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12 months ago I purchased a penthouse properety on the beachfront at marcoola (sunshine coast.) $465,000 is what it owes me. It is expensive to keep ie costs me approx $1,000.00 per month. My aim was that too hold it for some good capital gain. What are your thoughts on this strategy. It seems like things will be fairly stagnate for the next few years do i get out now or hang in for the next lift in prices.- Confused [blink]
Write up a list of pros and cons. Things you should consider:
Cost of selling (advertising costs, agent costs, auctioneer costs, any taxes, charges, capital gains etc).
How much the property is likely to sell for in the current market. Is this a gain or a loss from when you bought?
Can you increase your rental yield on the current property? Include white goods, cable tv, etc for a price?
Can you articifically increase the capital value of the property? Maybe gain an extra car spot from a carless neighbour, get active on the commitee to improve landscaping, design, privacy etc in the building. Think creative.
CG and rental trends in the area. Chances of these going in your favour vs against you if you continue to hold?
How much does the property actually cost you per year after tax rebates/minimisation?You may find that you’re throwing money into a lost cause, or on the otherhand you may find opportunities to make it a better investment.
thanks luci – property has increased in value…[biggrin] one next door sold for $525,000 recently. I hope that being on the beachfront with water views will hold me in a good position. I will write down 4’s & against
thanks again
