All Topics / Help Needed! / getting more out of equity

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  • Profile photo of wade anthonywade anthony
    Participant
    @wade-anthony
    Join Date: 2007
    Post Count: 53
    October 25, 2007 - 2:27 pm

    I have a two bedroom house on 1000m²+ block, currently living in it. I am a building designer by trade. Should I get DA approval for units (not build) to increase equity or should I continue living in it and use equity for another IP. Any sugestions or comments to increase equity would be good

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 25, 2007 - 11:34 pm

    Just getting the approval could add a fair bit to the value. Weigh up the costs v the value with the DA.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of propertypowerpropertypower
    Member
    @propertypower
    Join Date: 2006
    Post Count: 312
    October 27, 2007 - 5:19 am

    Hi Wade,
    Couple of options you may want to consider:
    Option 1: Get the DA to add value, continue living in it and use the equity to buy an IP#1.
    Option 2: Get the DA to add value, convert your PPoR to an IP and start renting, use the equity in the current property to buy IP#2.

Viewing 3 posts - 1 through 3 (of 3 total)

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