Hey guys...just after some advice.
My parents own their own PPOR and are paying off an IP. Their IP is a serviced studio appartment in the waldorf complex at Rosehill in Sydney. They purchased it for around 200-220K some years ago and the same appartments in the same complex are selling for 159K now - so value has decreased significantly.
In their defence, the property was not originally purchased to be an IP - they needed somewhere for my brother to live - he would not get out of the house, long story!
Dad wants to sell now, cut his losses and put the money into a better performing IP. There is only about 40K equity available in the property.
After a little research I have found out that Rosehill doesn't have much going for it... the train line will probably never happen.
Dad has been offered 170K for waldorf to buy it back - which looks like a good offer when comparing it to the same appartments on sale now for 159K.
So, should they sell and cut their losses or wait a number of years to eventually get their money back?
My parents own their own PPOR and are paying off an IP. Their IP is a serviced studio appartment in the waldorf complex at Rosehill in Sydney. They purchased it for around 200-220K some years ago and the same appartments in the same complex are selling for 159K now - so value has decreased significantly.
In their defence, the property was not originally purchased to be an IP - they needed somewhere for my brother to live - he would not get out of the house, long story!
Dad wants to sell now, cut his losses and put the money into a better performing IP. There is only about 40K equity available in the property.
After a little research I have found out that Rosehill doesn't have much going for it... the train line will probably never happen.
Dad has been offered 170K for waldorf to buy it back - which looks like a good offer when comparing it to the same appartments on sale now for 159K.
So, should they sell and cut their losses or wait a number of years to eventually get their money back?