04-27-2021, 09:38 AM
Shoebox investment? Worth it in the long run?
<!-- SC_OFF --><div class="md"><p>Hi all,</p> <p>Would love to hear your opinions re: pros and cons to owning a one bedroom apartment in the capital city of Australia.</p> <p>Competitive market here, unjustifiably. My work is in demand here and it is my second year renting in this city. The mortgage repayments on a $300,000 loan would be cheaper than the weekly rent. But then ofcourse there's body corporate fees. Luckily the insurance is included in the body corp. It's a one bedroom one parking. My plan is if I were to live in it for three or so years, whilst saving for a bigger place, and then rent it out... It might end up paying itself off. But I don't think I'd profit much on selling it. Thoughts?</p> <p>Background: Single working professional in mid - late 20's. Family are interstate. Owner of the current rental has given notice to sell the property. I just recently moved into it. Honestly cbf moving again.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/katetc"> /u/katetc </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/mzjvvg/shoebox_investment_worth_it_in_the_long_run/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/mzjvvg/shoebox_investment_worth_it_in_the_long_run/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Hi all,</p> <p>Would love to hear your opinions re: pros and cons to owning a one bedroom apartment in the capital city of Australia.</p> <p>Competitive market here, unjustifiably. My work is in demand here and it is my second year renting in this city. The mortgage repayments on a $300,000 loan would be cheaper than the weekly rent. But then ofcourse there's body corporate fees. Luckily the insurance is included in the body corp. It's a one bedroom one parking. My plan is if I were to live in it for three or so years, whilst saving for a bigger place, and then rent it out... It might end up paying itself off. But I don't think I'd profit much on selling it. Thoughts?</p> <p>Background: Single working professional in mid - late 20's. Family are interstate. Owner of the current rental has given notice to sell the property. I just recently moved into it. Honestly cbf moving again.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/katetc"> /u/katetc </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/mzjvvg/shoebox_investment_worth_it_in_the_long_run/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/mzjvvg/shoebox_investment_worth_it_in_the_long_run/">[comments]</a></span>Kind Regards R