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Apartment Purchase Advice; Are they good investments?
Topic Started: 14 Sep 2014, 02:43 PM (1,414 Views)
stinkbug
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Jimbo
15 Sep 2014, 10:38 AM
The approach that I take is to find as many things wrong with a property that I can.

4th bedroom a bit small, bathroom outdated whatever. Mention those things while you are viewing but don't be so negative as to piss off the vendor.

Tell them you like the place but that it doesn't really tick all the boxes for your own needs.

This approach works well if you have a lot of properties to look at. All vendors want to sell but some actually need to sell and it is those sellers that will give you the best discount. The more properties you look at, the greater the chances are that you will fish out a needy vendor.
When shopping for IPs I tend to take the approach of saying that I'm looking at several, and they all seem to fit my needs provided the price is right, and that I'll be making several offers today. Of course, if my offer here is accepted I won't bother looking at the others...

Yeah, most of the time the vendor doesn't go for it (although agents love it), but occasionally they do.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Blondie girl
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neiko
14 Sep 2014, 02:43 PM
Hi Guys,

I hope im asking this in the right forum, if not please be gentle :)

Im contemplating purchasing a small (57sq) 2 bedroom apartment in a nice central road in St Kilda, Melbourne. It is 1 of 16 properties in this development, the rooms seem pretty small but there are not many images to see exactly how small the unit would be. Ive been seeing apartments in the region of 67sq also, but the finish of the build and the location is not as central. This property will be competed in early 2016 and the cheapest on level 1 is $575k, then it goes up to the 3rd floor for $625 (same floorplan, just higher).

Do you guys think this would be a good investment for a home to live in? I get mixed feedback on apartments and the Melbourne market. Hence why im asking you guys :)

Thanks for your help

Neiko
Neiko

It matters if the market swings to favour the buyers when it involves investing purchases but if it's a PPOR it's going to not matter.

What you need to understand is the need for careful research in what do you want to exactly buy & what you are able to realistically afford.

Don't make the emotionl decisions.
With ANY property type...


.understand what justifies it's price? Compare compare other props in the area. That's the way you'll understand the pricing stuff.
.how long is the property on the market?
.when was the last time the property was sold?
.find out the reason for selling ( knowing this can benefit the haggling/negotiating sometimes)
.council legality of renovations

Everyone has differing thoughts on their first love in getting involved in investing.

Property options have their differing pro & cons.
Thers a difference in choosing innercity apartments, Middle burbs homes, or organizing the builds on a subdivided block that 15minutes from the city :to:

Someone made a comment to me once..
"where the coffes hot so are the property prices"

Apartments are good for some but not all investors, some do buy their first investment home to occupy & then buy a bigger one later in 1-3yrs .some want the urban convenience of less commuting to work & having Cafes, gym & entertainment close by.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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cokatoo56
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Jimbo
15 Sep 2014, 10:38 AM
The approach that I take is to find as many things wrong with a property that I can.

4th bedroom a bit small, bathroom outdated whatever. Mention those things while you are viewing but don't be so negative as to piss off the vendor.

Tell them you like the place but that it doesn't really tick all the boxes for your own needs.

This approach works well if you have a lot of properties to look at. All vendors want to sell but some actually need to sell and it is those sellers that will give you the best discount. The more properties you look at, the greater the chances are that you will fish out a needy vendor.
This is a great post ! :)

however, this tip may not apply to anywhere. it probably applies if you buy in a small/average size town, but it won't apply if you look at buying in a big city (sydney, melbourne), where demand is high, and people are queuing to see the unit/house for sale.
how do you do ? do you just not consider the main cities when you buy ?
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Jimbo
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cokatoo56
17 Sep 2014, 12:18 AM
This is a great post ! :)

however, this tip may not apply to anywhere. it probably applies if you buy in a small/average size town, but it won't apply if you look at buying in a big city (sydney, melbourne), where demand is high, and people are queuing to see the unit/house for sale.
how do you do ? do you just not consider the main cities when you buy ?
This approach doesn't work in a sellers market but I try not to buy in a sellers market. I generally sell in sellers markets and buy in buyers markets.

I wouldn't consider buying in a market like Sydney or London at the moment.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Poontang
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http://www.afr.com/p/business/property/melbourne_facing_sub_prime_apartment_eTYf2eDInJYNvlQX5bDjLK

There are some people who seem angry and continuously look for conflict.
Walk away, the battle they are fighting isn't with you, it's with themselves.

The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it.
The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.

Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
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