Hi all,
Long time lurker, but my partner and I have been back and forth for months on what to do about our PPOR, and are looking for some sage advice from those in the know on this forum.
Situation:
PPOR – Tarragindi, QLD.
Value – $540,000 Debt – $326k + $105K supplementary loan for IP (recently refinanced to purchase IP1)IP1 – Mount Gravatt, QLD
Purchase Price – $470k Loan – $407k
Rent $470 pw
(IP1 settles today whereupon we will be replacing asbestos roof and having it revalued – expecting revaluation to be around $520k – $540k)Problem:
PPOR is two bedrooms and with one baby and another on the books for early 2015 (all going as planned :) ) PPOR is becoming a bit tight for space. We are currently trying to decide our next step and have considered renting but don’t really want to move any further out as we both work in Brisbane CBD and rental prices around Holland Park are ridiculous for what you get. Also daycare is local. Our long term goals are buy and hold and the plan will be to make PPOR a renter though it is already positively geared. Cashflow is not an issue at this stage and would be fine for another IP at around the 500k mark.I’d greatly appreciate any thoughts/ideas.
Is it viable to do an extension and add a bedroom to your current PPOR?
itsandrew
Go as far as you can see and you will see further.
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