Confusion whether to sell or renovate

Hi there, I purchased a 4 bedroom 1 bathroom house on the gold coast, in a good area on a 900m2 block of land.

The house was bought with cash and no mortgage. I was thinking of living here for 5 years, doing some basic renos and then renting it out and buying a different property, however the neighbours are showing signs of being snarky about my dogs and I really much prefer to be on a few acres further out away from snarky neighbours.

My dilemma is to buy the acres I want to buy I would have to sell this house to find the $500k I need. We have only been here 3 months and I have already made some changes, which means it is partly renovated and they aren't finished.

I pulled out a wall in the kitchen and 6 floor tiles are missing. I cannot find the same tiles so have to decide whether to pull up all the tiles in the entire house and put down another flooring, or just pull up the tiles in the kitchen area and put down something that matches the gloss tiles type but contrasts the colour. They are polished tiles that I really don't like and they are dangerous when wet, so would be happy to pull them up and put down vinyl timber boards. However this adds another cost, prior to selling.

Also the entire kitchen, lounge, dining ceiling needs to be repainted from the wall being pulled out.

Aircon was moved and there is a hole in the wall and the wall needs repatching and painting.

The bathroom, laundry area are fine.

I am at a loss as to which way to go at the moment.

Do I sell partly renovated and just deal with the losses if the sales price is lower than my buying price?
Do I persevere and take the next 6 months to finish the renos, paint and then sell?

Is it possible to buy a property with a partial deposit, move in and rent it until I sell my property?

Trying to sell with my kids, dogs, cats and chickens seems quite overwhelming.

If I could find an investor to join me in this block so I can buy another block that would be a miracle solution.

This area has good rental returns which is why I bought here in the first place.

My plans changed and instead of moving up to Gympie way and buying land up there and renting this place out, I want to stay on the gold coast. This is why it has become hard.

Any help, questions to get me thinking differently and ideas are greatly appreciated.

 

Thank you Wylie, at the moment it is the only way I can see to get what I want, but I know that is not always the only way.

 

I think you need to finish the renovation to get the maximum price. Even if the renovation costs only $10k to finish any buyer will discount it by more.
It might pay to move into a rental with all your kids/dogs etc so you can renovate and sell more easily. Might only take 2-3 weeks to finish then without having to work around them. Then you can look for the new place on your terms as you aren't in a rush with the changeover.

 

I think you need to finish the renovation and take your time to consider whether you really need to move onto acreage. How much money will you lose by selling and buying again? How much hassle is it going to be. While you are completing the renovation, perhaps try to find a rental on acreage so you can sample the lifestyle before buying. This will also give you time to locate the most suitable new home. You may also be able to rent another home to live in and put this house up for rent so you dont have to sell it.

 

If you paid cash you could use the equity to buy the acerage and keep both. Not the most ideal tax situation as the loan would be used to purchase ppor but an option to weigh up.

 

What exactly are the neighbors snarky about ?
Look to fix the small issue instead of making a bigger problem....
How about doggy school ?
Be glad you don't live in an apartment building, things are far worse than a 900 block

 

Yes indeed I imagine they are.

Doggy school is on the cards. We have a new puppy that barks alot. Neighbours are neighbours.

 

I've lived on acreage before a number of times. This is downsizing for me, lol.
While I could afford renting acres no place would take all the animals we have here.

 

I can not get a loan which is why I am looking at selling it.

 

I have thought about moving into a rental but we have too many cats and dogs for that. Will have to think options through before making any other changes to the house.