Hi everyone
I am new to the forums and am seeking some advice.
Approximately two years ago we purchased a residence for $230 000 that we have been using as our primary home. It was basically the best we could afford at the time. It is a three bedroom home.
Location:
CON:
- Across from seniors housing commission units, they are quiet and don't bother us.
- there are also two high density complexes, one situated on the same side of the street but there is approximately 8 house blocks away from our property. The other complex is on the other side of the road and is four houses and an intersection away. Neither of these complexes pose any noise issues etc, but I do know they are there.
- There are also very close neighbours (approximately 3 metres away each side).
- The two neighbours are also high set properties so there is issues with being able to see into each others houses (blinds and curtains are amazing!) but there can also be noise issues.
PRO:
- It is also one block away from a main highway but as there is a row of houses, a lane way and a row of shops, there isn?t a large amount of noise from the highway itself.
- It is walking distance to local hospital, TAFE, and two private high schools.
- It is a highset so can be built underneath, and has two street access.
- There seems to be a fair bit of development in the area, subdivising blocks and building townhouses etc.
When it was purchased, the idea was that we would use it as a rental but I'm not sure that it was the best purchase we could have made.
It is a high set property and there has been some movement. The gaps in the stumps have been repacked but this is obviously something that will need to be looked at in the future. I have received a ballpark figure that it will cost approximately $60 000 to restump (this includes raising to legal height, new council reg slab, reattaching electrical, plumbing and new stairs).
I have also noticed that the bathroom is leaking so this is an urgent problem which needs to be fixed. I have roughly estimated that a new bathroom (including contingency $$$) could set us back $30 000.
Basically, I am not sure if the money I put in to the property will be returned via the rental market (which is soft where I am at the moment) or if I will make a profit if I sold the property if the modifications go ahead.
Do I just renovate the bathroom and try and rent it and see how I go with the stumps which may be good for another 10 years? The kitchen and everything else is fairly tidy. It is the bathroom and stumps which concern me.
If we did the renovations, the house will have cost us $320 000 and I just don't know if I would get that money back.
The other option is to just sell it as it, and make a better investment next time.
Could you please advise your thoughts?
I am new to the forums and am seeking some advice.
Approximately two years ago we purchased a residence for $230 000 that we have been using as our primary home. It was basically the best we could afford at the time. It is a three bedroom home.
Location:
CON:
- Across from seniors housing commission units, they are quiet and don't bother us.
- there are also two high density complexes, one situated on the same side of the street but there is approximately 8 house blocks away from our property. The other complex is on the other side of the road and is four houses and an intersection away. Neither of these complexes pose any noise issues etc, but I do know they are there.
- There are also very close neighbours (approximately 3 metres away each side).
- The two neighbours are also high set properties so there is issues with being able to see into each others houses (blinds and curtains are amazing!) but there can also be noise issues.
PRO:
- It is also one block away from a main highway but as there is a row of houses, a lane way and a row of shops, there isn?t a large amount of noise from the highway itself.
- It is walking distance to local hospital, TAFE, and two private high schools.
- It is a highset so can be built underneath, and has two street access.
- There seems to be a fair bit of development in the area, subdivising blocks and building townhouses etc.
When it was purchased, the idea was that we would use it as a rental but I'm not sure that it was the best purchase we could have made.
It is a high set property and there has been some movement. The gaps in the stumps have been repacked but this is obviously something that will need to be looked at in the future. I have received a ballpark figure that it will cost approximately $60 000 to restump (this includes raising to legal height, new council reg slab, reattaching electrical, plumbing and new stairs).
I have also noticed that the bathroom is leaking so this is an urgent problem which needs to be fixed. I have roughly estimated that a new bathroom (including contingency $$$) could set us back $30 000.
Basically, I am not sure if the money I put in to the property will be returned via the rental market (which is soft where I am at the moment) or if I will make a profit if I sold the property if the modifications go ahead.
Do I just renovate the bathroom and try and rent it and see how I go with the stumps which may be good for another 10 years? The kitchen and everything else is fairly tidy. It is the bathroom and stumps which concern me.
If we did the renovations, the house will have cost us $320 000 and I just don't know if I would get that money back.
The other option is to just sell it as it, and make a better investment next time.
Could you please advise your thoughts?