Hi PT .
Some financial advice if you please.
Own a home: Corner section. 2BR home in Avonhead with 820sqm. Value at approx. $490-530k.
Possible opportunity for development into multiple homes. No subdivision allowed without neighbour consent currently (they wouldn't give it).
RV = $490k, land $350k.
~$140k remaining on mortgage.
Rental might be $400. (Brother owns a 2BR across the road, semi detached 400sqm section and gets $400pw)
Rates are $2700py.
We are looking to purchase a larger home 500-700k.
What would PropertyTalk do in this situation?
Gamble and wait for subdivision rules to change, and build?
Is the return too low to consider renting it out? - Sell.
Bank on capital gains. (Avonhead is a good area)
I have no experience as a landlord, and I don't have time to manage the new house (lifestyle block) and the rental. I would be employing a management company.
Thanks!
Some financial advice if you please.
Own a home: Corner section. 2BR home in Avonhead with 820sqm. Value at approx. $490-530k.
Possible opportunity for development into multiple homes. No subdivision allowed without neighbour consent currently (they wouldn't give it).
RV = $490k, land $350k.
~$140k remaining on mortgage.
Rental might be $400. (Brother owns a 2BR across the road, semi detached 400sqm section and gets $400pw)
Rates are $2700py.
We are looking to purchase a larger home 500-700k.
What would PropertyTalk do in this situation?
Gamble and wait for subdivision rules to change, and build?
Is the return too low to consider renting it out? - Sell.
Bank on capital gains. (Avonhead is a good area)
I have no experience as a landlord, and I don't have time to manage the new house (lifestyle block) and the rental. I would be employing a management company.
Thanks!
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