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Own a 1989 Mercedes 300E that dad gave to me. 427,000kms on the clock and going strong. I did consider buy a newer car with more features but truth be it, cars are a complete waste of money. This is a coming from a car freak!
ANd yes the money was going to be for a wedding. I was t hinking id rather use that than get personal loans etc. Reason for this is when we move in, my partner earns a very very good income so servicing it will not be so hard.
Diclem,
Thanks for your informative reply. This is my first home and I have a weird attachment with it. I was looking for a place for 6 months and as soon as I saw this I HAD to have it. I didnt question anything about it. It was a bit run down and I thought it had potential. I gave it a good paint job in and out, and done some landscaping and looks a million bucks. Its a 2 bedroom duplex in a street where there are 95% houses and 5% duplex. 5 min walk to a school, 10 min drive to shops and another 5 to the city.
I have 2 mortgage arrears since I have owned the place and I understand that it might take 6 months before I do anything but I am willing to wait rather than sell the place.
One thing I forgot to add was that how can u work out if the property is worth keeping? Is there a general rule? I bought this place last year on 100% finance for $240k and now its October, I have had 3 real estate appraisals and they told me they could get $310k for the place. Other down the road similar have listed for the same or a bit higher and have sold in 2 seconds flat. I didnt think it was too bad to increase in value $55k to 60k within a year.
Someone told me and I have also read on here that you should never ever sell a place unless you really have to. I jus wanted to know and warrant thoughts on when its ok to sell or not.
