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Do I sell my done up to Buy Do up in good location with water view $$? potentail

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  • Do I sell my done up to Buy Do up in good location with water view $$? potentail

    hi, I am in a conundrum. I am a private owner trying to get ahead financially. Located Auckland Central Suburbs.

    I have a gorgeous property with sea views, its done up but its a 2 bed duplex. if sold would sell for say $900k roughly maybe more. GV $650, high spec has great aspect sun landscape, new kitchen etc etc, lots of features which make it desirable. end of culdesac, quiet.

    I have the opportunity to buy a 3 bed run down house on its own site with waterviews as well in the same suburb. only one house back from end of culdesac with waterviews. would be fab done up but also could be better to do nothing hold and sell as potential build site to make the most of views? site is only 439sqm. Purchase price would be $900k private sell. gv $730. house needs complete repaint inside and out, relining of some walls, and new kitchen and bathroom are needed, roof needs repaint or reroof, it is run down but solid. house has good potential as do up. its like 2 bedroom upstairs and downstairs own entrance to 3rd bedroom, which has a shower and loo- almost seperate income but no kitchen. house is only 90sqm. good street appeal, but no garage. just a cottage/bungalow style really

    I love the first house and dont really want to leave it but cant keep and buy the other property, but captial gain would be limited in a duplex. would i be better selling up that house to buy the do up/hold property. I would compromise my living environment, home i love. to buy the do up (would move in while doing up or holding) unless i did it up, cost$$

    I am trying to get ahead financially and wondered what your views were? its in central suburb, newby to this site and not a property investor, just want to be able to sell in 3-5 or 10 years with good capital gain? advise please, sell, buy, hold or do up? i have limited single income, so how where I put my money is important.
    Last edited by OliveOil; 12-05-2016, 07:55 AM.

  • #2
    We can't comment usefully without knowing what it's worth after renovation and what renovation would cost.


    • #3
      You still haven't told us what it would then be worth. And 35 to 100K is not a useful number. You need to KNOW what it will cost to within 10 grand and know what it is going to be worth afterwards to within 50K


      • #4
        So if you can buy it for 900 and spend 50 and be worth a minimum of 1050 it's probably a good idea.