Tracy and I have been thinking about an investment for quite a long time... way too long, for that matter. We've missed out on a lot of fantastic property investment opportunities over the last few years, but we have finally taken the steps to get the ball rolling. Hopefully there is still some spice in the Perth property market to enable us to make a bit of money in a few years.
So what have we done? We've bought an inner-city apartment, due for completion in 2010. Fell free to have a look here -> The Saint.
While it is still early days, I still feel the need to thank Susan from work for subtly pushing me into this :-) She owns a number of apartments around Perth, and actually brought into the Saint project as well. We'll have to pop some Champaign to celebrate our joint venture :P
As mentioned - early days. For the time being, little will change, except for the stresses involved in organising the finance... actually, that part is more annoying rather than stressful. Annoying because you are basically forced to deal with Settlement Agents, whom are greatly overpaid, and whom I despise.
I keep getting this feeling that the next few years are going to be hard financially. Though in reality the tough times won’t start to bite until 2010, when the full mortgage will come into effect. Though at that point we hope to be well off enough for it not to hurt too much :P
So why do this? We hope to have paid off our mortgage by 2011. That has always been the plan. However, the unforseen sky-rocketing property market in Perth has left us with a mortgage that would take us many years to clear using 'transitional' methods. I'm a 'traditional' man, but even I did not want to settle for this. We hope that this investment (with the possibility of a second one) will be enough to render us mortgage free (with a little extra, perhaps) by 2011.
Exciting times indeed.