I recently wrote about a poor investment we made in Far North Queensland when we purchased an investment property. The property value is now lower than what we paid, so we are destined to lose when we sell it.
The good news is that we got an offer on the property in the first week of it being on the market. The offer is on the lower end of what we wanted, but an offer is an offer, and we have accepted it.
The sale price will cover the outstanding mortgage on the property, pay the conveyancer, and leave us with a small amount in our pockets. Though we have already lost big time, there will be no further losses from here on.
Nevertheless, our losses on this property have not stopped my wife from suggesting we might want to consider another investment property. After all, her brother has a holiday rental that is positively geared, so why can't we do the same as him. I think the fear of missing out on good property gains is driving her ideas here.
Property can be a good investment if you are in the right place and at the right time. You are also speculating that the prices will rise so that you can get a capital gain.
We are licking our wounds on this investment, so I am a little reticent to repeat this mistake. Perhaps we will remain with our other investment options for time-being.
The good news is that we got an offer on the property in the first week of it being on the market. The offer is on the lower end of what we wanted, but an offer is an offer, and we have accepted it.
The sale price will cover the outstanding mortgage on the property, pay the conveyancer, and leave us with a small amount in our pockets. Though we have already lost big time, there will be no further losses from here on.
Nevertheless, our losses on this property have not stopped my wife from suggesting we might want to consider another investment property. After all, her brother has a holiday rental that is positively geared, so why can't we do the same as him. I think the fear of missing out on good property gains is driving her ideas here.
Property can be a good investment if you are in the right place and at the right time. You are also speculating that the prices will rise so that you can get a capital gain.
We are licking our wounds on this investment, so I am a little reticent to repeat this mistake. Perhaps we will remain with our other investment options for time-being.
