I am new to the game and need advise. I bought off the plan in 2001 in West Melbourne.64 units on entire site. Bought for $380,000 a 2 bedroom unit on the top floor with excellent views. It is due to be finished in Sept 2003.It is now worth $420,000 . If I keep it rent will be $320 to $380 per week. Should I sell it and take a profit or keep it and rent it out for a long term holding strategy. I appreciate your responses.Regards Aggie.
What profit????????
Once you add stamp + Selling commission on the way + marketing + Legals in and out.
Do you think you have still made a profit.
If any left over – will bve subject to 50% CGT.
Hate to be negative – but sometimes better to know reality – then you can deal with it.
PS – how do you know its worth $420k. IF it is – my advice – take it and run.
Ty
hey there,
Thyde is very right!!
It sounds like u are acting on opinion rather than fact. Depending on your payments, renting sounds like an option but it would be difficult to implement any other strategies.
If the unit is worth 420K then u will more likely break even and without a property. There are just as many costs selling as there is buying property.
One thing i can suggest is that u can borrow against the capital gains by getting the unit revalued. From there u can at least have ahead start on your next, thought thru, investment.
U have to really ask yourself how emotionally attached r u to this unit?
Y did u buy it in the first place?
I am slightly confused!!
Happy hunting!!
“Everyone one wants to go to heaven but nobody wants to die”
8>)
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