- marcadrian78Member@marcadrian78Join Date: 2008Post Count: 4harb wrote:marcadrian78 wrote:We bought our 4 bedroom house in Sydney in Oct 2005 for $490k with interest rates around 7%.
We cannot currently sell it for more than $460k.
This is a nice house in a cul de sac located about 20km from the CBD. Close to a train line, low crime area and lots of schools around etc.
Sounds perfect so may I ask why sell it ? If you can't handle the higher rates then you only have yourself to blame. If there are other reasons like job transfer, etc. and can hold on to it then why not rent it out for a few years and get some tax benefits?
The money is not a concern as we are sitting on plenty of cash and high incomes. The problem is that we have to hold onto a property that might still come down to be worth 400k and then take another 5 years just to make it back to 490k where we bought it. Why do we want the headache of such an exercise? We don't… we want to move on with our lives. I don't enjoy being a landlord but we're stuck in this position.
Oh well made a killing on the stocks and got out Nov 07 so you can't have it allohriceyMember@ohriceyJoin Date: 2008Post Count: 6
Well – I'm no nearer to a decision than I was before! But I've heard a lot from everyone with tremendously interesting opinions. I won't pretend to understand it all – guess I really need to do my homework.
You were very helpful bespoke and a number of other people and I really appreciate the time you took to respond!
I think my decision so far will be if I come across a good property (good position, price, condition and value) I will buy (wouldn't we all!), but if I don't I will let it slide until I do.CHISParticipant@chisJoin Date: 2008Post Count: 80
Time in the market is more important than market timing. If the right deal comes along, get into it. Haggle a bit off the asking price. Go to auctions. Research foreclosures in the areas you are interested in. Get into property. Australia's richest people have no regretsMeakinMember@meakinJoin Date: 2008Post Count: 6
There is nothing like good time to invest money in real estate, I think when you have good amount to invest with a good place it will be a good time to invest money for you.
I would like to suggest you to consider some point before investing money. Like location, where you are going to invest, development around that place and the chances of future development. All these points will help you in taking the right decision. Hope you like my suggestion.