We purchased a property in Blacktown Council 6 years ago and it's value would have gone up around $100,000.00 to $150,000.00 with the recent hype.
Last CMA valuation was in May 2013 and it showed an increase of around $60,000.00. In January this year we accessed some equity at $35,000.00 as a safety buffer or for renovation money
The property is an older 3x1 stand alone house in need of renovation and was purchased with this in mind, however we didn't have the money at that point. Rents have been good, tenants mixed but reasonable and the agents good at dealing with them.
Now we are considering what our options are
The property would be dual occupancy and looks like all of its neighbours in the street, but would be a bit tired and in need of some tender loving care
Renovate
Revalue
Purchase somewhere else with equity
Rebuild
Sell
Other?
Last CMA valuation was in May 2013 and it showed an increase of around $60,000.00. In January this year we accessed some equity at $35,000.00 as a safety buffer or for renovation money
The property is an older 3x1 stand alone house in need of renovation and was purchased with this in mind, however we didn't have the money at that point. Rents have been good, tenants mixed but reasonable and the agents good at dealing with them.
Now we are considering what our options are
The property would be dual occupancy and looks like all of its neighbours in the street, but would be a bit tired and in need of some tender loving care
Renovate
Revalue
Purchase somewhere else with equity
Rebuild
Sell
Other?