Hi all, Looking for some advice. I bought a 3 bed unit in Dee Why in Feb 2019 for $930k, currently about $900k owing, high lvr due to small deposit and guarantor from parents Given the Corona virus and economy in general we are considering selling. I value our pace at $1.1 to $1.15m but the agents have come through and have said $1.2 to $1.3m...typical agents I guess but it’s possible. We got lucky when we purchased in that it was, almost by the day, the lowest point in the quick dip. We love the location were in and we love the apartment, albeit a bit small. The only thing I don’t like is the 1 to 1.15hr commute to the CBD in the morning. My GF works in Avalon so all good for her We are in our very early 30s, combined income of close to $300k base with bonuses so while we’re not under financial stress my fiancé is in the retail industry and I work for a property developer and both industries are susceptible to a failing economy We don’t have a lot of buffer given a year in London in 2018 and our wedding this coming August so we’re considering selling and renting for the next 12 months then reassessing. I guess the lack of a buffer and the thought of living almost wage to wage until our wedding in August (big expensive Greek wedding ) is playing on my mind Our repayments are about $3,800 P&I pm. We’d be looking at spending $3,000 - $3,800 pm on rent if we were to sell. interested to hear peoples thoughts
As trainee mentioned above consider the costs. You bought for $930k and paid stamp duty, legal fees, interest so far on top of it. Assuming you would have also spent a bit on furniture, moving, decorating, etc. Now you are going to spend on selling agents' fees, legal fees and moving again. Do the math and take the decision.
Had 3 groups through 1. underbidder when I bought it 12 months ago, offering $1m 2. Not clear 3. Australian Chinese have asked for a contract looks like I’m holding
Only you can make this call- I just did some rough calculations: Stamp duty + legal at a purchase price of $930k = ~$45k Selling cost (assuming $1.2 mil) = ~$30k Cost base base is now 930+ 45+ 30 = $1.005 mil Profit after selling ($1.2 mil) = ~ $195k Not bad after 1 year as you won’t pay any capital gains.
Highest offer so far is 1mil... just because you and the person trying to get your business tells you it's worth more doesn't mean it is...
Selling costs are 1.4% inc GST. I work with the agent through the developer I work for so getting a good deal Lowest we’ll take is $1.15m. Will see how we go during the week!
Haven't been offered that yet! Only offer is $1m from the under bidder from when I bought it 12 months ago. Wouldn't surprise me if it's a bit of a psychological hurdle for her to go so much higher after just 12 months Not holding out much hope but doesn't make any sense to sell for less than that
If you sell for $1M you are only $5k behind. Look at it this way: you have had a place to live for a year that has only cost $100pw. That's much cheaper than renting something similar.
Group 1 has made it clear they will not go above $1m Group 2 has offered $1.05m this morning Group 3 has withdrawn. They have a requirement for a lockup garage and ideally attached to the building. I've only got a carport
I think you are making long term decisions off a relatively short term problem. If you love where you live then stay? If you want to live somewhere else then take the offer and leave?
17-millicent-avenue-balwyn-north-vic-3104-for-sale-429386 Sold 3.3M last few days and was quoted by other agent 6 months ago for 4-4.4M
I was pretty certain in the new Corona Economy, weddings are limited to 5 people - the couple, the witnesses and the celebrant? or am i missing something?
Hi! Ended up with an offer of $1.1m but we were steadfast in not selling for less than $1.15m The difficulty is that there are very few places we prefer between the $1m and $2m range more than where we are currently so we would have been selling for the sake of selling We'll wait it out until we can afford to buy in the $2m to $3m range