Hi All,
In the peak of the boom in 2003 i bought a unrenovated 2br fibro house (12.12 X 45m) in the western area of sydney for 346k(borrowed 350k). Several months later interest rates rose twice. This was the beggining of the deflation of the sydney bubble... I was initially keen to jump in to the property market and im the first to admint that i didnt research properly. I was left stuck with a property on a street far from station (4min drive) and with some housing commision on my street. 2 weeks after my purchase my direct neighbours sold for 375 and 395 however now I have not been able to sell ir for even 340k... I payed 10k renovations and over 10k stamp duty plus i borrowed 100%. This was an inestment property and is currently returnuing 860 a month.
I would love some advice on where to go from here.. it has been on the market for 1 year now.
'''should i do some more renovations ( eg.. drievway and landscaping) and try to resell
''''should i sell it even if i am left with a 10-15k mortgage?? and buy something else...
should i hold onto it????
Any insight would be great... Thanks
In the peak of the boom in 2003 i bought a unrenovated 2br fibro house (12.12 X 45m) in the western area of sydney for 346k(borrowed 350k). Several months later interest rates rose twice. This was the beggining of the deflation of the sydney bubble... I was initially keen to jump in to the property market and im the first to admint that i didnt research properly. I was left stuck with a property on a street far from station (4min drive) and with some housing commision on my street. 2 weeks after my purchase my direct neighbours sold for 375 and 395 however now I have not been able to sell ir for even 340k... I payed 10k renovations and over 10k stamp duty plus i borrowed 100%. This was an inestment property and is currently returnuing 860 a month.
I would love some advice on where to go from here.. it has been on the market for 1 year now.
'''should i do some more renovations ( eg.. drievway and landscaping) and try to resell
''''should i sell it even if i am left with a 10-15k mortgage?? and buy something else...
should i hold onto it????
Any insight would be great... Thanks