Here's the scenario.
The property is 670m2 on a corner block five minutes walk to the train station 28km east of Melbourne CBD. A potential future development for 3townhouses in the future. The bank valuation is more than $500k but just wanted to be conservative with the figures on a worse case scenario.
Currently, it's a five bedroom, 3 toilet/shower house at the moment. 3 rooms are on one side of the property and the other 2 rooms where the master bedroom with an ensuite is on the other side. One room is let out, another room can be let out as well and the other room needs minor repairs and a wardrobe.
Current situation probably requires more work hours (most likely weekend) to cover the mortgage on a single income.
What would you do on this situation? Would you simply sell up and rent or keep the property and work the extra hours?
The property is 670m2 on a corner block five minutes walk to the train station 28km east of Melbourne CBD. A potential future development for 3townhouses in the future. The bank valuation is more than $500k but just wanted to be conservative with the figures on a worse case scenario.
Currently, it's a five bedroom, 3 toilet/shower house at the moment. 3 rooms are on one side of the property and the other 2 rooms where the master bedroom with an ensuite is on the other side. One room is let out, another room can be let out as well and the other room needs minor repairs and a wardrobe.
Current situation probably requires more work hours (most likely weekend) to cover the mortgage on a single income.
What would you do on this situation? Would you simply sell up and rent or keep the property and work the extra hours?
