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Hi everyone, I think we have made a decision not to sell an IP as we would definately regret it in the future.
Renting is looking more and more difficult as rents are definately on the rise in Sydney (I know dont always believe the news when it comes to property but in this case I think its generally true).
We will probably go down the renno route or might look for potential subdivision blocks! To make some more cash to afford the dream home more comfortably in the future.
Thanks for the helpful comments!
Thanks Bridgebuff, I’d say the obvious answer is to be long term financially free we have to sacrifice now but if we dont mind taking a bit longer then its ok.
I’ve thought about renting vs buying and the trouble is, to rent in that area or a lot of places in Sydney is paying $400/wk to someone elses mortgage worth it ?
Perhaps I should do some sums on selling a property (losing potential capital) and not renting vs keeping that property (accumulating capital) and renting.
Thanks for your thoughts Sue. We are both 24 and still live with our parents, hence the need to buy a place to live.
I can see your point that a PPOR is definately a lifestyle purchase. I guess I’ve realised it comes down to what is our ultimate goal… to have full financial freedom or to be only half-way there. Buying a more expensive place will definately set us back a few years on that goal.
I didnt even know Steve had a new book out. I better go and get it!
I can see how I would need to sell it to realise the loss but I have still made a loss in purchasing the property and I do not make a gain until I sell ? I am definately no accountant obviously hehe.
The reason I ask is can I offset the gain made when i sell a property against a loss made on a property purchased in the same year (but not yet sold).
nordicskier thanks very much for such an informative post, I will now look into it further and see where I can go from here!
Holroyd council, western suburbs.
Special consideration sounds great, but having to get an architect to design a duplex to fit on the block and then have it rejected by the council would be risky.
Hmm just checked local council website and seems 450sqm is the minimum for a duplex or subdivision.
It is currently zoned 2(a).. would like to put 2 houses on it (live in one and rent the other) but that I assume would make it a duplex ?
