Hi All,
(have seen the recent thread on a similar topic - didn't want to threadjack!)
Background: purchased house in 2010 as IP with a view to PPOR. Made it PPOR in July, the missus' not entirely happy with the area so looking at ways to allow us to sell up & buy elsewhere without financially crippling ourselves. Our property (professionally) valued 2 months ago at $670, owing about 55%. Combined annual income due to the missus back studying is around 140K (pre tax). Just sold our only IP to reduce debt on PPOR.
Testing the water with the neighbour yesterday and mentioned selling in the not too distant future which tweaked my interest - selling together. Looking at the new city of moreland planning we are 'general residential zone' of 2 storeys. The idea is to make enough money to buy an 800K house with a similar mortage (or less). Land size for each is around 375sqm.
I see some options:
1. sell together (easiest, least profit)
2. buy next door, then develop/sell. (hardest, most profit, finance will be a challenge, high effort, large first project and therefore risky)
3. buy next door, sell both (2nd easiest, incur stamp duty of purchase so control of selling better but less profit potentially)
I really like option 2 for the creativity and potential profit. I have close friends who are tradies/run small reno companies to tap into. Looking at an old thread '700sqm is do-able in Moreland/Hume for 3 units' is promising.
Before I get too far down the track can you offer insight into the key issues/concerns I should consider before pursuing any of them? If there's other options to achieve my goal I'd also be interested.
Very broad, but before I bog into the detail some guidance/enlightenment would be appreciated!
Thanks!
(have seen the recent thread on a similar topic - didn't want to threadjack!)
Background: purchased house in 2010 as IP with a view to PPOR. Made it PPOR in July, the missus' not entirely happy with the area so looking at ways to allow us to sell up & buy elsewhere without financially crippling ourselves. Our property (professionally) valued 2 months ago at $670, owing about 55%. Combined annual income due to the missus back studying is around 140K (pre tax). Just sold our only IP to reduce debt on PPOR.
Testing the water with the neighbour yesterday and mentioned selling in the not too distant future which tweaked my interest - selling together. Looking at the new city of moreland planning we are 'general residential zone' of 2 storeys. The idea is to make enough money to buy an 800K house with a similar mortage (or less). Land size for each is around 375sqm.
I see some options:
1. sell together (easiest, least profit)
2. buy next door, then develop/sell. (hardest, most profit, finance will be a challenge, high effort, large first project and therefore risky)
3. buy next door, sell both (2nd easiest, incur stamp duty of purchase so control of selling better but less profit potentially)
I really like option 2 for the creativity and potential profit. I have close friends who are tradies/run small reno companies to tap into. Looking at an old thread '700sqm is do-able in Moreland/Hume for 3 units' is promising.
Before I get too far down the track can you offer insight into the key issues/concerns I should consider before pursuing any of them? If there's other options to achieve my goal I'd also be interested.
Very broad, but before I bog into the detail some guidance/enlightenment would be appreciated!
Thanks!