He Did Everything Right and Still Lost $70K | The First Home Buyer Trap

A first-home buyer did everything by the book and still lost $70,000 in three and a half years. Nick walks through the real numbers on a $495,000 boutique apartment in Carnegie, from strata fees that more than doubled to the government grants you can only use once, and what it actually cost when it came time to sell. On this episode, we discuss: (00:00) Intro (00:23) Does Property Really Double Every 7 to 10 Years (01:25) The $70,000 First Home Buyer Case Study (02:48) Purchase Price $495,000 and the True Cost of Entry (03:49) Rent Vesting in South Yarra vs Buying (04:48) Why a Boutique Apartment in Carnegie Made Sense (06:04) The Numbers Behind the $70,000 Loss (07:30) Strata Fees from $1,500 to $4,000 Per Year (08:35) Mortgage Repayments vs Rent, $700 vs $500 Per Week (10:02) Sold for $480,000 and the Costs That Stacked Up (11:11) Losing Access to the First Home Guarantee and Stamp Duty Savings (13:17) How to Choose a Buyers Agent for Investment Property (16:45) Why Rising Strata Costs Force Apartment Owners to Sell (20:48) Land vs Apartments and Why Land Gives You Options Check out the free resources from Inovayt here. Send us an email: hello@thenumbersgamepodcast.com.au The Numbers Game is brought to you by Future Advisory & Inovayt. Hosts:Nick ReillyJason Robinson This podcast is produced by VIDPOD. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.