hi this is my first post so a big hello to everyone and please be gentle on me . .
im 54 and never been one to get too involved in the world of finance and ive done ok paid house off no loans no bills ect .I don't work due too injury any more but no pension because my wife works full time .
my wife is 48 and works for the govt here in SA dept of health and is on a tad over $ 80g a year ..ok her family has a 1/2 block of land in the prestige's suburb of Auldana her mum wants to sell it and give all the proceeds to my wife bit like a early inheritance . I have been given the task to try and sell the block as a private sale as her mum has a dislike to real estate agents due to a bad experience recently when the family home got sold .
so the block is worth around mid $750.000 to $800.000 so when sold it will be quite a windfall for us . we have been bouncing around a few idea's and obviously will be seeing a financial advisor .
we have been thinking for sometime even before been gifted the block basically that we wanted to move to a small acreage up near cockatoo valley but we would have had to sell our house we have at the moment to do so.. we owe nothing on it and its worth around the $ 450.000 mark .
but now that all changes plan is too buy new house on acerage with some of the proceeds around $550.000 rent out our current house around $420 a week throw another 100g into the wifes super fund currently sitting at $250.000 . then use the equity of the rental to buy another ip property or more in the future . does this sound like a solid plan or am I thinking it cant be this easy ?
I was a mechanic not money guru lol any feedback for and against the idea greatly appreciated .
regards deano 59 sorry for the epic post but I thought some background my be of use ..
im 54 and never been one to get too involved in the world of finance and ive done ok paid house off no loans no bills ect .I don't work due too injury any more but no pension because my wife works full time .
my wife is 48 and works for the govt here in SA dept of health and is on a tad over $ 80g a year ..ok her family has a 1/2 block of land in the prestige's suburb of Auldana her mum wants to sell it and give all the proceeds to my wife bit like a early inheritance . I have been given the task to try and sell the block as a private sale as her mum has a dislike to real estate agents due to a bad experience recently when the family home got sold .
so the block is worth around mid $750.000 to $800.000 so when sold it will be quite a windfall for us . we have been bouncing around a few idea's and obviously will be seeing a financial advisor .
we have been thinking for sometime even before been gifted the block basically that we wanted to move to a small acreage up near cockatoo valley but we would have had to sell our house we have at the moment to do so.. we owe nothing on it and its worth around the $ 450.000 mark .
but now that all changes plan is too buy new house on acerage with some of the proceeds around $550.000 rent out our current house around $420 a week throw another 100g into the wifes super fund currently sitting at $250.000 . then use the equity of the rental to buy another ip property or more in the future . does this sound like a solid plan or am I thinking it cant be this easy ?
I was a mechanic not money guru lol any feedback for and against the idea greatly appreciated .
regards deano 59 sorry for the epic post but I thought some background my be of use ..