The Old Girl bid at auction today for a 2 bedroom apartment in the same building as the one bedroom one we own. She went to $270k, our predetermined limit but the apartment went for $310k. This was an outstanding price as we calculated that the mortgage on $270k would be $480 per week plus rates and body corporate fees with a possible rental income of $480 per week. At $310k the mortgage would be $550 plus the fees so the equation is not really viable. We are not concerned at missing out on the apartment as it suggests that our one bedroom one is probably worth more than we thought and we now know that the bank are happy to lend us $270k which they approved yesterday.
We have rented a town house in Westmere and will wait for opportunities for another apartment. As 'cash' buyers we should be in a good position to buy something that someone wants a quick sale of.
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3 comments:
Sounds like you've got it all worked out.
Well done.
Now go and sell some wine.
Just rewind that one. You own two properties and are now renting a third?
Yes. Up here for weekends etc.
The one-bedroom is too small for both of us all the time.
We will rent a 2 bedroom townhouse and rent out the one bedroom we own.
Difference is manageable (about $150 a week).
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