I am currently owning a one bedroom unit worthing $390,000. Mortgage still got $140,000 left. As I and my wife planing to have a baby. We decide to buy a 3 bedroom unit or house. Our budget is around $600,000.
For about $530,000 we can buy a 3 bedroom unit located 17km to Sydney.
For about $620,000 we can buy a 3 bedroom house with 700 square meter of land located 35km to Sydney.Should I buy a house with big land and wait for its capital growth or should I buy a unit to lower our debt and giving our ability to invest some cheap units?
I am struggling on decision. Please give me some advise or share your thoughts.
Thanks
Consider purchasing in a different area of Sydney – 35 km (liverpool or beyond). Change your mindset – you can buy an older fibro house around Blacktown/Seven Hills/Toongabbie/Bankstown/Yagoona/Sefton and possibly Baulkham Hills/Castle Hill/West Pennant Hills around $500k on a large block. Sure you may have to do some work to the house but by the time you pay out some debt you will be able to rebuild and get that house of your dreams. All of the suburbs listed (except Baulkham Hills/Castle Hill/West Pennant Hills) are on a train line – planned train line to Castle Hill (north west metro) or existing busway connections also exist.
If you take into consideration that your wife will be out of the workforce for a while, it may be worthwhile to sell the unit and to buy the cheaper house (with a smaller mortgage) so that your wife may not need to go back to work immediately (and pay child care fees).
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