Should my son hold or sell in Mount Gravatt East?

Don't sell until you're 25.

 

Tell him fortune rewards the patient....the Brisbane upwards cycle has yet really get started.

You have to tell him to grow a pair and stop being a namby pamby who wants everything now! He will be full o regret in a few years...places like Mount Gravatt East have the potential to become 800k plus suburbs.

You did him a favor...but you can't steer some people....forget about debt who cares if it only costs $10pw....even with a 0.5% interest rise it would cost him less than $35 pw.

 

lol..no

 

He is an avocado-eating Dill. Hope there is not too much grey in that statement for him!

Cut him free and adopt @Sharky as your child.

(Free advice from someone who shunned property ownership of any sort until mid 30s via the same stupid mindset)

 

He wants to do it on his own, make his own decisions, so i see his point of view. It is also a feeling of great responsibility and worry if things go wrong with renting out a property, and for his age he may wish to reduce that risk. It may also be buyers remorse!

Just make sure he has had some tax advice because of tax implications, and ensuring he has held over 12 months to get the cgt discount.

 

Hi @wylie,

It is difficult to know where your son is coming from and his reasons behind wanting to sell the property. I don't know very much at all about his situation or yours but even so, I feel I can relate somewhat to your son.

I am a young person trying to get into the property market. As with what seems in your son's case, my family members invest in property and actively encourage me to do the same... What I'm realIy here to say is, please please please be careful not to enforce too much pressure on your son. Perhaps he just wants to feel like he is in the drivers seat of his own life and wants to create his own path.

If your son has a plan, maybe it's worth backing himself? If not, maybe it's worth some time to decide what to do next and potentially sell when a plan is in place?

PS If your son does end up selling there's a good chance I'll be at the open house. (I hope not though)

 

Hope everything is well, should have made a poll at the beginning, pretty sure it would be 80% hold, and 20% let him do his thing (but hold). haha.

Long story short, my missus finally came to her ways, sorted out her issues with her parents. Parents got off their high horse of "I'm the parent, I know better than you", and compromised. It did help with me being an outsider to mediate. It got so well, that they parents covered her deposit.

The kid needs to view you as a mentor, not just someone that tells him what to do. Telling you from experience it is a long long process.

Good luck, hopefully it all dies down, sometimes it's just good to step away and come back later.

PS. my partner is turning 25 this year.

 

He will sell regardless. Buy back from him - pay equity. He will see how it goes in years time.
Or I am happy to buy from him plus 30k

 

Here you go.......matter of months for Mt Gravatt East....hotting up....matter of 1-2 years to really get to dizzing heights......

Brisbane's fastest selling suburbs: Where buyers face hot competition

 

I'll add my vote to hold, absolute no brainer. Good suburb, heaps of potential and under valued. Sub $500k purchases there are nearly non existent.
Costs nothing to hold, madness to sell right now and a decision which will be regretted long term.

 

I doubt this ever changes! actually it gets worse as they get older and get set in their ways. Dont let them fool you!

 

My mother prompted me for years and years to buy something and I just didn't. I wish she'd been more 'controlling' in that way. You just can't win, basically.

 

How about he jots down on paper the reasons and benefits of selling.

You then read it and let him do whatever he wants.

The process is not so much about right or wrong but rather about the decision making process. If he is saying that he wants to grow up then he should work through the pro's and con's process of this rather large decision.

It's just not worth the stress on your relationship .

 

Alternatively put him over your knee and spank his bum, I am 42 and my mum tells me I am not too old to have my bum smacked if I mess up .

 

Or write it for him and tell him why he should sell now, how he should do it, how to price it etc.

Maybe he'll decide not to sell

 

Its win win for you. Either he keeps it and he is set up better financially. Or he sells it and later on sees all the money he has missed out on, in which case it teaches him a lesson.

Lesson or money. No real loss in this equation.

 

Until he realises what a huge mistake it was and @wylie cops the blame. "Why did you let me sell the house? I have lost so much money!"

 

Wylie should buy it off him to really pound him with some "told you so" in the coming years

 

@wylie, if your son wants to lose money, I am happy to help out here.

I would be happy to buy it for the remaining loan balance + selling costs. In that way, it doesn't cost him any money to do this and he isn't left with any debt. So considerate of me .

Your son would need to understand that he would lose his inheritance immediately and any capital growth forever.

To sweeten the deal, I am happy to get a valuation done at my cost on the settlement's anniversary date, say for the next five years, and PM it to you to pass onto him, with the message "I told you so" .

Only kidding. Kids, why do we have them???