Hi all,
Just wanted to get some advice.
I own a terrace in Sydney that has scope for a significant extension, that would had a fair amount of equity to the property. I am looking at spending approx $50k and doing most of the work myself (i am an owner builder). Perhaps increasing the value by 100k. I would then extend the loan against this property with the intention of buying more property. Perhaps a 6 month project.
Option 2 is to save the extra 10% deposit (maybe 3 months) and buy another property....
I am torn on the 2 options, an advice would be appreciated.
Thanks
Just wanted to get some advice.
I own a terrace in Sydney that has scope for a significant extension, that would had a fair amount of equity to the property. I am looking at spending approx $50k and doing most of the work myself (i am an owner builder). Perhaps increasing the value by 100k. I would then extend the loan against this property with the intention of buying more property. Perhaps a 6 month project.
Option 2 is to save the extra 10% deposit (maybe 3 months) and buy another property....
I am torn on the 2 options, an advice would be appreciated.
Thanks