Considering Selling an Apartment in NSW

I could do with some cash and I was planning to hold onto this one for another year at least but I think I might get the best price right now rather than in 1 year? I will have to sell it either now or in a year so would now be better? with interest rates tumbling then prices might also fall a bit if there is uncertainty! As for prices, have they remained the same for the last year or has there been a slight move up? I have been overseas and have not read the news or papers etc or have much interest...

it will be finished my renovations as well in 2 weeks so it might be better to get it on the market with new paint and carpet etc?

But should and can I have new tenants in it while I put it on the market?

the other thing is I'm locked into another 1.5 years on fixed rates of a 2 year term with ANZ. Will there be a big fee to pay if sold?

another issue is the new expat laws with capital gains tax. I plan to live overseas for the next year or two, so by selling now then I can minimize the impact I guess?
 
the other thing is I'm locked into another 1.5 years on fixed rates of a 2 year term with ANZ. Will there be a big fee to pay if sold?

?

canna help u with the other stuff, but this one I can

Likely will be painful

just how painful ?

dunno, ring ANZ tommorow for a payout figure and that will tell u

ta
rolf
 
Good thing you discovered the break fee BEFORE selling the property and not after. :D

oh I knew it was there, I just didn't want to open that door and see what the cost was, now I have I have shut it. Maybe it is a blessing in disguise and I will be thankful I never sold it in the future?... but then again $4000 is not the end of the world, if I really thought it was worth selling then I would and try to make that 4k up on the sale somehow... and plus the ANZ sale fee of $320... :mad:
 
But with fixed rates, isnt it also possible for it to work in your favour... depending upon whether the interest rates have been better or worse than your fixed rate.
It was a very long time ago, but I'm fairly sure we were on a fixed rate when we sold our first PPOR, and the bank paid us money, when we were expecting break costs. But I cant remember the details.
So, best to contact the bank to see the actual details.
 
As you have just finished renovations, I would give selling a try while it is fresh and new. Take the break fees etc into account when setting your minimum price.

Give it 4-6 weeks on the market and if not successful consider renting.
Marg
 
But with fixed rates, isnt it also possible for it to work in your favour... depending upon whether the interest rates have been better or worse than your fixed rate.
It was a very long time ago, but I'm fairly sure we were on a fixed rate when we sold our first PPOR, and the bank paid us money, when we were expecting break costs. But I cant remember the details.
So, best to contact the bank to see the actual details.

well as I was on break free variable up until 1st f March & then switched to fixed. I can't remember the rate I was on off hand but it was on a discount. I also got a good discount on the fixed rate. I guess I would have not lost so much over these few months plus I changed to P&I so at least I'm paying something off too. From what I understand if interest rates go higher than what my current fixed rate is then if I sold I would not have to pay anything or something very minimal to break free.

As you have just finished renovations, I would give selling a try while it is fresh and new. Take the break fees etc into account when setting your minimum price.

Give it 4-6 weeks on the market and if not successful consider renting.
Marg

That is a good thought thanks Marg. Yes it could be an idea to just put it on the market for a fairly high price but still realistic plus $4000 + to cover my loss. I might lose a month's rent which could be worth up to $1400 per month (after renovations) from no tenant - I think I could only afford one month otherwise I'm losing too much of my own savings.

So yes if an agent will go with that it could be worth a try but from my experience they might not be happy to list a property for this short time. I would probably have to pay for advertising as well whether sold or not. I guess I could maybe list it for rent in the last 2 weeks as well so I can have a tenant move in right away if it's not sold. If it doesn't sell I would also have to purchase a valuation since it would be worth getting if I was to live overseas for the next year or two to avoid been penalized with the capitol gains tax thing for expats.
 
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