I have two now sub divided "newly" built homettes on 1000 squares (500 squares each) that are 3 years old.
These are in Tailem Bend South Australia. They are both rented out although finding the right (trusty) tenants has previously taken some time. One homette is about to be vacated. The general property price in this area is still low compared to city prices. I would probably get no more than $180,000 for each homette. Currently I am getting $330 per week in rental income from these properties.
I have a part time job that seems like it will be secure and my rents cover my mortgage and general property expenses.
My work income is $33,000 pa.
I would like to live in my own property which would need to be in Adelaide metropolitan or outer south of Adelaide.
I have thought about the possiblility of looking for and buying a property near the university where I work that may have a granny flat attached. Thanks for any creative suggestions that the forum may be albe to give me on this.
Kind regards from
Theresa LeachTheresa,
You need to consider how much you owe on these two properties.If you sell one of them are you releasing a large amount of equity?
If you have made a capital gain you have to pay capital gains tax
How much does the property cost near university ?
Do you have a deposit saved up for next house purchase?
What I am trying to say is there is some information missing to know what your situation is.
Hi Duckster
Thank you for your detailed response to my request for help on this item.
I still owe $148,000 total mortgage on these properties.
I would as mentioned get no more than $180,000 if I sold one.
I would most likely be looking at paying around $400,000 for an established house on about 800 sq near Flinders University.
I currently have a depost of $10,000.
I have the opportunity of taking on more work hours with my current employer that would increase my income a bit more as I currently work only 24 hours per week.
I have no family commitments as far as finances go.
Kind regards from Theresa
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