G'day guys,
Just a quick one. I have a vacant block of land which I planned to build on at the time of purchase (2005). I recently re-financed this block at 110k, but is more likely to be worth 130-140k. The new existing loan is 106k (IO). My questions are:
1. Would I be better off building a new 3 bedroom brick home on this block and going through that process (which I have not done before) or,
2. Selling the block and releasing some funds for the purchase of an existing dwelling already tenanted to assist in repayments, (and hopefully some CG) ?
If I built the new house, (average 3 bedroom + ensuite) it would probably be worth around 340k at completion according to current values in the area. Is it worth going through the building process as opposed to making a quick buck and investing elsewhere?? Interested in your thoughts.
Cheers,
Phil.
Just a quick one. I have a vacant block of land which I planned to build on at the time of purchase (2005). I recently re-financed this block at 110k, but is more likely to be worth 130-140k. The new existing loan is 106k (IO). My questions are:
1. Would I be better off building a new 3 bedroom brick home on this block and going through that process (which I have not done before) or,
2. Selling the block and releasing some funds for the purchase of an existing dwelling already tenanted to assist in repayments, (and hopefully some CG) ?
If I built the new house, (average 3 bedroom + ensuite) it would probably be worth around 340k at completion according to current values in the area. Is it worth going through the building process as opposed to making a quick buck and investing elsewhere?? Interested in your thoughts.
Cheers,
Phil.
