Hi Everyone,
My husband and i live in a 3 bedroom house which is small, we have 2 young children and would love to buy a bigger house in the same area (Vermont/Mitcham.)
If we sell our house now we will end up with about $200,000 in our hand BUT that is not really much of a deposit for a house around here as they are in excess of $600,000 for something decent. There is no way we want a $400,000 mortgage.So my question is….For us to upgrade to this other house are we better off buying an investment property or 2 in the next few years and then sell our current home and one investment property to buy our "better" house?
Is this one way of upgrading without having a ridiculous mortgage?
If this is a way to do it should we look at areas that offer high CG?
Any thoughts?
Elly
Hi Elly, this is a very personal question.Is there any way you can do an extension to your current place, get it revalued and leverage into IP?With the extension you may also have that extra space you need for your children, etc. See, you have no guarantee that your purchases will grow up X over the next few years, the only thing that is guaranteed is the rental income you get every week from your tenants.
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