Posted by
redeemer
9 yrs ago
Hi All,
Looking for helpful advice: I have a family of 6 living in 741 sq ft (actual). We own the property and still owe about 1.8m. We are looking to upgrade to about 1000sq. Prices in the area is going for 7-8 million. We can net 4-5million. So if we flip the property we would be borrowing 3 million, not more than 4 million, including fees and stamp duty.
Prices are high but that factor will also determine my selling price. Should I go for it or stand pat???
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I think that is good advice from Duracell.
My own guess is, that if you can survive where you are another 3-4 years, then you will find better times to do that swap than right now
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Thanks.
Is there any stamp duty on selling a property? Ie. taxes on profit.
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Yes, if you sell within 3 years
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