Hi all,
I currently only have 20k in equity in my PPOR. I would like to keep my LVR at 80% for any IP but also need to have a largish cash buffer (40k) as my risk profile is low and I have a ways to go to pay off PPOR. Savings are 55k atm.
Would suggestions include adding value to my PPOR through small renovations/improvements to increase the equity in the home, or would you suggest waiting it out and saving more until I am comfortable that I have enough of a cash buffer, while using the excess savings to fund the difference?
I'd suggest some value adding, if your handy or have a mate whos handy you can do plenty of small things. I've being sourcing gumtree getting free front doors, leftover bathroom tiles, brand new blinds that don't fit their windows(take them to a specialist and cut them down to the right size for $15) a world of small things you can do and all you really spend is money on petrolo picking items up from homes or worksites. Hope this helps
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I did a reno some months back and plenty of good bargains via Gumtree.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Mark
Is their scope to add value? Could you possibly carry out some of the work yourself to add value at a lower cost?
Are there similar properties to yours that have been renovated in the area that you can draw a comparison from to get an idea of the sort of value you could add with particular renos?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Mark
I've had good results doing renovations to my PPOR and refinancing to purchase IP properties. In my experience I benefited twice, improving my purchase power by increasing the value of each dollar I put into my house, and improving my own living standards. There is also the constant satisfaction of seeing the results of your labor.
Hi Mark
I'm with moxi10 on this one. Any low cost improvements that you can do on your PPOR will add real value and you and your family get to benefit immediately from the small improvements that you have made. Renovating properties most weekends, the last thing that I want to do is to work on my own home. However, she who must be obeyed (Nicky) like every good wife behind a husband pushed and cajolds me to get off my A – -. Result, satisfaction at a job well done, lots of cash saved, real property improvement in value and you get to enjoy the benefits whilst living there. Not to mention, happy wife equals happy life.
Regards
Hi Mark
I'm with moxi10 on this one. Any low cost improvements that you can do on your PPOR will add real value and you and your family get to benefit immediately from the small improvements that you have made. Renovating properties most weekends, the last thing that I want to do is to work on my own home. However, she who must be obeyed (Nicky) like every good wife behind a husband pushed and cajolds me to get off my A – -. Result, satisfaction at a job well done, lots of cash saved, real property improvement in value and you get to enjoy the benefits whilst living there. Not to mention, happy wife equals happy life.
Regards
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