Forum Replies Created
- Jon Chown wrote:You have to be kidding TT552. Here is a person who has one house with a shortfall of around $100 a week and a Unit that I presume they are currently living in (as it was rented) with a loan value of $370,000 and a service cost of what? guessing around $1000 a week. So thats a total of $57K a year on hosing and an income of $265K. Talk about doom and gloom.
You only make a loss if you listen to these doom and gloomers and secumb to their pressure to sell so that they can push prices down to their affordability.
I say if you feel comfortable with your outlays and job security and have a few Dollard over – Buy another property. Rent rises will be on your side as well. Remember selling costs will be around $25,000. In your situation I believe that you would be crazy to sell.
Jon
Yes, Jon, that is what we're leaning towards – ie not selling. Thank you. The unit in inner west still has a long way to go in value and the outer west unit needs time to recover, although we'd still make a profit on it I'm sure, and the rental income does cover mortgage payments. Although rental market is tight, we're actually consider renting ourselves for a short while to build a little more savings for another IP. We still need somewhere to live ourselves (currently not living in the unit and feel it's too small).
