and it starts that relationship.
· When the time comes, consider using a mortgage broker if you are not comfortable dealing with a bank.
Good luck
Be extremely weary of a house owned by a dodgy DIY'er, be on the look out for any type of home grown plumbing or electrical work, because you can be sure where there is a little you will find a heap more as soon as you dig under the surface. I have spent the past year fixing up the old owner of my houses shitty shitty work, which has almost killed me in the process a few times (hitting electrical cables where there should never ever be electrical cables)
I kick myself everyday for buying a fixer upper, the amount of sleep I have missed, the lack of social life I have had and the amount of money I have pumped into it all I'm just not that sure it was worth it all. But then again houses bore me, much rather be working on cars, haha
I kick myself everyday for buying a fixer upper, the amount of sleep I have missed, the lack of social life I have had and the amount of money I have pumped into it all I'm just not that sure it was worth it all. But then again houses bore me, much rather be working on cars, haha
Modscape are great. Got a mate on the beach and the house next door has a double story version with built in decking and pool. Entertaining down stairs, living upstairs. I could live there easy... less is more in my opinion, so the minimalist approach is what I enjoy.
Good luck on the search matty, I guess it doesn't really matter which state you live in these days, they all try to ass rape you on price. Sellers market for sure the housing industry.
Good luck on the search matty, I guess it doesn't really matter which state you live in these days, they all try to ass rape you on price. Sellers market for sure the housing industry.
