To buy or not to buy?

[brydz]

I am a 22 year old professional.
I live in Maryborough where the houses are really quite cheap.

I have spoken with mortgage choice and they believe I can loan around 200,000 based on my credit rating and salary. Here that means a reasonable middle range home with 3 or 4 bedrooms.

I don't want a house to live in myself. Not here. I'm planning to move myself back to Bendigo in 12 months or maybe less.
I am considering buying an old place and doing it up. Somewhere in the range of 110,000 -150,000.

I need as much advice as I can get about buying a cheapie and fixing it up.

What is there to look out for?
How do you know which properties are worth it and will achieve the most value increase?
Do you think its wise at my age? or should I wait?

any tips, help, advice, or whatever would be much appreciated. thanks :)

[kincella]

I would be inclined to look at Bendigo....how much reno work can you do yourself....
here is a little beauty....an old miners cottage on a tiny block...right in the middle of town..
since you intend to return to Bendigo...why not buy there...then spend your time renovating it, if you can afford to pay the mortgage in the meantime......
spend you weekends there fixing it up....looks like lots of labour, to replace the timber etc....
Maryborough is cheap due to the drought....well thats my guess.....but if the drought has broken things may change quickly...however the city of Bendigo is a better bet....get a few mates that are handy to help you...check out prices at building supply sites....cheap kitchen deals etc, old 2nd hand period doors...

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105956623&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=94093736&s=vic&tm=1251938051
call the agent to find out the estimated price range.....??? 80,000 or less,
otherwise 5 pages of houses below 1509k for Bendigo....
choose a house in the best location...near schools, public transport etc...and choose a period style home, and retain the period features when you renovate...
do not touch housing commission or public housing...it never reaches the same value as a non public house...

[brydz]

I found a real beauty.
3 bedroom californian bungalow style.
It's in a prime location, just a block or two away from the main street, shops, hospital etc. It has been recently re-clad on the exterior, and the interior needs a bit of work, but I'm going to inspect it in about 15 minutes to see just how much.

It's 137,000. Which is a bargain. I can't really afford anything in a good location in BENDIGO which is why I'm planning to fix up one here, work on it for however long it takes, live in it for a bit, and then re sell and hopefully make a reasonable profit. Houses of the same style around here can fetch up to and maybe even above 200 K if they are well maintained.


And no, Maryborough house prices are almost always around this range, nothing to do with the drought.

[knocker]

Sounds like a bargain. Buy it Bro.

[jayarr]

Sounds interesting,


You can actually start from there, that's a very great idea.

[francinemelbour]

Good to know that in your very young age you can make decision with your own. My advice is you need to get professional adviser for buying property.