My husband and I are looking into buying our first investment property.
We don't have a huge budget. We can probably spend up to $260,000.
Have found a 2brm unit (approx 30yrs old in a block of 5) in an excellent location of Hastings (near transport, main shopping strip and schools, currently rented out at $230 pw.
Price for the property is approx. $225.000 - $230,000. Hastings has had a reasonably good growth in the last 12 months and with the proposed port for Hastings we believed the area to be a good investment. We are looking to keep the unit for long term. However, being a first time investor, we are very wary of making the wrong decision (Hasting hasn't had the greatest reputation in the past).
We have also been looking in Frankston, but the areas we're able to afford would be more likely to be around Karingal area, with the prices being slightly higher and the rent being about the same as Hastings.
But for long term investment are we better off to get a cheap house on a reasonable size block in Frankston/Karingal area for future subdivision, or take our chance with the unit in Hastings, and perhaps with our next property we can look into a house on a bigger block, given the rent on the unit in Hastings is so good, with potential to increase it to 235- 240 pw in the near future. It's a big decision and a scary one, so we are trying to look at all scenarios.
We don't have a huge budget. We can probably spend up to $260,000.
Have found a 2brm unit (approx 30yrs old in a block of 5) in an excellent location of Hastings (near transport, main shopping strip and schools, currently rented out at $230 pw.
Price for the property is approx. $225.000 - $230,000. Hastings has had a reasonably good growth in the last 12 months and with the proposed port for Hastings we believed the area to be a good investment. We are looking to keep the unit for long term. However, being a first time investor, we are very wary of making the wrong decision (Hasting hasn't had the greatest reputation in the past).
We have also been looking in Frankston, but the areas we're able to afford would be more likely to be around Karingal area, with the prices being slightly higher and the rent being about the same as Hastings.
But for long term investment are we better off to get a cheap house on a reasonable size block in Frankston/Karingal area for future subdivision, or take our chance with the unit in Hastings, and perhaps with our next property we can look into a house on a bigger block, given the rent on the unit in Hastings is so good, with potential to increase it to 235- 240 pw in the near future. It's a big decision and a scary one, so we are trying to look at all scenarios.