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/u/Realistic-Score4398
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So young guy (21M) living in Adelaide, still studying at uni (3 years to go) and work 2 jobs. Very lucky I get the opportunity to live at home only paying $100 in board per week…
I’ve currently saved $20,000 and have $10,000 in stocks but I have always wanted to invest in the real estate market. I’m saving $400 a week and still live a pretty nice 21 year old life style…
My top 3 options at the moment are
Option 1. I know the banks will need a 60% deposit for this and I will have to keep saving. But I’ve read they’re charging $320-$400 a week which would definitely help pay this thing off quickly. I also know body cooperation fees are pretty high
Option 2. A lot more money = a lot more risk. But has better chance of capital gains and still a cheap way to enter the housing market during 2024…
Option 3. Longer and slower process but has the potential to subdivide and put 2 houses on if I can get council approval. Might not work but still having land paid off is not a bad way to start
submitted by /u/Realistic-Score4398
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21M wants in on real estate
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I’ve currently saved $20,000 and have $10,000 in stocks but I have always wanted to invest in the real estate market. I’m saving $400 a week and still live a pretty nice 21 year old life style…
My top 3 options at the moment are
Buying student accomodation in Melbourne (150k-170k)
Buying a house in Mount gambier (250k-400k)
Buying land (600sqm -1000sqm) in Mount gambier and putting a house on it once I’ve paid off the loan (180k-250k (+300k house later on))
Something I haven’t thought of? Would love advice
Option 1. I know the banks will need a 60% deposit for this and I will have to keep saving. But I’ve read they’re charging $320-$400 a week which would definitely help pay this thing off quickly. I also know body cooperation fees are pretty high
Option 2. A lot more money = a lot more risk. But has better chance of capital gains and still a cheap way to enter the housing market during 2024…
Option 3. Longer and slower process but has the potential to subdivide and put 2 houses on if I can get council approval. Might not work but still having land paid off is not a bad way to start
submitted by /u/Realistic-Score4398
[link] [comments]
21M wants in on real estate
Continue reading...