澳洲Australia property What to do | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Hi guys I have just found this site and I am very impressed. Here is what I need help with. Last year in june the ex and I bought a house. Bought the house for $344k in Dean Park and we borrowed about $300k. Mortgage stands at $285k. Now we are seperating and I have to buy her out. I'd need to borrow about $20k to do this. I was thinking about either keeping the house ofr six months and renting it out while I save some money, to sell the house and buy a unit / town house in parramatta for around $350k as an investment property or two buy two smaller units around Parramatta or Merrylands.

I am so confused as every person I have spoken to tells me different things


Thanks everyone  

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do you currently live in it?
Did you get a valuation done and if so how much was it?
How much does you ex want to sell you her half?  

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Hi gordo,

I guess if you have an investing strategy in mind to begin with, that will help give you a bit of clarity with working out what to do in the above situation.

What do you hope to achieve with investing in property? Is it captial gains or cash flow from rent, (ideally both)?

I'm not familiar with Dean Park. Are there lots of owner-occupiers there or is it largely a suburb of renters or FHO in new homes?

Regards,
M&M  

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BV it's going to cost me $15k to buy the ex out and probably another $3-k in solicitors fees by the end of it


Mary&mat I was hoping to gain a decent amount of rent and hope tp get good capital gains in the long term  

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its hard to know what to do when you don't give out many details but I'd probably pay her and keep the property.

For a solicitor go both of you to Michael Story in Blacktown
and he should be able to do the whole lot for less than $1K  

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What other details do you need BV ?  

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gordo said: ↑
What other details do you need BV ?Click to expand...
The ones I asked for earlier.  

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Are there any children also living in this house?

I think you will find it won't be as simple as just paying her out her share of the home, or you buying her out.
I can tell you, if there are children and she uses full weight of the Family law court, she will come out on top. (Fact)

I would not be using the same Solicitor as her, most Solicitors will not do this anyway, as there is a conflict of interest.

It's one thing to say it's all amicable, but this is business, and there are no friends in business.

Seek independent legal advise is what I recommend.  

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BV said: ↑
do you currently live in it?
Did you get a valuation done and if so how much was it?
How much does you ex want to sell you her half?Click to expand...
Sorry about missing this post BV, the joys of a 3 year old who thinks sun up means playtime

I do live in the property at the moment, have done so from when we bought it

Valuation came back at 355

15k. I know that's cheap but hey why complain  

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I don't know the exact location but I'm guessing that is property is worth more than $355K.

I wouldn't sell.
Since you live in it you'll get CGT exemption for 6 years and if you consider the buying expenses, mortgage insurance etc it doesn't make sense to sell it.

$15K is a good deal IMO so sign up quick.
Others would be demanding half of the initial outlay (approx $25K)plus a share from the $15K in the loan reduction.

I don't know who's money was used as the initial deposit and if there is a clear paper trail but if she gets legal advice they're likely to tell her that she's entitled to more than $15K  

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