Would you sell your PPOR if it would ease dire financial pressure?

I thought i will throw in my lot and ask for some contributions from strangers as i have racked my brains for months as to which way to go.
I have one third loan on my Ppor and an off the plan coming to completion early next year.

Should i sell my ppor and move into the otp which will free me off my mortgage?

I have somewhat of an attachment to the ppor only that my son will never be able to have a house if i do sell, as buying a house in sydney will be impossible for him.

Paying the one third of the house will be quite impossible as i am nearly 60 close to retirement in few years time.

I am tipping towards selling the ppor, with very little mortgage, buy a house as IP and see how long i can keep this IP after my retirement without much tax deduction coming in as it will be an older property and not going to pay much tax after retirement would be hard to keep.

Would apppreciate comments from anyone.

 

Hey 3am,

even if you do sell there is still a way to help your son with a deposit from the sale. I dont think its impossible to buy a house in Sydney, its just harder but it is achievable. I think you should get your son involved in these forums as he will learn and get such valueable information. Be positive and never say its impossible to buy a house in Sydney. One of my favorite quotes "whether you think you can or think you cant, you are right"

 

If I were you I would sell your PPR and enjoy your days rather than holding onto a property for your son. You could use the equity in your new place as a deposit for your son to purchase something else. Once he gains equity in that property to cover your deposit, your property is no longer security over his.

 

I wish he had chosen to do a degree in property development rather than science. May be when he achieved what he wants he is just simply not interested at the moment.

That is my plan but i would not have his name on it until he can afford to buy it from me.

 

If I had been asked that questions 6 months ago my answer would have been to hang on to it at all costs.

6 months later my response is : in a heartbeat. I think it depends on you mind set at the t

 

In a heartbeat if it would allow me to keep more than 1 IP.

I am very attached to our PPOR but am attached to investment and choices those will give me in the latter stage of my life more.

Rather do it tougher now than when I'm really old (55 now).

 

BV
I think most markets are going to soften shortly ? which may present some great buying opportunities for you.
mtr

 

Great story, yep Sash should come good with those predictions.

I would sell our primary residence in a heart beat too, but fortunately we dodged a bullet.

My partner's business during GFC period got wiped out, we lost $1 million. We were employing around 18 people and one of our largest suppliers went under and took us with them.

We placed every property we had on the market including our dream home. Within 1 month we sold around 6 properties, paid debts and took our home off the market.
best day of my life taking the for sale sign down.

Funny, though my husband did not want to sell our primary residence, but he was in denial, there was no choice at the time, just had to do whatever it took to get out of the ****. Like you, we were holding expensive blue chip property and the business was servicing these highly negative duds. When the business went so did the funds to service the debt

Fortunately we did not sell and we still live in our dream home, picked up the pieces and moved on.

Plenty of lessons learnt

MTR