Hi, i am about to purchase my first property, my PPOR, in the new year. Planning on purchasing an investment property soon after. Currently own a block of land at Golden Beach, Victoria.
We want to sell this land, as we aren't making any income from it, and we feel that we can make more from the repayments by reinvesting in other property. The original purchase of this land was purely emotional, with the thoughts 'its near water and cheap, so it has to go up in value! No research was done, a good lesson learnt.
We probably have about 5k equity in the land, is it best to just put it on the market, or should we wait until we have our first home loan for our PPOR??
Also would we be liable for CGT?
Thanks.
BH
We want to sell this land, as we aren't making any income from it, and we feel that we can make more from the repayments by reinvesting in other property. The original purchase of this land was purely emotional, with the thoughts 'its near water and cheap, so it has to go up in value! No research was done, a good lesson learnt.
We probably have about 5k equity in the land, is it best to just put it on the market, or should we wait until we have our first home loan for our PPOR??
Also would we be liable for CGT?
Thanks.
BH