Hi I’ve just begun my search in the property market for my first investment. I’m currently renting and am wondering if when I buy this first house, should I live in it while I renovate in preference to paying rent on top.
My idea is to live in the property and renovate at my leisure for a year or two and during that time pursue my search for other investments.
I have $70,000 for a deposit, but funds thereafter are limited as I’m a single mum on the parenting payment.
Look forward to some advice.
Steffihi steffi…
the first question that came to my mind is ‘can you afford both rent at the place your staying at and paying off the investment property’?
this would come back to what property you purchase, but someone in your situation may want the extra security of owning your own home. plus the worries of keeping tenants in as well ( even though vacancy rates are very low) and maintenance etc. could make money tight. its up to you but.
in the end do what your comfortable with.
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