Hi everyone, I need your help. I'll try explain... my wife and I have decided to use the equity in our house in Albury NSW for a deposit to either buy or build another property (house, not unit). We bought the house a few years ago as our PPOR but have since moved to Darwin so its currently being rented, and we have roughly $40k in accessible equity.
We have been researching and tossing up several investment options, but are lacking in some more experienced guidance as to what are some pros/cons to our options that we either aren't aware of or havent thought of.
So our potential options are:
1. Buy an existing property in Darwin (budget $600k) and anticipate short term CG. Live in initially to avoid paying CGT
2. Buy or build in Palmerston using same theory as above, but will save on stamp duty if building
3. Buy existing property back in Albury/Wodonga (budget $250-350k) hope for good yield for long term investment
4. Buy 2 "cheapies" in Albury/Wodonga, using same theory as above
5. Build Duplex in Alb/Wod or Thurgoona (close to uni), possibly sell one side, rent out the other
So I guess I'm looking for two types of advice here: Real estate/property investment advice e.g. thoughts on locations and whether to buy or build; and also financial advice e.g. is it always better to start small and gradually increase budget as opposed to going for higher price/higher risk markets for our first property??
I can go into some more detail for each of my potential plans if anybody is interested enough to offer advice.
Thanks in advance to everybody for their help!!!!
Sam D
We have been researching and tossing up several investment options, but are lacking in some more experienced guidance as to what are some pros/cons to our options that we either aren't aware of or havent thought of.
So our potential options are:
1. Buy an existing property in Darwin (budget $600k) and anticipate short term CG. Live in initially to avoid paying CGT
2. Buy or build in Palmerston using same theory as above, but will save on stamp duty if building
3. Buy existing property back in Albury/Wodonga (budget $250-350k) hope for good yield for long term investment
4. Buy 2 "cheapies" in Albury/Wodonga, using same theory as above
5. Build Duplex in Alb/Wod or Thurgoona (close to uni), possibly sell one side, rent out the other
So I guess I'm looking for two types of advice here: Real estate/property investment advice e.g. thoughts on locations and whether to buy or build; and also financial advice e.g. is it always better to start small and gradually increase budget as opposed to going for higher price/higher risk markets for our first property??
I can go into some more detail for each of my potential plans if anybody is interested enough to offer advice.
Thanks in advance to everybody for their help!!!!
Sam D