NSW Opinions needed. Time for a change.

Discussion in 'Where to Buy' started by SimonSays, 17th Mar, 2017.

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  1. SimonSays

    SimonSays Member

    Joined:
    17th Mar, 2017
    Posts:
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    Location:
    Liverpool
    Bit of a tricky scenario but ill try and explain.

    Currently have a house paid in full with a granny flat which has about $80k remaining till paid off.

    House located in Liverpool on roughly 800 square meter block.

    House across the road on smaller block with no granny flat sold for roughly $900k a few months back as price guide.

    Now the plan is to relocate. Rent out the house plus the granny flat and use it towards another property plus a new loan.

    Basically looking to purchase a bit of land then build a new house on it as my first option. I want to stay within an hour or just over from Sydney.

    Big preference would be a decent size block. Location isnt really an issue but would love some suggestions for places to look at? Main objective is to have a bit of space and a new place and get away from all the hustle and bustle but still be close enough.

    Second option would just be buying an existing place.

    As a guide. Wouldnt mind going as far as picton or richmond way.

    Also if anyone has any different strategies on how i should go about things im more than happy to listen.

    Thanks for any help in advance.
     
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  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Location:
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    My concern is that you say you have paid off your current place and have nearly no debt on it except for a debt on a granny flat.... so if you move you will have a load of non deductible debt on the new PPOR and virtually no debt on a tax deductible IP. Really bad structure. :(

    Please tell me your funds are all sitting in an offset and you just forgot to mention it!
     
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  3. teetotal

    teetotal Well-Known Member

    Joined:
    7th Nov, 2015
    Posts:
    736
    Location:
    Sydney
    What @Gockie said above is concerning. But don't worry, there are some gurus here who might be able to suggest how to overcome this.
    Anyway you are sitting in a really good position with the loan, well done.

    From location perspective, i can suggest what we did ourself. We moved to Central Coast, Umina Beach to be precise.
    As you said away from hustle bustle but still just over an hour from Sydney. And beautiful too compared to west or south west.
     
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  4. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    5th Dec, 2015
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    Location:
    NSW
    We moved from acreage near Penrith up to Central Coast near Terrigal, not far from @teetotal.

    @SimonSays are you looking at acreage? If so have you lived on acreage before? I was glad to move, if we ever went back I wouldn't want to be on anymore than 2.5 acres. Just mowing the grass on 5 acres was a 9 hour task and we couldn't have livestock due to fruit bearing trees.
     
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  5. SimonSays

    SimonSays Member

    Joined:
    17th Mar, 2017
    Posts:
    9
    Location:
    Liverpool
    Thanks for the in depth replies guys. Much appreciated.

    I know the structure wont be absolutely perfect but I think i need a bit of a drastic change. Im not too fussed about profits & tax benefits as im looking at living at this location for a long term. But if anyone has any ideas its more than welcome.

    Appreciate the positive comments @teetotal i might have to have a look up the coast as ive just been looking around picton and richmond way.

    @Tim & Chrissy Never had an acreage before. I probably dont want anything too big tbh. I bet there was a lot of maintaining which i def dont want to do lol.

    Just a nice enough piece of land to build a decent size home with ample space for a big shed and some room to move.

    I will definitely look up the coast. but im open to any suggestions atm.

    Thanks guys.
     
  6. Tenex

    Tenex Well-Known Member

    Joined:
    14th Aug, 2015
    Posts:
    570
    Location:
    Sydney
    Penrith or around that area. Still an hour train from Sydney CBD and with huge potential and still affordable.

    If you have money then get as close as you can to Parramatta. In 10 years time land around Parramatta is going to be more expensive than land around Sydney with all the infrastructure going in, the University of Sydney built and the companies that are moving nearby.

    Also Castle Hill is building Australia's largest shopping mall with Parramatta being the second largest so any land in between is going to do well.
     
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  7. Gockie

    Gockie Life is good ☺️ Premium Member

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    I'd go Parramatta. Then Blacktown.
    I probably wouldn't go further west.... (thinking PPOR)
     
    Last edited: 17th Mar, 2017
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