We purchased a 1000m2 block in 2004 for $295k on the central coast which is costing us around around $1700/mth in interest.
We wanted to find out if we should
1/ Onsell the land as it
2/ Build on it and sell straight away.
3/ Build on the land and rent out the property.
Also we are un sure if we will get our returns the way the market is at the moment[Any advise on which way to turn
Regards
TSGDo you know what it is valued at today
Paul Meese
Onyx Finance
[email protected]
0412 850 820Hi TSG,
You are the only one that can answer your question as we do not know enough about you, your finance, your plans, your timelines and so on. All of these factors, and others, will influence your decision.
For me you need to go back and work out why you bought this block of land, is the block delivering this aim (or not)?
If the block is delivering (and you can afford) it then hang onto it.
If the block is not delivering – then sell it.
If the block is costing you too much then sell it.
As for the build options – you need to do your sums. Work out the cost of building, required additional funds, capacity to finance the additional funds (and meet repayments), expected rental returns, vacacy rates etc and then use maths to work oout you plan of action.
Different people will do different things and your choice needs to suit you and not us.
Derek
[email protected]
http://www.mononpoly.tic.com.au
0409 882 958
Skype – derekjones2113
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