Hello forumites,
Here is my situation. We have a PPOR in Sydney, (owe 250k – worth 325k) currently paying $1645 p/m.
My parner was made redundant late 2007, we used her payout on mortgage as well as freeing up some other small debts. Our IP in Adelaide is currently tenanted at $230 p.w. We paid 235k – worth 265k.
We're currently topping up the SA loan by approx $90 p.w.
Bottom line is we're finding it harder to sustain our mortgage as I earn $759 p/w.
There's just not much money left at the end of the week…….would you sell the SA property?
Any help is greatly appreciated.
PaulPaul,
I would suggest that don't sell your IP, but sell your PPOR and rent. This is an emotional decision, but you will then have a good amount of cash, with no CGT to pay. You can then decide if you save that money for another PPOR when your situation improves, pay down your SA property or purchase another investment. I suggest the later.
Hope this helps.JL
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