I bought a block of land before it was developed with $1000 deposit down and settlement 6 months later. My thought at the time was to sell it for a quick profit at settling time. However 6 months later land had not gone up or down. A year later land is still about the same price although I am paying $100 per week of a$67000 loan plus rates about $1000 per year. My finances are tight at the moment but I can proably just manage it .
Do I sell it for about the same I purchased it for and probably lose 1 years repayments and release $125 per week cash flow or keep it and sit tight and ride it out?
Advice from experienced investors is much appreciated.
This land is situated aout 500 meters from a beach.
Also I am probably not in a position to build a house on it at the moment.
I am happy with the land just want to get good advice. [strum]
Cyclist,what area is the land in? Is it in a sought after area ?
Tools
Hi Tools
I guess land is sought after in a way……………
Land is situated at Forrest Beach one hours north of Townsville. It is a small town of about 1500 population. It is near townships of Lucinda and Halifax. These towns incuding Forrest Beach are real fishing hotspots of Far North Queensland. The multi multi million dollar Hinchinbrook development near Cardwell is only about 1/2 hours drive north.
In Forrest Beach there is a lot of land /estates being developped right now. I notice Forrest Sands which is a new estate not even fully developped yet is already half sold out. (settlement in 6 months.}
In the last year at least 3 new land releases have come to the market in Forrest Beachand maybe this is keeping prices steady.
I think I am starting to answer my own questions here which is great. Although good advice is much appreciated.[headphone]
My financial adviser recommends I sell my block and tidy up my finances. My income is not all that high and selling block will release about $170 extra per week into my income. I think I should go with my advisor but my pride tells me I’d rather sell it after I made a profit and not sell it for the same price I bought it for. Any advice is welcome >
Assume you have actually paid money for your advisor’s services… then I have to ask why you need any more advice here. Swallow your pride if that is all that is holding you back. Things could be far worse…. you could actually have to sell it at a substantial loss.
Mark
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