Hi all I am after some advice as to what people think the best bet is in my situation My goal is to set my family up long term, but not at the expense of a quality of life in the short term. My situation is that I have a mortgage on a place. -I purchased it for $240,000 (still have approx $210,000 to go) and -it’d be roughly worth $400,000 now. -It could fetch approx $430/week in rent (which would cover our repayments, but I am sure there are other factors that need to be considered such as damage to the house). -our combined income is approx $115,000-We have around $30,000 in savings. OptionsWe are hoping to upgrade, and rent our current place out. I suppose we’d be looking at $450,000-500,000. Long term, this would be fantastic as we’d have 2 houses upon retirement etc etc. My main concern is that I have a young family that I want to enjoy right now. Ion your opinion, is this type of investment a bit of a stretch, or do you think we could mange a quality of life in the short term, whilst having the fantastic financial benefits in the long term that an investment property provides?? Would be simply be better off just selling the house and buying a new one. This’d leave a lot more desposible income in the pocket now, but no investment for the future. Where can I go to get formal advice on this type of stuff? Thanks
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