Hello everyone
first time posting wasn't sure where to put this question, hope i don't offend anyone with some beginner stuff
i thought it would be good time to start thinking about these things as i am turning 30 this year and good time to reevaluate my financial future
at the moment
i am on 150k~200k or so income ( wife used to earn 70k but on permanent maternity leave atm)
i have 3 properties
-one in caulfield, VIC- purchase price was 1.6m in 2010 850sqm land 3 bedroom home rented out for 500/week only atm> we bought this one thinking we will later on build a new home and move in, but having second thoughts it has 90% loan with lender
-one in Prospect NSW 3 bedroom house 670~700sqm value around 400k owing around 320k rented for 1750$/month > rented to a relative > cannot sell in any near future
-PPOR is in southbank melbourne apartment 2 bed 2 bath 2 parking on 34th floor
purchase price 670k owing 525k
well southbank apartment and prospect properties if rented out will be minimal cost to me after rental income if i was to move to another PPOR or rent
however the caufield property has given me alot of headache lately trying to figure out the best way to attack this. it has repayment of around 8500/month and rental income of about 2000
yearly negative gearing tax deduction is around 35k from my wife's calculation
it is 850sqm lot
initial thought was to later on build a large PPOR and live in it however having thoughts on possibly
- subdividing selling half of land? to fund a new small unit at the site of current home which is only in the front half of the lot
- or building three units on the land and selling two and keeping one? i'm assuming 300k per unit to build and minimum 900k~1mil sale price per one unit... which will clear up large sum of loan remaining on the last unit
or i guess i could even sell all three....
- or sell the land to a developer which i'm assuming will sell possibly similar to purchase price but not greatly more than purchase price due to current market.
if we did any of the above for the caufield property we would potentially be looking at buying a 1m~1.3m property for PPOR in the future and renting out the southbank appt. which will put us in a reasonable sized home at a reasonable cost rather than i'm guessing 1.6m purchase price + 600k building cost for a new home at the least.
only a beginner at this stuff so any input good or bad, harsh or critical or of any nature will be appreciated.
thank you
Joseph
first time posting wasn't sure where to put this question, hope i don't offend anyone with some beginner stuff
i thought it would be good time to start thinking about these things as i am turning 30 this year and good time to reevaluate my financial future
at the moment
i am on 150k~200k or so income ( wife used to earn 70k but on permanent maternity leave atm)
i have 3 properties
-one in caulfield, VIC- purchase price was 1.6m in 2010 850sqm land 3 bedroom home rented out for 500/week only atm> we bought this one thinking we will later on build a new home and move in, but having second thoughts it has 90% loan with lender
-one in Prospect NSW 3 bedroom house 670~700sqm value around 400k owing around 320k rented for 1750$/month > rented to a relative > cannot sell in any near future
-PPOR is in southbank melbourne apartment 2 bed 2 bath 2 parking on 34th floor
purchase price 670k owing 525k
well southbank apartment and prospect properties if rented out will be minimal cost to me after rental income if i was to move to another PPOR or rent
however the caufield property has given me alot of headache lately trying to figure out the best way to attack this. it has repayment of around 8500/month and rental income of about 2000
yearly negative gearing tax deduction is around 35k from my wife's calculation
it is 850sqm lot
initial thought was to later on build a large PPOR and live in it however having thoughts on possibly
- subdividing selling half of land? to fund a new small unit at the site of current home which is only in the front half of the lot
- or building three units on the land and selling two and keeping one? i'm assuming 300k per unit to build and minimum 900k~1mil sale price per one unit... which will clear up large sum of loan remaining on the last unit
or i guess i could even sell all three....
- or sell the land to a developer which i'm assuming will sell possibly similar to purchase price but not greatly more than purchase price due to current market.
if we did any of the above for the caufield property we would potentially be looking at buying a 1m~1.3m property for PPOR in the future and renting out the southbank appt. which will put us in a reasonable sized home at a reasonable cost rather than i'm guessing 1.6m purchase price + 600k building cost for a new home at the least.
only a beginner at this stuff so any input good or bad, harsh or critical or of any nature will be appreciated.
thank you
Joseph
