In hindsight, I can't remember why I ever thought it was a good idea to invest in property or that I would be any good at it, but now I'm in this situation Im trying to think of best way out.
Bought our first house in Dunedin almost 3 years ago; mostly because we fell in love with it, didn't do a great deal of research and were a bit silly-but I also thought it had potential as its on a fair chunk of land and is being rezoned to medium density. Trouble is there is no way to gain reasonable access except through my neighbours property and she is unwilling to sell, and even then access and development would be rather tricky as the land is quite steep. I've also realised that there is a lot of spare land in Dunedin to develop so there won't be a demand for mine in a hurry even with access.
In hindsight, we paid far too much for the house at 227k. Have invested about 20k in it plus many hours of labor and stress. Oh how beautiful hindsight is. We tried renting it at 390, then at 360 with no luck (at the busiest time of year). So have put on market. Agent gave us initial selling range of 275-320k (which we knew was too high) but then came back and said other agents at her agency have said 240. (I said I wouldn't sell and would leave it empty instead for that much). I think with agents fees we would make a minor loss selling at 260k (it's GV) but are aiming for 280k. We won't get enough back out of it to invest in another property-in Dunedin or Chch where we are now.
So. How low should we go? Do we try rent it at 330 with a different company and have for sale at same time? Do we sell at 260 (if we can even get that) and lick our wounds? Do we hold at low rent, wait for elderly Neighbor to sell (she is 87 and her house isn't worth much) and buy it if we can and put in access then sell? Do we just hold and hope the Dunedin economy will recover? Do we forever give up on any ambitions on being property investors?
many thanks in advance
Bought our first house in Dunedin almost 3 years ago; mostly because we fell in love with it, didn't do a great deal of research and were a bit silly-but I also thought it had potential as its on a fair chunk of land and is being rezoned to medium density. Trouble is there is no way to gain reasonable access except through my neighbours property and she is unwilling to sell, and even then access and development would be rather tricky as the land is quite steep. I've also realised that there is a lot of spare land in Dunedin to develop so there won't be a demand for mine in a hurry even with access.
In hindsight, we paid far too much for the house at 227k. Have invested about 20k in it plus many hours of labor and stress. Oh how beautiful hindsight is. We tried renting it at 390, then at 360 with no luck (at the busiest time of year). So have put on market. Agent gave us initial selling range of 275-320k (which we knew was too high) but then came back and said other agents at her agency have said 240. (I said I wouldn't sell and would leave it empty instead for that much). I think with agents fees we would make a minor loss selling at 260k (it's GV) but are aiming for 280k. We won't get enough back out of it to invest in another property-in Dunedin or Chch where we are now.
So. How low should we go? Do we try rent it at 330 with a different company and have for sale at same time? Do we sell at 260 (if we can even get that) and lick our wounds? Do we hold at low rent, wait for elderly Neighbor to sell (she is 87 and her house isn't worth much) and buy it if we can and put in access then sell? Do we just hold and hope the Dunedin economy will recover? Do we forever give up on any ambitions on being property investors?
many thanks in advance
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