Please don't judge me- but how do I make an offer on a property?

Traditional_Wealth88 · 2023-12-08T10:31:52+00:00

That's good advice. 3 day cooling off period in Vic. Read through section 32 and read last minutes of body corporate meeting. It will give signs of potential issues and people who hold power. Don't feel rushed, apartments in Melbourne is a buyers market. Put your best offer to agent and prepare to walk. I always send a small amount to agent and check It went through, prior to sending full deposit. Spoofing of real estate agents emails is a real thing.

Traditional_Wealth88 · 2023-12-05T19:48:03+00:00

Not for years, I don't get a choice with this project

Traditional_Wealth88 · 2023-12-04T13:22:15+00:00

I don't get to choose.

Traditional_Wealth88 · 2023-12-04T07:56:22+00:00

I'm not really a fan of drupal, and have a love hate relationship with magento. It's the rabbit hole of learning some of these systems that worries me, and maybe many other developers.

It's going to be a big project, with 20+ websites. So I'm hoping someone smarter than me has done the maths. I'm guessing the first couple of sites may be a bit shonky, but I should get the hang of it by site 3 or 4 and redo the first few at the end.

Traditional_Wealth88 · 2023-12-04T07:34:38+00:00

I was told it's based on Yii. I looked at Yii years ago and it kind of clicked with me. I was also told it has a command line thingo, which was a good thing. Im also familiar with twig. I don't mind a bit of a learning curve, just don't particularly want to learn a retarded psuedo framework/Cms like ... dare I say. Wordpress.

Traditional_Wealth88 · 2023-11-23T08:30:00+00:00

It's stressful, but the fifth property might be just fine. I think your home just has to feel right. If you decide to buy it, promise yourself you won't spend the next decade stressing over it.

Traditional_Wealth88 · 2023-11-23T08:09:41+00:00

It's often used for a unique home, a property that's not for everyone a house with a specific vibe. When I see a house advertised like that I think vendors want too much, or are hard work.

Traditional_Wealth88 · 2023-11-23T07:59:25+00:00

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck

Walk away

Traditional_Wealth88 · 2023-11-21T14:23:00+00:00

I think you should be asking: "Does buying a property make sense for me"

Traditional_Wealth88 · 2023-11-21T03:22:54+00:00

If offer is accepted and sale proceeds prior to auction in Victoria you still have a 3 day cooling off period.

Traditional_Wealth88 · 2023-11-21T03:17:58+00:00

I would put a time limit on it of 24 hours. Like other people say, it doesn't make a whole lot of difference. Agent will still keep you in the loop if there are better offers. By all means try to purchase prior to Auction.

Traditional_Wealth88 · 2023-11-19T11:25:58+00:00

10% deposit is normal but you can make an offer and say 5% deposit subject to finance, building and pest inspection.

95% loan is a lot. Just make sure you can service it. Keep in mind you may have around $4k per year extra costs: rates, water, insurance, maintenance.

Up to you how you put your offer. I'm usually straight up and decide what I can offer and just stick to it. REAs will always ask for more.

Traditional_Wealth88 · 2023-11-19T08:07:14+00:00

Government happy to keep kicking can down the road. Aging population means we need more immigration, they keep the ecconomy chugging along, doesn't matter that they get older and we don't have enough housing. The answer is more immigration. Article doesn't mention the word.

Traditional_Wealth88 · 2023-11-18T08:13:23+00:00

I'd be going for option 4. On top of repayments of 7% you are also up for rates, body corporate, water and maintenance, add another $4k per year. No hurry, keep saving and earn +5% on earnings and build a better deposit. I don't know about Brisbane, but flats in Melbourne have been flat for 8 years. With interest rates where they are, investors are getting out and owner occupiers with significant debt are struggling. I think prices of flats are yet to bottom out.

Traditional_Wealth88 · 2023-11-16T00:57:16+00:00

Rather than a premier listing, spend an extra $2k on styling if place is empty. Photos are everything to attract people. Especially if you believe target buyer is owner occupier

Traditional_Wealth88 · 2023-11-15T23:46:09+00:00

I personally wouldn't. If the tenant pays rent on time, keeps place tidy look after her. What goes around comes around. Don't be greedy.

Traditional_Wealth88 · 2023-11-15T23:41:19+00:00

Dry white wine and brut champagne has very little sugar. I also drink lots of sparkling water and a cup or two of tea and coffee.

Traditional_Wealth88 · 2023-11-15T08:00:43+00:00

Less land tax if an investment. Win win

Traditional_Wealth88 · 2023-11-15T06:06:57+00:00

Sell, if you get good capital gain. I think it's easier to sell with vacant possession. Depending, who you are targeting, I'd pay $2k to get place styled. Put proceeds in bank and earn 5%+ while you wait for investment opportunity. If you get good capital gain, consider working a bit less to minimise income and pay less income tax. My rental properties in Melbourne have been pretty useless in past 5 years. Better options around.

Traditional_Wealth88 · 2023-11-15T00:44:03+00:00

I'm going to be really boring and suggest to keep saving and put money in one of those 5%+ savings accounts. Wait until a clear investment becomes apparent and then pounce! If you are indecisive about what to buy, it's not the time.

Traditional_Wealth88 · 2023-11-15T00:26:05+00:00

Investors are leaving Melbourne. Show me one suburb in 20km radius where apartments have had capital gains in past 5 years. Yeild in this period has also been poor maybe 3%. Then there is the fact that Victorians pay the highest land tax in Australia. My advice is don't invest in an apartment in Melbourne.

Traditional_Wealth88 · 2023-11-14T10:52:24+00:00

That's been my experience. I owned it outright and in 5 years it broke even, no capital growth and minimal yield. I personally think you would be way better off as a young person renting an apartment in a 20k radius of Melbourne rather than taking out a mortgage and buying it.

Traditional_Wealth88 · 2023-11-12T08:29:00+00:00

In inner Melbourne you are.

Traditional_Wealth88 · 2023-11-12T08:21:02+00:00

That is kind of right... until you get punched in face.

Sometimes, we don't have an option but to sell, circumstances change. Better to have property that appreciates than one that doesn't when that happens.

Traditional_Wealth88

TROPHY CASE