QUOTE(PepelePewPew @ Jan 20 2019, 10:51 PM)
3 rooms in total 78sqm for the main residence. A tad bit small. After viewing many units by now, I find that any room that is less than 3m x 3m is just too small. The school's ranking is above 2000. Location is not that ideal. Even if it's convenient enough for you, it may not be so for people looking to rent the granny flat.
The granny flat may not earn you much after tax. Recently, I did some calculations on this one. Based on rental collection of about 19K, I would have to pay about 7K tax, without factoring in deductions yet. It's still money to help pay off mortgage nonetheless, but not as rosy as I had thought.
Probably depends if you're going through an agent or collecting cash I guess. Probably doesn't pay getting cash, in case someone rats you out. As an investment home it's even better though, rent both out for 400 - 500 each, and then it's much better. Too bad I'm in no such position, would've loved to do that.
The thing about schools, I guess some schools constantly maintain and achieve their standards. As I'm still without kids, 6-7 years from now things can change drastically, and all the current rankings may be switched up. It's probably better to have more options than just aim for one particular school or those only within top 150, for example. On that note, where do you check the school rankings? Is there a site displaying all schools and their respective ranks? I can't seem to find one that's cohesive enough...
Also, Quakers Hill has a number of 3/4 bedders for first home buyers prices too, some too big for my liking. Wouldn't wanna take care of anything bigger than 300 sqm. I've been clearing out Redback spiders every summmer at my current rental place, just taking care of our own stuff. I dread to think about handling a whole house by myself.
QUOTE(Garysydney @ Jan 21 2019, 03:28 AM)
I must agree with you that school ranking is very important if you are planning to have children. It seems that is the most important factor when determining where people buy to live. You can save a lot of money by sending your kids to a good selective school instead of a private school. However because everyone is thinking like that, suburbs with good schools are usually a lot more expensive compared to one that has none.
I don't think you would need to pay much tax on the rental income if the property is highly geared (due to the tax deductions you get). I find the property quite attractive in a lot of ways for a new migrant esp the block size. Nowadays properties with a granny flat seems to be very popular with retirees as it gives them extra income (on top of their age pension).
I noticed a there's a lot of tuition and extra classes for students as well. Like it's never good enough for students to just attend the schools. I suppose it's like Malaysia where people trust extra tutoring for their kids, unless they're constant top scorers. While I agree a good school and education is important, I know a number of smart guys that just can't study. In that sense Aus is great for them where trade skills has a similar earning power (if not respect) and gives them a chance to compete with other white collared jobs.
Granny flats are great (to me) as they can earn you some extra money, as mentioned, also to house any family members temporarily or the long run without compromising your own living space. I would've tried my luck with that place if I had saved up like half a year / one year more.