My husband and I have a property worth around 900,000. We owe the bank approx 450,000.
Should we rent the property and use caladeral to purchase new property? Rental income would be around $450 per week.
Or shoukd we sell and but another property outright?
We also have savings of $100,000 to put towards an investment
Any ideas please
Congratulations on getting yourself this far. I would suggest that you hold the property and access the equity. This would of course depend on your incomes, your overall financial position as well as your short and medium term goals. I am very happy to meet with you next week to demonstrate a few scenarios for you to consider
Hi Scott thank you
We are one income for the last year. I ceased work due to the higher demands of caring for our daughter with Diwn Syndrome.
We would like to make a move to the country and would require approx 450,000 for the property we want. My husband would have to leave work to make the move. Then find work. Thats ehy we are not sure to keep the property and rent or sell and buy a new ine outright with no mortgage until my husband finds work then invest using calladeral in new owned property.
Too many devisions and not enough financial knowledge
Is this your primary residence? Will this house go up in value more than where you are proposing to live? The current rent is not a very high return and you will pay tax on that money but equally you can deduct expenses from that income.
You are allowed to rent somewhere else and still keep your original house capital gains tax free for up to 6 years.
So have a think about the capital gain aspect and run some numbers. We can run the numbers for you if you like.
The property will likey gonup in value as appose to where we would like to buy. We are looking at property between Bairnsdale and Paynesville.
My parents are that way.
We are in our early 40's and just want to make the mive now rather than ten years time.
We have been in this hoyse 12 months since financing it and five years all up.
I finished work lat year and we are in combined income of 3200 a fortnight.
Would love to see some numbers and ideas from you