Hello Fellow investers, I'm a new subscriber to InvestEd and a new invester, having just purchased my first residential property investment on advice from my sister who has an extensive portfolio. My situation is this, My wife and I own our home value $350k, and we are currently building our first investment property, value $320k. We have spoken to different people and everyone has there own opinions about building new as opposed to buying established. I guess I'm looking to build a bit more knowledge in regard to building wealth, and I look forward to any and all comments/advice forthcoming. But back to my query, is it better to build new or buy established, in regard to IP's Regards to all Bruiser
I don't think one is necessarily better than the other. It comes down to your own skills, your time available, your risk profile, the particular deal that's on the table etc etc. Welcome to the forum, hope you have a successful investing journey
I've got a piece of string and it's this long Personally, for ease I only go established (I only have one so far). In the future I may well go for building my own. As Glebe said, it's pretty much up to personal preference. BR
Bruiser Welcome to the forum. IMO you can make money either way. Where are you building? Do you intend to hold this IP long term? Cheers
BV, I am building in Tamworth, but my sister suggested a metro IP for my next one. I think Tamworth is on the move, do you have any comments on Tamworth as an investment area? Bruiser
Hi Bruiser Prices could be on the move I don't know, I did a search and median price after 2002 has dropped and then had a few small ups and downs. It's hard for me to tell how the market is going but you should be able to see selling activity. I would look at housing affortability, population movement and employment in the area. Those 3 factors should tell you if the demand for housing will continue. Land from what I can tell is plenty and cheap so I am guessing that if the demand for new housing is there it wouldn't be hard to make money from a development. However, I don't know if prices will hold, so I would probably build and sell. Cheers