To sell or not to sell

Hey Guys,

Have not been on here in a couple years and it's time to make a return with a long post

I have one investment unit and about to turn our house into a rental as well while we go rent somewhere else. I do have a question on how long is to long to hold onto a property? My unit is pretty much neutrally geared at the moment with the low interest rates. The house will be negatively geared by about $200 a week, we are locked into a high rate for the house and can't change by the looks of things unless we cop a huge penalty but the broker is working with the banks to try and make a deal. If we can get out problem solved and we will go from 7.8% to 5.2% no dramas but I don't think it will be that easy.

I have had the unit for a good 5-6 years and the rent has increased every year but the place is not getting any younger. I have recently spend some money and redone the bathroom and kitchen to modernise things. Bathroom was falling apart and leaking etc etc so most of those things I can claim back but my tax return from the unit is getting smaller and smaller every year.

We owe a fair bit on the house and also on the unit still and we are going to be moving to one income in about 3 months and by looking at the budged we will just scrape through but it will be hard and we will have to make some big changes in our spending. When times get really tough do you sell the unit or the 2 year old house or do you make another plan to keep them both?

Thanks