I was very fortunate in that I purchased a block of land 4 years ago and built a very contemporary home in a beachside suburb NSW. The block of land, whilst in a great area is, slightly sloping, on a busy road, and about five minutes walk from the beach. We stand to benefit greatly from the capital gain in our home and we have just been approached to sell. At this time we have come to know of another, well built older home on a much better block (dead flat and would take a pool, unlike our block)and very close to the beach. My delema is that to gain this superior position (3 houses back from the beach), quiet street, good surrounding houses, we would have to sell our home and with all outgoings and stamp duties, which would be about 80K is it worth getting this better property. Whilst the house on the property we wish to buy is old, it is very clean and sturdy and would suit us for some time until we renovated. Great for the kids. We can do the transaction and after all, have about $50K over to further pay off our mortgage. (I can’t see a way to get that money in our hands to buy inv. properties.)
I adhere to the first three rules of buying a home. POSITION..POSITION..POSITION… I think the capital growth potential is greater with the house closer to the beach. SO…….. I WONDER SHOULD I SELL and move closer to the sand.[confused2]Sounds to me like you have thought this through and perhaps have a decision all but made.
If you sell and buy well you may be even better off than you imagine.
Just don’t get caught up in the trap of signing the new contract and having to accept a low offer so as to not lose the new home.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It may be an idea to see if you could get enough equity to keep your existing as an investment property get the capital growth on both properties if you can manage them both with the help of tennants rent.[blink]. just an idea
luke
also it will save you the selling costs so you will be up for the purchase cost(stamp duty capital gains tax etc) weather you sell or not.Hi brownbear,
I think in the short term it may seem alot of money has to be spent just to move closer to the beach and get off the MAIN ROAD.
Although let’s look at the benefit’s, as you said POSITION AND THE LOCATION TO THE BEACH.
I doubt it in the near future that one would regret such a move especially if the property is near the water. AH WATER, BEACH, BAY,LAGOON,IF WE ONLY NEW THE PRICES OF HOUSE’S 10 YEARS AGO IN REGARDS TO PROPERTY NEAR THE “WATER”.
I THINK YOU GET THE PICTURE!
CHEERS
Joseph Scarcella
prime real estate agents
property management specialists E: [email protected]
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