Hi all,
Long team reader, first time poster. My wife and I are looking at renting a place due to the recent addition of our 8 month daughter. We have decided that renting will be the best option for the next couple of years to give us some more space while we are on a reduced income.
We currently own a 2 bedroom townhouse that was purchased in 2005 for $355K. It is only around six years old so should have some good depreciation left and would currently rent for around $360 a week. We are wanting to calculate the approximate holding cost of the property so that we know how much we can spend on a rental property. The house is in both of our names and my current salary is 86K. My wife's salary is minimal due to caring for our daughter full time but she will most likely return to work later in the year for 2-3 days a week and earn approx – 40-50K.
Can someone help with what it would cost us to hold the property while we rent as I do not wish to sell in the current market.
Thanks
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