First of all have to tell you that this is all very new to me. I have a dillema and dilema is:
I have a house value around $500 000, morgage on the house is 130 000, my wage $30 000, my husbands $30 000. Not sure about should i sell the my home and buy something cheaper and be morgage free and then buy property investment, or keep house and borrow against our home? Not very sure about selling now because of current stagnation in property market. Please help.
Cheers.Yasmina
No-one will be able to tell you exactly what to do. It will come down to whether you can afford to keep your home and invest.
When looking at the numbers, don’t forget to included a conservative rental figure as part of your income. If you find positive cashflow investments, it will help you pay off your home sooner. Some simple structuring will also help further.
You seem to have plenty of equity to have a lot of options open to you.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksYou have a good chunk of equity in your ppor. Your decision will really be based on what you can afford. Downsizing and then buying an ip with any surplus funds is a good idea but you will incur selling/buying costs. Staying where you are and then tapping into your equity is probably a better option but you will obviously need to check out your ability to service the loans etc.
Like others i have troubles finding property’s that have positive cashflow. For now i will keep looking and keep my options open.I know equity is going to help but it is just a matter of “taking a plunge” i guess. I know one thing for sure i really want to do something soon.
Anybody knows where is good idea to look on the Gold Coast??[blush2]Yasmina
Gold Coast??? I would be looking away from their. You would have better luck in South of the border.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Links
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