Hi just been reading through the threads.. very new to forums. this is my first post.
am married with 2 young kids, hubby and I currently have 3 properties. A 3 bedroom house in the north-eastern foothills, a 2 bedroom unit in Plympton Park and an apartment in the CBD. Considering selling the apartment.
Financially, my husband has a stable job on about 69K and I earn some money while also homemaking and looking after the kids around 30K.
We are looking to completely pay off the home by the end of the year. $35K left on the mortgage(420k market value).
The Unit was bought 5 years ago and has $120k left(220k market value).
We've held on to the city apartment for 4 years now, bought at $300K. It's a solid but old building structure, some ongoing issues with developer (converted into apartments) who is not paying strata fees, levies etc on apartments he still owns. Several other issues as well, like special shortfall levy due to a certain group of owners refusing to pay fees, and so on.
We have $307 left on the apartment. and are putting it onto the market for around $320-350K. $340k would be a good outcome. If we get a good price we are thinking of buying a large block with an old house within 10km from CBD. Then hold onto it for next 10-15 yrs...
Just wondering whether selling at this time, then investing in a house is a good option, or would we be better off to hold on to the city aprtment and just grit our teeth for the time-being for the CG. We aren't in dire straits or in too much of a hurry to sell. Not currently at a loss due to higher than average rent. ($550 per week). We did try to sell prior to renovating. But didn't get an offer we were happy with. The higher rental is a result of renovating with floating floor boards and fully furnished.
Any thoughts?
am married with 2 young kids, hubby and I currently have 3 properties. A 3 bedroom house in the north-eastern foothills, a 2 bedroom unit in Plympton Park and an apartment in the CBD. Considering selling the apartment.
Financially, my husband has a stable job on about 69K and I earn some money while also homemaking and looking after the kids around 30K.
We are looking to completely pay off the home by the end of the year. $35K left on the mortgage(420k market value).
The Unit was bought 5 years ago and has $120k left(220k market value).
We've held on to the city apartment for 4 years now, bought at $300K. It's a solid but old building structure, some ongoing issues with developer (converted into apartments) who is not paying strata fees, levies etc on apartments he still owns. Several other issues as well, like special shortfall levy due to a certain group of owners refusing to pay fees, and so on.
We have $307 left on the apartment. and are putting it onto the market for around $320-350K. $340k would be a good outcome. If we get a good price we are thinking of buying a large block with an old house within 10km from CBD. Then hold onto it for next 10-15 yrs...
Just wondering whether selling at this time, then investing in a house is a good option, or would we be better off to hold on to the city aprtment and just grit our teeth for the time-being for the CG. We aren't in dire straits or in too much of a hurry to sell. Not currently at a loss due to higher than average rent. ($550 per week). We did try to sell prior to renovating. But didn't get an offer we were happy with. The higher rental is a result of renovating with floating floor boards and fully furnished.
Any thoughts?
