I m a biginner in investments resently I purchase a 2 beedrom unit in Petershan Coronation Avenue with the help of a relative I settle. I pay 465K plus expenses total 488K I now have I need to return that money and I don’t know what to do if getting a Finance and keep it or sell it for just what I paid and return the money. I haven’t got any other assets. The unit is well located in the top floor with excellent view and facilities in the complex what would you advice to do .
I will Greatly appreciate a word of wisdon.
My intention was purely to improve my financial situation.Elsa [blush2]
Have you had it valued recently so you know what figures your working with? Were you expecting it to increase and make money from it that way or were you expecting to rent it out? To sell, means selling costs etc. have you taken them into account?
What was the deal with the relative you lent the money from, was that over a certain time frame or have they called in the debt.
Have you seen a broker or bank to see if you are able to borrow that amount of money to refinance?
Sorry about all the questions but if anyone is going to offer ideas, then they need more info.
This maybe a long shot. But if the matter is not urgent, can you ask your relative to keep the money in the property for, say 3 months, with interest of, say 8%, while you try to improve the condition of the property and refinance ?
Interesting Post and a very bug commitment!!!! All I can say off what you have writen is that perhaps you need and accountant or a financial advosor to look at your situation. All the best.
Too big it is not. Think, you must not.Want, you must not. Do you must. (Yoda)
Elsa, If you have only just settled selling the unit might be a costly idea – capital gains tax might apply, agents costs to sell, etc. There’s not enough information in your original post to give specific info or ideas to what you can do – the correct course of action depends on a number of things.
If I assume rightly, you need to give back the money to your relative. You need to see if you can afford to have the whole debt yourself, and/or there is enough equity in the property to refinance and obtain enough cash to pay back your relative. If you bought the unit off the plan (before it was built) there might be some equity there. But you need to talk to someone in detail about your situation.
I’m a Mortgage broker not far from Petersham (Brighton Le Sands – 15 minute drive), you can call me direct on 041 2061218, there are lots of other Mortgage brokers on this forum, or you might what to use a Mortgage broker that speaks your language. In any case, you should talk to a broker about what your options are.
Good luck.
theloanarranger
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