Hello, My partner and I are new to investing and would like some ideas for our situation. We have a block of land located in WA and would like some ideas as to whether we should sell or build.
We are keen to purchase an IP on our return to Perth (April 2005) but will also require somewhere to live. We have about $70000 equity in the block at present.The block is located in Secret Harbour.
We are still entitled to FHOG. We have owned the land for about 12 months.
Any help or ideas would be much appreciated.
Regan and Rowan
Hey guys and welcome,
What are your goals? What do you hope to achieve through all of this?
One idea might be to build a duplex on the block?
I know it is an east coast builder but http://www.valleyhomes.com.au has some designs to get you thinking.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon
Just checked paper work and covenents do not allow more than one dwelling on the lot.
Our thoughts are we can do one of two things:1. Build and use as PPOR using equity to purchase IP
2. Sell and Buy IP using CG from sale (less CGT) as deposit (approx $60000), use as PPOR until loan paid down (1 to 2 yrs) making it CF+. Then rent it out and use equity to purchase another PPOR.Regards
Regan and Rowan
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