I live in a house worth about $300,000 and I have a block of land at Forrest Beach NQ woth about $78,000. My mortgage is still about $212,000.
My wife received an inherantance – a half share in an old queenslander in Cairns which I believe to be about 50% of $300,000.
In the same street a good renovated queenslander recently sold for $410,000.
Do I sell my block of land at Forrest Beach and borrow another $75,000 and buy the other half share in the queenslander or sell the half share in the queenslander and keep the land at Forest Beach? The land at Forrest Beach is costing me $125 per week in loan repayments and rates. If I sold the land there I only would break even after 2 years. A friend told me land at on the coast is exploding at the moment. Decisions, decisions, decisions.
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