Post to Facebook on 23/10/19 at 11:18 AM
Posted to The Age (16/10/2019) on 23/10/2019
Commenting on “No-go' lending zones: Development defaults rise in Sydney and Melbourne”
https://www.theage.com.au/business/companies/no-go-lending-zones-development-defaults-rise-in-sydney-and-melbourne-20191016-p5318u.html
I hope my warning to you not to sign on the dotted line of a contract for promises only, other than the finish product that you can’t see and touch, have not been turned to deaf ears. You must beware of off-the-plan development.
It is so tempting to read those brochures full of beautiful images, and promotional description scripted to “suck” you in. Oh yes, I designed sale brochures and property sale display boards before.
I am sure you are not going to live in those far flung regional towns or suburbs unless you are working there. In fact many of these places have no job opportunity because the infrastructure is not ready, or may take years before it becomes a reality.
Do you think new migrants will move to these areas, where they can’t find work, support, food ingredients, etc. Furthermore, it cost a lot to travel to busy suburbs similar to what they are familiar with back home.
I have advised you to buy land, but you must buy titled land, not a piece of a big block yet to be subdivided by a developer or some companies who may not even own it.
Real estate investment is not like dice throwing or pulling an one-arm bandit at the casino. You just have to learn more about the ins and outs, and be smart about it not to let emotion overpower you and sign the contract impulsively.
Sorry for repeating my warning so often. I just don’t want you to see your money disappear for the wrong reason.
Thank you for reading.
Posted to The Age (16/10/2019) on 23/10/2019
Commenting on “No-go' lending zones: Development defaults rise in Sydney and Melbourne”
https://www.theage.com.au/business/companies/no-go-lending-zones-development-defaults-rise-in-sydney-and-melbourne-20191016-p5318u.html
I hope my warning to you not to sign on the dotted line of a contract for promises only, other than the finish product that you can’t see and touch, have not been turned to deaf ears. You must beware of off-the-plan development.
It is so tempting to read those brochures full of beautiful images, and promotional description scripted to “suck” you in. Oh yes, I designed sale brochures and property sale display boards before.
I am sure you are not going to live in those far flung regional towns or suburbs unless you are working there. In fact many of these places have no job opportunity because the infrastructure is not ready, or may take years before it becomes a reality.
Do you think new migrants will move to these areas, where they can’t find work, support, food ingredients, etc. Furthermore, it cost a lot to travel to busy suburbs similar to what they are familiar with back home.
I have advised you to buy land, but you must buy titled land, not a piece of a big block yet to be subdivided by a developer or some companies who may not even own it.
Real estate investment is not like dice throwing or pulling an one-arm bandit at the casino. You just have to learn more about the ins and outs, and be smart about it not to let emotion overpower you and sign the contract impulsively.
Sorry for repeating my warning so often. I just don’t want you to see your money disappear for the wrong reason.
Thank you for reading.
