Hi,
I had recently bought a block of land for AU$140K, with the intention of building a house on it for myself to live in. But now I’m looking into being a serious property investor over the next 5-8 years and realise that this will set me back a couple of years, with the mortgage repayments and will restrict my borrowing capacity from the banks, so now I want to sell it.
I have made the initial 10% deposit on the land but the title has not yet been released and settlement is not until March 2007. I have also NOT taken out a deposit as yet with any financial institution.
What are my options? How can I get the best return on this land without losing money, given my circumstances?
Cheers,
rrosalesYou could put it up for sale and sell before settlement. Hopefully you will even make a profit – but this wouldn’t be available until it settles.
Terryw
Discover Home Loans
Parramatta
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You could build, move in then sell it CGT free. Hopefully for a decent profit. Not as easy as it was a few years back but still quite possible.
Or keep it and use any equity growth to fund the first IP.
Plenty of ways to skin this cat. Hasty decision to sell is one route to take but think about why you bought it and do some research into the completed valuation.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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