I have 2br, 2 bath, 1 lug unit in granville. It is on border of parramatta. Nearsest station is harris park. It is 7 years old.
Strata management agency is bad.
I bought it for $275K. i have 225K loan. value around 335K. Expected rent is $380.
I am looking to upgrade.I have extra fund to buy PPOR.
Should i sell it or make it investment?What sort of growth is expected in this area?
Hi
Thats a keeper Garg in my book unless the following are issues:
1. Its a dud property – Lemon. eg leaks water – costs a lot to maintain.
2. You really really need the money to upgrade – eg if you were considering buying a house and you needed the cash from the unit than sell it.As a general rule keep properties and don't sell – thats my plan anyway. Do the maths yourself.
I don't know the area that well but given its close to Parramatta it should be pretty good.
All the best
The Bish
I all for keeping it as well mate
strata is $2400.
I think strata will expect $1000 more in addition to that.
income – 380 * 50 =19000
per annum
Strata – 2400
water – 650
council – 700
bad managed strata levies- 1000
landlord insurance – 500
intrest – 225K @ 7 % = 15750
management fee= 1800
expense total = 22800loss 3800 + depriciation 5000=8800
tax benefit = 3520
net loss=5280am i doing anything wrong in calculation?
should i keep it?
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