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I’ve been told Truganina is good as well as places that will benefit from the Eastlink including Ringwood, Ringwood North and Heathmont. Heidelberg Heights is cheap, surrounded by nice suburbs like Ivanhoe and Heidelberg and is only 15km from the CBD. It is also tipped to be a good longer term option. Narre Warren in the SE as well.
I actually haven’t put the offer in yet but I have to by 5pm today because the agent says that someone else has made an acceptable offer.
The agent gave me a ball-park price that I would need to match but also said that I could win out by offering a shorter settlement period. Correct me if I’m wrong but the usual settlement period is 60 days?
Yes, it’s not a fibro shack but it’s only slightly better.
At this stage we’re thinking about not selling it and accessing the available 275k equity which can be used simply as deposits on maybe 3-4 IP’s up to the value of 1.1 million.
I could rent a small/cheap unit, my Mother (who’s name it is under with me) could live in one of the nice new IP’s which the rent of Hunters Hill ($490/wk )would cover.
That would mean I cover my rent plus the interest only repayments on the other IP’s (combination of +ve CF and buy and hold’s).
We’d love to live in the Hunters Hill property but it’s not really financially smart at the moment.
Well that’s what one financial adviser suggested anyway.
Good point Wanelad,
We are allowed to make the house bigger as long as the original structure is joined to the renovation. It would have been nice to add another place seperate at the back but the council won’t allow that. And anyway, my Mother doesn’t want to live there. She wants something tiny and easy to maintain.
Thanks for your advice. Appreciate it.
Except for the person that has no idea and reckons I’m trying to rip my mother off. You really should ask about our situation first. You see, she wants a studio and she wants us to have a house. There is so much more to it (which is none of your business) but you are showing your ignorance by making those comments. How dare you insult someone like that. You are a disgrace!
Anyway, back to the nice people offering advice….Actually, I am attached to the house since I grew up there. That’s the only reason I don’t want to leave if possible.
