To sell, rent or stay

Discussion in 'Investment Strategy' started by Karlie, 12th Jan, 2020.

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  1. Karlie

    Karlie New Member

    Joined:
    12th Jan, 2020
    Posts:
    2
    Location:
    Alexandra hills
    Hi guys, I'm new to this website. Looking for some help my husband and I do not have property backgrounds but I looking at what we should do next after we bought our first home. Essentially this is not our forever home. We contacted the real estate agent to rent our house out so that we could buy another house or rent another house out in the suburb where we would like to raise a family. Our current Home is on a large block of land but built just off centre so we cannot subdivide but he suggested that we build another home next to our current house and have a dual residency and then create a body corporate and sell the houses separately. We have had a plan drawn up by a builder but it just seems a bit scary? Has anyone done this kinf of thing before?
    The real estate said he would sell both the original home for about 490k and the new home (4bed, double lock up with no backyard) for 500k. The cost of building would be 200k approx. We originally bought the property for 490k. It just sound too good to be true?

    We are only young, but we have ok jobs and a medium income. Any advice will be well received:)
     
  2. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,670
    Location:
    Qld
    Do not take town planning advice from a real estate agent.

    To know what you can legally do on your block, contact the council or a town planning specialist. A mistake may be costly.
     
  3. Karlie

    Karlie New Member

    Joined:
    12th Jan, 2020
    Posts:
    2
    Location:
    Alexandra hills


    Thank you :)
     
  4. Morgs

    Morgs Well-Known Member Business Member

    Joined:
    7th Dec, 2017
    Posts:
    1,398
    Location:
    Sydney NSW
    Have you done the numbers on if you can afford to keep the existing house as an investment and still afford the new house?

    As per above I agree you should consult the experts if you want to pursue that avenue. You will need the skills and experience to put together the project, and where it is all new you'll need to rely heavily on having the right team around you :)
     

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