Hey guys, This is my first time posting here and am hoping for some sound real estate advice.
Here is my situation; later this year (fingers crossed it comes in the next quarter) I SHOULD be receiving a fairly large sum of money as compensation for a very serious accident that I had. With this money I plan to buy a house for myself to live in.
I am single but have two sons that live with my ex-wife so I was hoping to get a 3 bedroom house that is within driving distance to schools in yokine.
I have bought a house before and last time made the mistake of becoming too emotionally attached to the house and probably missed out on a better deal than I should have got. Subsequently I lost the house.
I have been looking on domain and reiwa for houses available in Scarborough as I love the coastal area plus its proximity to the city. Plus have always been told to look for coastal or city for best investment potential. I have not yet decided on a firm budget but am looking in the vicinity of $6-800,000 (my boys really want a 2 story place. With Internet. And an Xbox. Haha)
My main questions are: - Are there any specific features (locationwise/housewise that I should be on the look out for?
- Are there any traps to look out for when buying a house of this nature?
- Given the buyers market, is a more expensive house more likely to provide better returns in the future?
- Are there any alternative suburbs to Scarborough that would provide the same lifestyle but maybe a slightly better investment? Even though I do love scarborough
- Given that I will be paying cash for the house, is that going to make much of a difference to my buying power? And how much lower than any asking price would you recommend offering?
- Should I look for a private sale? If so where is the best place to look for them?
- Do you have any other advice for me?
Basically I have not been in this position before and due to the volatility of the market and the financial future of WA (insert toilet bowl emoji here 🚽🚽🚽) and the fact that I am basically getting a once off leg-up because life is now going to be much harder I must say I'm VERY nervous and am seeking as much advice as possible.
If anyone is able to offer me any advice I would hugely appreciate it.
Hey guys, This is my first time posting here and am hoping for some sound real estate advice.
Here is my situation; later this year (fingers crossed it comes in the next quarter) I SHOULD be receiving a fairly large sum of money as compensation for a very serious accident that I had. With this money I plan to buy a house for myself to live in.
I am single but have two sons that live with my ex-wife so I was hoping to get a 3 bedroom house that is within driving distance to schools in yokine.
I have bought a house before and last time made the mistake of becoming too emotionally attached to the house and probably missed out on a better deal than I should have got. Subsequently I lost the house.
I have been looking on domain and reiwa for houses available in Scarborough as I love the coastal area plus its proximity to the city. Plus have always been told to look for coastal or city for best investment potential. I have not yet decided on a firm budget but am looking in the vicinity of $6-800,000 (my boys really want a 2 story place. With Internet. And an Xbox. Haha)
My main questions are: - Are there any specific features (locationwise/housewise that I should be on the look out for?
- Are there any traps to look out for when buying a house of this nature?
- Given the buyers market, is a more expensive house more likely to provide better returns in the future?
- Are there any alternative suburbs to Scarborough that would provide the same lifestyle but maybe a slightly better investment? Even though I do love scarborough
- Given that I will be paying cash for the house, is that going to make much of a difference to my buying power? And how much lower than any asking price would you recommend offering?
- Should I look for a private sale? If so where is the best place to look for them?
- Do you have any other advice for me?
Basically I have not been in this position before and due to the volatility of the market and the financial future of WA (insert toilet bowl emoji here 🚽🚽🚽) and the fact that I am basically getting a once off leg-up because life is now going to be much harder I must say I'm VERY nervous and am seeking as much advice as possible.
If anyone is able to offer me any advice I would hugely appreciate it.
Thanks in advance Chris
If you are incapacitated is two storey a good idea?
Scabs is nice if traditional bogon territory. Trigg is better but costs more.
Not great for city links, bit of a mare to get to yokine in rush hour, assuming school run. Could look at woodvale et al.
As for cash, go low ball.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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.
Hey guys, This is my first time posting here and am hoping for some sound real estate advice.
Here is my situation; later this year (fingers crossed it comes in the next quarter) I SHOULD be receiving a fairly large sum of money as compensation for a very serious accident that I had. With this money I plan to buy a house for myself to live in.
I am single but have two sons that live with my ex-wife so I was hoping to get a 3 bedroom house that is within driving distance to schools in yokine.
I have bought a house before and last time made the mistake of becoming too emotionally attached to the house and probably missed out on a better deal than I should have got. Subsequently I lost the house.
I have been looking on domain and reiwa for houses available in Scarborough as I love the coastal area plus its proximity to the city. Plus have always been told to look for coastal or city for best investment potential. I have not yet decided on a firm budget but am looking in the vicinity of $6-800,000 (my boys really want a 2 story place. With Internet. And an Xbox. Haha)
My main questions are: - Are there any specific features (locationwise/housewise that I should be on the look out for?
- Are there any traps to look out for when buying a house of this nature?
- Given the buyers market, is a more expensive house more likely to provide better returns in the future?
- Are there any alternative suburbs to Scarborough that would provide the same lifestyle but maybe a slightly better investment? Even though I do love scarborough
- Given that I will be paying cash for the house, is that going to make much of a difference to my buying power? And how much lower than any asking price would you recommend offering?
- Should I look for a private sale? If so where is the best place to look for them?
- Do you have any other advice for me?
Basically I have not been in this position before and due to the volatility of the market and the financial future of WA (insert toilet bowl emoji here 🚽🚽🚽) and the fact that I am basically getting a once off leg-up because life is now going to be much harder I must say I'm VERY nervous and am seeking as much advice as possible.
If anyone is able to offer me any advice I would hugely appreciate it.
Thanks in advance Chris
On a % return basis houses at the lower end normally perform better, but right now in Perth the best buys are probably above the median house value, so you might do well. But as you have found out you need to buy with your head and not your heart.
BTW your children will grow up and leave home, and then you'll be one guy stuck in a big house. Always think a decade or two ahead.
but right now in Perth the best buys are probably above the median house value,
I totally agree, but you are looking at this as an investment decision.
Buying a PPOR is not an investment decision. Just like buying bread in the supermarket is not an investment decision. Just like deciding to move to Australia from the UK is not an investment decision.
If the guy needs somewhere to live, there is never a right or wrong time to buy.
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.
If the guy needs somewhere to live, there is never a right or wrong time to buy.
Absolute garbage. What if rental yields were less than one percent, would it be a no brainer for the potential owner occupier to buy into that market? It's bland bbq aphorisms like this which help bubbles form in the first place.
If the answer was as clear cut as your saying implies forums like this wouldn't exist.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
Absolute garbage. What if rental yields were less than one percent, would it be a no brainer for the potential owner occupier to buy into that market? It's bland bbq aphorisms like this which help bubbles form in the first place.
If the answer was as clear cut as your saying implies forums like this wouldn't exist.
Nonsense. Didn't you read the OP? He's getting a big payout for injury and wants a home to live in for him and his sons. He's not buying an IP so yields have nothing to do with it. If he pays over next years price that has nothing to do with it. Renting may not be an option due to his injuries and the need to retrofit the home, did you consider that?
Not everyone is waiting for the market to correct to buy a home you know.
Bubbles form because of speculative activity, like 50% of all home units currently being sold to investors.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
Nonsense. Didn't you read the OP? He's getting a big payout for injury and wants a home to live in for him and his sons. He's not buying an IP so yields have nothing to do with it. If he pays over next years price that has nothing to do with it. Renting may not be an option due to his injuries and the need to retrofit the home, did you consider that?
Not everyone is waiting for the market to correct to buy a home you know.
Bubbles form because of speculative activity, like 50% of all home units currently being sold to investors.
He also may be wanting to hide assets.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
How ironic! Didn't you sell your PPOR as an investment decision?
Do as I say, not as I do?
King of the hypocrites is our Jim.
Chrisso
29 Aug 2015, 04:10 PM
Hey guys, This is my first time posting here and am hoping for some sound real estate advice.
Here is my situation; later this year (fingers crossed it comes in the next quarter) I SHOULD be receiving a fairly large sum of money as compensation for a very serious accident that I had. With this money I plan to buy a house for myself to live in.
I am single but have two sons that live with my ex-wife so I was hoping to get a 3 bedroom house that is within driving distance to schools in yokine.
I have bought a house before and last time made the mistake of becoming too emotionally attached to the house and probably missed out on a better deal than I should have got. Subsequently I lost the house.
I have been looking on domain and reiwa for houses available in Scarborough as I love the coastal area plus its proximity to the city. Plus have always been told to look for coastal or city for best investment potential. I have not yet decided on a firm budget but am looking in the vicinity of $6-800,000 (my boys really want a 2 story place. With Internet. And an Xbox. Haha)
My main questions are: - Are there any specific features (locationwise/housewise that I should be on the look out for?
- Are there any traps to look out for when buying a house of this nature?
- Given the buyers market, is a more expensive house more likely to provide better returns in the future?
- Are there any alternative suburbs to Scarborough that would provide the same lifestyle but maybe a slightly better investment? Even though I do love scarborough
- Given that I will be paying cash for the house, is that going to make much of a difference to my buying power? And how much lower than any asking price would you recommend offering?
- Should I look for a private sale? If so where is the best place to look for them?
- Do you have any other advice for me?
Basically I have not been in this position before and due to the volatility of the market and the financial future of WA (insert toilet bowl emoji here 🚽🚽🚽) and the fact that I am basically getting a once off leg-up because life is now going to be much harder I must say I'm VERY nervous and am seeking as much advice as possible.
If anyone is able to offer me any advice I would hugely appreciate it.
Thanks in advance Chris
I would be buying the most house for my money to be honest. Therefore I would be looking east of the freeway (Yokine itself, Tuart Hill, Mount Hawthorn). You can always drive to the beach when it suits you. Proximity to the Leederville cafes etc would lead me east as well.
Your money, your life and all that though, good luck to you.
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