I made the mistake of building a large holiday home as an investment, but after a few years I have realised that it is standing idle and has a small bond(R600K). Looked at possibly renting it out but all our personal things are in the house and who wants to clean up after other people, no thanks.
Our plan is to sell in December or so when holiday people are looking around.
My thoughts are to pay the R600K and use the rest of the money to purchase 2 x R800K houses and fix them up a bit, I have an electrician for electrics and a fitter that does plumbing to handle the upgrades. I have a reliable builder and painter that I often use that I can call on at owner builder pricing(built 3 houses). Is it worth the hassle of getting tennants in and maybe having issues, no bonds would help if I have monthly payment issues.
My other thought is to do the buying, renovating and selling option with my team, this could be a good way to build on the investment/pension kitty.
Or do you leave the money in the bank.?
Nb/ I have no decent pension fund.
Any thoughts and past experience would help.