Existing Residential Unit– Purchase for lifestyle owner occupation & renovation

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An ocean front unit at Alexandra Parade, this was the sixth property I owned, but the first I lived in. See, I had worked out what is now fashionably called ‘rent-vesting’ very early on by understanding the tax laws around property and running the numbers. Simply, it made no sense (AT ALL) to own a home and live in it; it was cheaper and smarter to rent while renting my places out. 

After renting rooms in shared houses to max my cash flow into investment property, I decided it was time for a lifestyle choice. Purchased for $160k, this two bed, one bath unit had direct views of the surf at the Bluff. I have such fond memories of this place. At a prime time in my 20’s, I was earning well and moving up. I partied here with my friends and family often and surfed out front, though truthfully, not as much as I should have. I replaced the kitchen and bathroom, removed a block wall from the bedroom and installed plantation sliders so I could see the surf from my pillow (yes, that was my dream). A re-paint and new joinery in the robes, and the valuation went to $350k, though I stayed for five years until married life made changes.