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From: Fiona W
Hi,
We keep changing our minds about whether or not to sell (I know...not good to hesitate too long with property investment!). This is our scenario:
We purchased our first investment property, a small 2BR unit, 2 years ago in South Frankston, Victoria, for $70,000. We had it on the market a couple of months ago and received an offer of $98,000 in the first week. It is really run-down and needs carpets, painting, new kitchen. We estimate $3,000 to fix it up. This would make it worth about $105,000 at least. (After advice received).
By the time we evict the tenant to actually fix it up, it will either be around Christmas, or we can extend the eviction notice until mid-Jan (when we are on holidays). This may not be the best time to have a vacant property on the market?...not incoming rent etc.
I guess, we don't know whether we have made as much as we will from it, so we should sell it. Or do we do it up and just hold on to it, and refinance to prepare ourselves for the bargains ahead?!
We do have another unit in the same block, better condition, and at the front, which we want to keep. We also have our own home which we have just purchased and owe about $130,000 on. We thought we could pay off some of our loan with the sale of the unit.
Food for thought desperately needed! Thankyou, thankyou, thankyou!
Hi,
We keep changing our minds about whether or not to sell (I know...not good to hesitate too long with property investment!). This is our scenario:
We purchased our first investment property, a small 2BR unit, 2 years ago in South Frankston, Victoria, for $70,000. We had it on the market a couple of months ago and received an offer of $98,000 in the first week. It is really run-down and needs carpets, painting, new kitchen. We estimate $3,000 to fix it up. This would make it worth about $105,000 at least. (After advice received).
By the time we evict the tenant to actually fix it up, it will either be around Christmas, or we can extend the eviction notice until mid-Jan (when we are on holidays). This may not be the best time to have a vacant property on the market?...not incoming rent etc.
I guess, we don't know whether we have made as much as we will from it, so we should sell it. Or do we do it up and just hold on to it, and refinance to prepare ourselves for the bargains ahead?!
We do have another unit in the same block, better condition, and at the front, which we want to keep. We also have our own home which we have just purchased and owe about $130,000 on. We thought we could pay off some of our loan with the sale of the unit.
Food for thought desperately needed! Thankyou, thankyou, thankyou!
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