Hi Guys
I want to take your suggestion on this one. I bought an IP in july this year under market value. Property required some paint job and renovation with bathroom and kitchen which I did.
Current median price for the area is around $350K and I bought the proeprty for $320K.
Can I expect some appreciation in value in just 6 months time considering it was below market value at time of purchase or 6 months period is too short and I should wait for atleast 1 year?
I am looking to buy another IP and would only go ahead if I can get some cost from this increase.
What is your suggestion guys?You can't really expect appreciation because values are said to be rising. You should probably look at recent sales of comparable houses and see what they are selling for (not advertised for). If values come in as expected, the next step would be to ask your bank for an increase.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Depending on the lender you could always request a valuation be carried out to access some equity. Tell them that you've recently renovated the property.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
So is your house worth more than the median?
If it's worth $350K that's only a $20K increase so only an extra $16K to borrow which won't go far.
You may need to wait a while longer unless it's worth more than the median.
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