Hi all,
I need some advice. I have recently purchased a property that I have lived in for 6 months and am now renting to a family member.
I currently have some savings but also have credit card debt and a personal loan. Should I use the cash to invest in a property and hopefully have capital gain and use this to pay off debt plus hopefully keep some for myself if I sell in a few years, OR should I pay off the debt and then buy an investment property.
Your opinions / advice would be greatly appreciated.
Cheers,
Anthony
Would depend on how expensive the personal debt is, its amount and how much capital gain and income the property would make.
If the debt is personal debt ie personal loans and credit cards. you should definitely look to clear them first.
If they are not big debts it will not take long to clear them and if they are big debts you should be looking to them first anyway.
Investing should be something that improves your life not makes it harder, first ensure you can meet all your financial commitments.
cheersI'd definitely pay your Ccards first.
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