CALLING ON GURUS here to guide yet another FHO :confused:
I’m curious if you think extra 65K is justified to move from 448m2 to 512m2? I’m going to be borrowing this difference so when time comes to sell (single story on both 448 & 512) how much more do you think one would pay for a house on 512 m2?
If I buy the 14m block then I have the funds to build a double story. However with a 16m bock I will have to build a single story. At the end of the day both will cost the same I think. From a resale perspective do you think a double story on 448m2 (I will get a bigger backyard) will sell for less; more or same as compared to a single story on 512m2?
Personally I love single story house & don’t know where I will move later because this really is the best I can afford at this point in time. But as everyone says I will sell this house someday. I’ve always heard buy the best you can afford & bigger block because it’s the value of the land that appreciates and not the house. Going by that should I be borrowing 65K more? Any suggestion on how I should approach this question?
I can afford the repayments on both so what else should I ask myself? We are also happy with the size of the house on 14m block. So only motivation to go to 16m block would be for better returns at the time of selling. Even if 512m block sells for 65-75 more I don’t think I would have made any more money than buying the 418m block. What am I missing?