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  1. #21
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    Quote Originally Posted by Elijahs Mum View Post
    As pp said depending on the sale price of both houses you could be up for close to $100k or more in stamp duty, agents fees and advertising so I would get quotes on extensions and pools and see if it is affordable before packing up and selling
    Omg really $100k ? On what sale or purchase price?

  2. #22
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    Default Would you move to different area for a better house?

    In Sydney our median house price is around $1,060,000 so to buy and sell in a similar price range:

    Selling:
    Agents fees $22,000
    Advertising $6,000
    Staging $6,000 ( if needed)
    Solicitor $1500

    Buying;
    Stamp duty $45,000
    Solicitor $2000
    Mortgage insurance $10,000 ( if needed)
    Bank fees $1000
    Removalists $1000 plus

    Total $95000

    Plus if there needs to be any repairs done prior to selling it all adds up!
    Last edited by Elijahs Mum; 13-11-2015 at 18:48.

  3. #23
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    Quote Originally Posted by nicolier View Post
    Ive been thinking about this option as well, mostly because i feel if i regret moving at least i could move back?! Lol
    Rent in my area is in high demand and over what we pay weekly in a mortgage.

    Food for thought!
    First port of call would be to get an agent around to assess the value of your old place and what it would get in rent (and give yourself a big buffer, we didn't get as much in rent as we wanted but I estimated such a large buffer that it hasn't dented our pockets too much)
    To rent out your old house you pay agents roughly $100 to $200 for photographs, 1 week rent for agents fees (for advertising and inspections etc) then around 5% of the rental income to look after the joint. It's pretty cheap to set up really.

    We just made sure that the rental income covered all the costs of the old property (strata, council rates, water,potential repairs, landlords insurance, building insurance, agents fees) and the interest only mortgage repayments.

    One thing we did was overestimate the value of the rental property to the bank, as they will never value it at more than your estimate. The bank will then lend you 80% of the value of your old house.

    It's a lot of paperwork and hassle (and putting the property on the rental market was stressful) but will hopefully pay off in the long term. Hope that's of help.
    Last edited by Bongley; 14-11-2015 at 09:31.

  4. #24
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    Location is important to me; however if only 5 mins up the road I could get everything I wanted then I would move.


 

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