- Melbourne couple went viral for bad investment in $1.5M property
- The pitfalls to watch out for when investing
- Getting started on your property investment journey
Every once in a while, we need to be impulsive.
It’s healthy to kick yourself out of a rut. Most people consider it impulsive to buy a candy bar at the checkout, buy a new pair of designer stilettos, or be suckered into a purchase by an infomercial.
Nevertheless, a young Melbourne couple went viral for bad investment practices recently when they took impulse buying to a whole new level. Recently, the couple purchased an East Brunswick terrace at an auction for (drumroll, please…) $1,500,500. They quickly became the focus of online jokes as a Reddit thread about the purchase took off, and people teased them over the price of the purchase and how flippantly they made such a huge investment.
Darcy and Tessa (last names were not provided) told news sources that they were just casually at an auction when they found the property. “To be honest we weren’t really looking, we were just looking casually and this one popped up,” Tessa told Domain.
“I guess I don’t feel so bad about impulse buying a Snickers at the Coles checkout now,” one online user wrote.
The couple plans to fix up the terrace and rent it out in the short term. They plan to move in and do additional renovations at a later time.
According to the auctioneer, despite the impression the decision wasn’t thought through, the couple had looked at the property at least three times. Because the property was sold at auction, there is no cooling-off period. Contracts are signed and deposits are made immediately. The couple would have had to purchase the estate “as is” without a formal inspection.
Investment Strategies are Necessary
Next time someone wants to make a big impulse purchase, they will probably think twice about being the next headline: “Couple Went Viral for Bad Investment.” We hope the best for Darcy and Tessa’s purchase, but most of the time, large impulsive purchases do not end well—especially when it comes to purchasing investment properties. An investment property is more than a transaction, it’s an investment that relies heavily on:- Location changes
- Rental returns in the area
- Supply and demand in the area
- Unexpected maintenance
- The age of the property and risks involved
- Costs of repairs needed to rent
We Can Help!
At OneCorp, we want to give you the confidence and financial wisdom to know what your budget can realistically handle in today’s Aussie Housing Investment market. Plus, if you know how to leverage your investment property correctly, you can use it to pay down your mortgage faster and better navigate financial market shifts. If you’re ready to get started on your investment property journey, now is the time. With interest rates still at a reasonable low and the price of properties dropping, now is the ideal time to dive in before prices inflate. We can help you create a property investment strategy that’s perfect for your goals! At OneCorp, we combine your vision with our knowledge. We’ll help you find your dream property while holding your hand through the whole process! Getting started on your investment property journey has never been easier:- We start by helping you set clear goals and objectives as to what you want to achieve through property investment.
- From there, we run the numbers through proprietary software to accurately assess exactly what you need out of a property portfolio to achieve those goals.
- Lastly, we find the perfect property to make those objectives a reality!
