G,day all
I thought it was about time I jumped on board and had my say and try to establish what I should do?
Currently I have a mortgage of around 340k on a 650k property which is my family home.
Along with this I have an I/P worth 220k to which I owe 178k, I have had plans and permits drawn for two units which have been approved and stamped.
After doing certain sums I found that Ishould be able to build these units for around 170k +/- 15k which would put both I/P properties at around 500k value when completed, according to three surrounding agents.
The question I pose is this?
Should I consider selling both I/P`s or renting them at completion or would I be better poised if I sold my prime residence and rented while using the cash gained to fund the construction of the units so as to reduce my exposure in the coming months?
I can borrow 80% of the 650K which would give me approx 175k to construct but am I leaving myself vulnerable?
Confused and frazzledWhy develop now. Why not wait a little and pay as much as possible of your PPOR. You dont want to lose it all. Sounds a little risky to me presently. I dont like PPOR debt.
I would wait, reduce what I owe on my PPOR. Your investment property sounds like it has huge potential.
Develop down the track and keep the units. Dont sell them.
Dont overexpose yourself. Just my 2 cts worth.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
