Hi,
I am not an investor yet but would like the advice of those in property rather than members of a generic forum.
Approx 1 year ago we sold our PPOR to find a bigger better house for the family. After a lot of searching (nearly 1 year) we purchased a place (approx. 100k more than original place). This is now something I hugely regret. After living in the place a few months it feels like a real step back in terms of the house size/layout, block, area (not family friendly) and finish/quality of the place. I still don't understand how we came to this decision, buyer fatigue??
To make matters worse I now believe I paid approx. 20% too much for the place (approx. $100k).When comparing recent sales in the area we were comparing against similar houses not realising the houses we were comparing to are on blocks that can be sub divided, where as ours isn't. Its now evident that this is a huge factor in prices here. Yes I feel like a fool.
We did have a 20% deposit on the place and it now seems if I sold today we would barely come out with a dollar. There was over $30k in fees to purchase this place as well. This makes selling up again and buying another place very difficult as we don't have much in the way of other assets/savings.
I am really at a loss as what to do next. I feel I have taken my family backwards in where/how they live and blown all of our savings/equity. I don't want to lay down and accept defeat, I want to look at ways forward of getting my family out and to a better place. I have spent the past weeks thinking of some strategies to put ourselves in a favourable position in say 5 years, including buying a decent investment property and getting growth from that (have some savings to put towards investment), perhaps switching this place to a investment property and selling (making a capital loss???). All just thoughts and I would appreciate any advice, guidance or support from fellow members on here.
I am not an investor yet but would like the advice of those in property rather than members of a generic forum.
Approx 1 year ago we sold our PPOR to find a bigger better house for the family. After a lot of searching (nearly 1 year) we purchased a place (approx. 100k more than original place). This is now something I hugely regret. After living in the place a few months it feels like a real step back in terms of the house size/layout, block, area (not family friendly) and finish/quality of the place. I still don't understand how we came to this decision, buyer fatigue??
To make matters worse I now believe I paid approx. 20% too much for the place (approx. $100k).When comparing recent sales in the area we were comparing against similar houses not realising the houses we were comparing to are on blocks that can be sub divided, where as ours isn't. Its now evident that this is a huge factor in prices here. Yes I feel like a fool.
We did have a 20% deposit on the place and it now seems if I sold today we would barely come out with a dollar. There was over $30k in fees to purchase this place as well. This makes selling up again and buying another place very difficult as we don't have much in the way of other assets/savings.
I am really at a loss as what to do next. I feel I have taken my family backwards in where/how they live and blown all of our savings/equity. I don't want to lay down and accept defeat, I want to look at ways forward of getting my family out and to a better place. I have spent the past weeks thinking of some strategies to put ourselves in a favourable position in say 5 years, including buying a decent investment property and getting growth from that (have some savings to put towards investment), perhaps switching this place to a investment property and selling (making a capital loss???). All just thoughts and I would appreciate any advice, guidance or support from fellow members on here.
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