It's "My Move" but when do I do it ?

Viewing 4 posts - 1 through 4 (of 4 total)

agedownunder
Participant
@agedownunder
Join Date: 2004
Post Count: 15
June 18, 2004 - 8:40 am
I have just completed a sbbdivision and plan to build a new PPR there. More to borrow to do that ( about 120k ).
When completed I intend to sell my current PPR and use those funds to reduce debt on the NEW PPR.
I want to purchase another IP ( +CF ) but I am not sure when to make my move in that direction.
I am thinking that it may be better to wait untill I have done the above and then buy the IP after that.I think my lender would be better doing it that way!
My equity in my 2 -CF IPs is about 170k
PPR eqiuty about 60k
Subdivision equity 50k
Am I being too careful ??
Age
Buy new!
Never Sell!
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
June 20, 2004 - 11:05 am
Age
I don’t think any of us can tell you if you’re being too careful or not – that’s really a personal decision!!
If you are borrowing to build your new PPOR, I personally would wait til I have sold the old PPOR and paid off some debt before reborrowing – to me it just seems that it would make it a little tidier. Of course, you could sell your current PPOR now, and rent back for x months until your new one is ready, so you won’t be delayed whilst building.
Good luck with what you decide
Cheers
Mel
DD
Member
@dd
Join Date: 2004
Post Count: 508
June 20, 2004 - 12:32 pm
Im with Melbear, decisions should only be yours but at least its informed after a few chats in here.
Positive cashflow units in Launceston now available. $80k to buy means $16k deposit and $5k for legals/stamp duty. $21k equity to pull $130/wk back out could actually get you equity while your house is being built. With minimal interuption to your plans.
Email or PM me if you like
DD
Don’t sweat the small stuff,and it’s all small stuff!!
shane g
Member
@shane-g
Join Date: 2004
Post Count: 17
June 21, 2004 - 1:05 pm
Is Launceston the go?What is the tax implications in the area,rates etc?
sg