澳洲Australia property How can I maximise 1 year rent free | Syd
在澳大利亚 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 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
From December, I will be living rent-free for 12 months house sitting for my parents - I want to maximise the opportunity.
My IP1 generates about $400/mth in positive cashflow. Value: 550k, owes 289k (LVR 52% / ~150k accessible equity). My income is 80k.
When my parents return, I'll need a PPoR to live in (Newcastle area). Ideally something run-down in a strong growth suburb where I can add value through reno. Ideal budget 250-350k max.
- Buy a run-down PPoR ASAP.
- Commence renovation ASAP (using tradesmen to do the majority).
- Aim to complete work within 6 months and get it back on the market.
- Alternative/bonus approach would be a subdivision..
- Sell to realise profit and roll into next PPoR purchase just in time before parents get back. This way I have used the 12mths to "create equity" etc.
- My fear here is borrowing up and then trying to offload in a cooling market and not making any profit.
- Buy another IP using *some* of the equity.
- Leave sufficient equity as the deposit for the PPoR later in the year.
- This means 3 properties in total and leaving me more exposed to the expected interest rate rises and no more safe/comfy 52% LVR.
- Do nothing, wait for the market to cool further.
- Buy the PPoR just in time before the parents get back.
- Gradually commence reno work etc while living in it.
Any suggestions or advice appreciated..
(I am favouring Option 1, but please tell me what you think).
But for the moment make sure you stick all your savings into the attached offset of your Interest Only Loan
I suppose your a winner whatever option your gonna go with. As Rolf says pile up ur savings in an offset account though.
We are in a very similar situation except we have a PPOR that we are renting out for a year. We plan to save one of our wages and load up an offset account.