HI all, Ive read all of your wise words for a long time and have finally dived in and are looking for any advice that you may be able to give.
My Wife and I are looking at our next investment move.
We have a great investment property with Two x 4 bedroom beautifully renovated flats on a large section opposite a University in Wellington with a good size section at the back which we are able to subdivide.
The flats currently rent in total for 1500 per week( a little less at the mo as my daughter is living in one of the rooms!) and we owe around 400K on the property so have a good amount of equity to work with.
We are thinking we should build 2x reasonably high spec 3 bedroom townhouses on the section and then maybe we will move into one big kids are leaving home and youngest child gets into a good school zone for college and then rent out our large 5 bedroom House in a great sunny street in Newtown.
Some people have said we should hold the section for a while yet and others says build now.I know there will be tax implications with subdividing and a lot of costs etc with being in the high density zone but unsure of how much?? We have owned the property for around 2 years but we do plan to keep them as a long term hold. (Two flats and two townhouses once built)
Should we be building or should I be waiting and buying another place in Wainuomata??(we own one over there and so far so good)
Everyone advised us to not buy flats student would live in but so far our tenants (who are all now working and not at Uni) have been brilliant!
Any advice would be great, many thanks in advance
My Wife and I are looking at our next investment move.
We have a great investment property with Two x 4 bedroom beautifully renovated flats on a large section opposite a University in Wellington with a good size section at the back which we are able to subdivide.
The flats currently rent in total for 1500 per week( a little less at the mo as my daughter is living in one of the rooms!) and we owe around 400K on the property so have a good amount of equity to work with.
We are thinking we should build 2x reasonably high spec 3 bedroom townhouses on the section and then maybe we will move into one big kids are leaving home and youngest child gets into a good school zone for college and then rent out our large 5 bedroom House in a great sunny street in Newtown.
Some people have said we should hold the section for a while yet and others says build now.I know there will be tax implications with subdividing and a lot of costs etc with being in the high density zone but unsure of how much?? We have owned the property for around 2 years but we do plan to keep them as a long term hold. (Two flats and two townhouses once built)
Should we be building or should I be waiting and buying another place in Wainuomata??(we own one over there and so far so good)
Everyone advised us to not buy flats student would live in but so far our tenants (who are all now working and not at Uni) have been brilliant!
Any advice would be great, many thanks in advance
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