I'm thinking about selling a property
We have a 144M Unit
2 bedroom, 1 bathroom, 1 lounge, 1 dining, 1 carport (manual roller door), 1987 built
I am thinking of selling
It’s in a group of 12 and the majority of residents are owner occupiers who are not interested in keeping the place up to date.
The sinking fund is low due to an incident where an owner lost power and the electricians had to dig up the driveway and replace cabling. A special levy is in place to repaint the gutters and fascia boards
The place is in Perth, Western Australia and has good growth in recent years and rents have continued to increase of late, in fact it's under rented compared to others. Our concerns are that there may be more issues in the future outside of our control. In essence the place is starting to look run down, we've been on the body corporate board andf have not been able to convince others of the need to maintain the complex
Comparative Market Analysis is $289, 000 to $340,000 with a February sale of a very similar property at $297,000
We have three properties crossed together with a bank to the value of approximately $980,000 and loans of $679,000 giving an LVR of around 69%
I would like to sell and purchase a house to renovate-refinance and sell (no other owners to convince) and continue to do so, maybe one to two or more a year as a part time job for myself with both kids being at school next year. I have been involved in renovating our other properties and enjoy it
Concerns for me are
If we sell the unit at the start of next financial year will we be able to get a loan for another property as our total LVR is currently 75% with all properties?
With new credit conditions and other properties on low documentation loans, will we fail on serviceability?
Rent is about $10,000 per year and Interest (not including management fees, maintenance and so on) is about $10,200 per year across all properties
If we sell, how much will we get back from the bank now we have crossed the loans and credit conditions have changed?
Should i talk to the bank or a broker on this?
The tenant of the unit has expressed an interest in purchasing the property with family, or will depart. We do have others interested in renting it long term
We have a 144M Unit
2 bedroom, 1 bathroom, 1 lounge, 1 dining, 1 carport (manual roller door), 1987 built
I am thinking of selling
It’s in a group of 12 and the majority of residents are owner occupiers who are not interested in keeping the place up to date.
The sinking fund is low due to an incident where an owner lost power and the electricians had to dig up the driveway and replace cabling. A special levy is in place to repaint the gutters and fascia boards
The place is in Perth, Western Australia and has good growth in recent years and rents have continued to increase of late, in fact it's under rented compared to others. Our concerns are that there may be more issues in the future outside of our control. In essence the place is starting to look run down, we've been on the body corporate board andf have not been able to convince others of the need to maintain the complex
Comparative Market Analysis is $289, 000 to $340,000 with a February sale of a very similar property at $297,000
We have three properties crossed together with a bank to the value of approximately $980,000 and loans of $679,000 giving an LVR of around 69%
I would like to sell and purchase a house to renovate-refinance and sell (no other owners to convince) and continue to do so, maybe one to two or more a year as a part time job for myself with both kids being at school next year. I have been involved in renovating our other properties and enjoy it
Concerns for me are
If we sell the unit at the start of next financial year will we be able to get a loan for another property as our total LVR is currently 75% with all properties?
With new credit conditions and other properties on low documentation loans, will we fail on serviceability?
Rent is about $10,000 per year and Interest (not including management fees, maintenance and so on) is about $10,200 per year across all properties
If we sell, how much will we get back from the bank now we have crossed the loans and credit conditions have changed?
Should i talk to the bank or a broker on this?
The tenant of the unit has expressed an interest in purchasing the property with family, or will depart. We do have others interested in renting it long term
