Hello all
I was looking to build a decent duplex as a goal to assist in reducing my mortgage as much as possible. To live in one side and sell the other.
My block width is 15.5 M and length over 65 meters in SW Sydney “Panania” Bankstown council.
I was excited but now crunching some numbers I’m worried it might be too stressful and I would be in a new place but shy of 50K less gains then sitting still in an old house.
Any guidance would be appreciated.
Figures I have.
Same house: Value $850,000. Just got valued
Mortgage $280,000
Sell fee $10,000 – $15,000
Current walk away $555,000.
Duplex: With all premiums $600,000 give or take
Site fees $100,000 – $150,000
Sell fees $10,000 – $15,000
Mortgage as of now $280,000
Total Debt $1,045,000
Sell for $775,000 give or take 10%
Holds me about $270,000 Mortgage.
If I was to sell my side say for $775,000
Walk away $505,000 or there about.
Duplex I was looking at was Norfolk 53.3 from Kurmond homes as it boasts large living areas and maximises the length of land.
Ideas. Hoping my figures are wrong as I would love to live in a duplex and eliminate atleast $150,000 off my mortgage.
Cheers.
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