Hi,
I currently have one investment property which i settled on late last year. I do not own my own home and am currently renting. I became engaged at the end of last year and now, with the prospect of embarking on married life, the possibility of owning our own home has entered the picture. I am wondering which direction to take re my/our next property – should our own home be our next investment or should we hold off and get some more investment properties first? I am 35 and my fiancee is 32 and we live in the northern beaches area of Sydney and would ideally like to continue doing so.
What would be the most financially wise thing to do?Hello David,
It all depends on where you see yourself in the future.
However, its best to have a solid foundation to build your investments upon. This is why I would suggest owning your own home is paramount.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.auHi David,
Even though I don’t have much experience in it But as I am doing lots of research for last 3 months by reading as much books as I can and going to seminars I think if you want to make and save money quickly ( for your early retirement ) you should have more investment property instead of having your home which might cost you lot’s of money and no tax benifits etc.
Amit
Thanks for the reply. In the future I’d basically like to be in a position where I and my family are living comfortably in retirement, maintaining at least the kind of lifestyle and income I have now (ie 80,000pa+). To own our own home would be ideal although at the same time I wonder if (especially at our age – early/mid thirties) it would hinder our progress toward financial independence.
Hello David,It all depends on where you see yourself in the future.
However, its best to have a solid foundation to build your investments upon. This is why I would suggest owning your own home is paramount.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.auHi David,
Sometimes it’s not black and white…Only you can really make this decision. This is a lifestyle decision over an investment decision. If it were all about money, we’d all live in boxes, and have lots of IP’s, but sometime in the near future (maybe) the pitter patter of little feet may impact your decision. You may be looking for more of a place to bring up children.
Pre-kids everything looks different!
]If you want to stay living on the Northern Beaches of Syndey, can you afford to buy there, as against renting? If you can’t and want to stay there, then it’s easy – keep renting.
Have a long talk with your fiance..[
]Good luck,
Del
]
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