Two plans

My problem is that I have two plans (possibly three).  They cannot occur at the same time in the same universe.  I can't decide between the two of them, and spend most of my days favouring one or the other, but never fully settling on either of them.


Plan Number 1:  Buy an investment property on the Sunshine Coast

I would particularly like a townhouse or something, but with my budget I'll settle for a unit.  The idea is to rent it out while I'm not living/working in the area, and use the rent to help pay off the mortgage while I use the fact that it's an investment property to get any repairs and maintenance as a tax write-off.

Eventually, I'd be looking to get a job in the area and move down into the place I already have while I think about whether or not I want to trade up for a real house or something.

Good plan, eh?


Plan Number 2:  Buy a house in Brownsville and fix it up

With my budget, I'd have to buy a fixer-upper, but still - you can get a whole house in the 'Ville for less than it would cost to buy a unit on the Sunshine Coast.

I'd make it presentable, then rent out the rooms to international students (they're usually only here for 6 months to a year, so if we don't get along all that well I don't have to wait long before they leave).  The rent from the students would to towards paying off the mortgage and I'll probably end up paying that off much more quickly than I would a more expensive unit down south.

Good plan, eh?


The trouble with Plan Number 1

It's, like, totally far away.  I wouldn't be able to keep as good an eye on the place as I would if I actually lived there, and I'd have to ask my family in the region if they could take care of it for me, which is a bit burdensome for them.

Plus, I wouldn't be able to live it it for some time.  It would technically be my "first home", so I'd never qualify for any of the "first home buyers" grants or things in the future, but you don't qualify for them anyway if you don't live in the place - they don't count for investment properties.

I'd be forever putting myself out of contention for any "first home" related stuff, and I wouldn't even get the joy of living in my first home.

So, not the best plan.


The trouble with Plan Number 2

While it would be really nice to stop living with my family for a while (I never intended to stay so long when I came back from Tasmania), it does seem a bit silly to have the three of us each living on our own.

At the moment, I'm the "back up" for my mother and uncle.  If either of them need someone to take care of things while they're away or otherwise occupied, I'm there to do it.  If I get my own place, that will just make multiple houses to worry about during holidays and such.

Plus, I'd be pouring money into a fixer-upper that I could be saving up towards a bigger deposit on a better property later.

And I want to move down south eventually, anyway.  Staying in the 'Ville isn't my long-term plan, and I want to shift everyone down to the South-East Corner so they can be closer to the rest of their brothers and sisters.

So, not the best plan.


So, what's Plan Number 3?

To wait a bit, save up some more money for a deposit and see what everything looks like a year from now.


The trouble with Plan Number 3

"Waiting" has a strange habit of turning into "stagnating".  It's really easy to slide into "no plan at all".