I have just paid for a farm property with old farm house for 160k,(from inheritance) It is probabaly now worth 220k, I have no debts and own the property,
I am through disablilty on a pension, of $460 P.F.
rates and insurance around $1000 per year
The home needs lots of work most expensive being restumping.
though that can be put off for a while.
My question is what could I do, should I take out an equity loan to renovate?rent it out (most I could get is $120 pw) sell or try and downsize to a cheaper property?
this is where I live and is quite isolated (but was cheap to buy).-
37 acres some pasture perm creek, but I do not have recouses or skills to run cattle or crops.It will be many years before even a tared road will open this area up for Developement…
Or should I buy another home using the farm to buy another property?
any sugestions would be appreciated.thanksOriginally posted by Property WA
Hi creekacres,
Sure there is some forumites with some great creative answers – and no doubt you’ll get them soon.
But the one thing that stands out to me is that being on a disability pension do you really want to be on such a large property with all the assoicated maintanence and simililarly it seems be quite isolated?
Buying property isn’t just about making money, sometimes lifestyle is of far greater importance (just my little opnion).
Either way it seems like you’ve got a heap of options and that alone means your in a fairly good position.
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