Sell now or hold?
Curious about opinions.
The property is a large apartment in the inner east of Melbourne. It’s beautiful, but will take a while to sell because it lacks lift access - stairs only. Body Corp is fairly high (7k or so a year).
Going through a divorce, the ex wants to rent the place out for a year before selling because of the current market dip. I’m not sure that is a great idea. I think that with the costs of renting the place out, body corp fees and so on, the costs of holding will eat into whatever more we get for it if the market picks up in 12 months. Rental income would only just cover the mortgage, then all the fees would be subtracted from that, plus we still have to pay rates, body corp etc. and I have to pay rent elsewhere in the meantime.
What do others think? If we don’t HAVE to sell will it actually be worth holding onto property for 12 months in the hope the market picks up? Do we think it will pick up THAT much?