This deal isn't going to set us up for life but it will be a good start. Bought it for $65k, probably $50k of reno on it now, plan to sell for about $175k. BUT its been subdivided and between selling that and my old house we're going to come out of it with (now we *have* to sell) a fully paid off PPoR valued in the high $200s or low $300s there's no way we could have got otherwise. Perfect family home until the tween becomes a teen and wants her own space from the little ones.
Should be enough change leftover to move onto something new, but only via the business. Or we could save and buy some land and subdivide outright.
We didn't get loans for the subdivision and about $30k of the renovations so we don't have a savings record. We have a spending record. There's a physical limit to how much we can save (or spend on renos) in a year of about $20-30k, which is why I'm surprised they think we can't afford $500 a month. People on much higher incomes than us can't save that much.
Also peeves me that they want to use last financial year's income (lower than this year's) but the current financial year's expenses - I had a baby at the start of July.
Should be enough change leftover to move onto something new, but only via the business. Or we could save and buy some land and subdivide outright.
We didn't get loans for the subdivision and about $30k of the renovations so we don't have a savings record. We have a spending record. There's a physical limit to how much we can save (or spend on renos) in a year of about $20-30k, which is why I'm surprised they think we can't afford $500 a month. People on much higher incomes than us can't save that much.
Also peeves me that they want to use last financial year's income (lower than this year's) but the current financial year's expenses - I had a baby at the start of July.