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Sam2018

Sam2018

Westmead apartment should I sell or rent ?

7Mo ago 4 Replies 189 Views
 I have 2 bed apartment in Westmead Sydney. We purchased this approximately 8years ago for 380K. For the past 7 years it has been rented out and for past 2 years rented at $480 p/w. Tenants have left last week, agent says the unit needs painting, flooring and blinds in order to get a decent tenant in at this same price. Agent says market is bad for old apartments. 

I am paying strata of $1100/quater.

My question is, shoud I consider selling the unit or find tenant. Currently it’s valued in the low around 550K. 18 months ago it was valued around 600K. Should we just cut our losses and sell the unit in the current market or wait for the market to turn back up again? At the risk of more issues/ defects arising In the unit complex?
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Tags: Westmead
Sam2018 Sam2018
7Mo ago
Thanks @Jassie, @Brian and @InvestAus
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Jassie Singh Jassie Singh
7Mo ago
Renovate and rent. You will be paying capital gains tax. Strata is high and market is moving up already.

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7Mo ago
Don't wait for market correction, I don't see units prices ( especially old ones ) rising soon.
Better to move your investment to something else.
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InvestAus InvestAus
7Mo ago
1100$ strata is too much, this doesn't sound good I would suggest to spend 8-10K on renovation and get rid of this unit. 
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