Hi Guys,
We are a couple in our early 30s with no kids. We own a house in Glen Eden- a 2 beddie with 110sqm and 600sqm of land. It's valued at $650k on evaluer and we have a $380k mortgage against it. We are planning on splitting one room into two due to the large size of the house plus there is a workshop downstairs which the earlier owners have insulated and tiled as it was used a work from home office. This in effect would make it a 3 bedroom house with a workshop/office.
In November last year we also purchased a rental in Ham East with the equity from our house. Our loan is $370k and the evalue of the property is now $440k. We top up the mortgage $50 a week as it almost pays for itself.
Lately we have been thinking about kids and so my wife is keen to move to a larger house in the Konini, Kaurilands or Oratia school zones. These areas are a lot more expensive and we would be looking at a house with 2 bathrooms as well so at some point my mum could move in with us.
With the movement in AKL prices I'm thinking is it better to sell up this year and take on a larger mortgage to get into that zone early while interest rates are low and both of us are working or is it better to wait, grow equity in Hamilton and our house and then look to move in 5-6 years when we have kids who are ready to go to school. Most nice houses in that zone are upwards of $850k. I don't really want to sell our Hamilton property either as its been relatively hassle free and is in a great location.
What would you guys do?
Thanks
PB
We are a couple in our early 30s with no kids. We own a house in Glen Eden- a 2 beddie with 110sqm and 600sqm of land. It's valued at $650k on evaluer and we have a $380k mortgage against it. We are planning on splitting one room into two due to the large size of the house plus there is a workshop downstairs which the earlier owners have insulated and tiled as it was used a work from home office. This in effect would make it a 3 bedroom house with a workshop/office.
In November last year we also purchased a rental in Ham East with the equity from our house. Our loan is $370k and the evalue of the property is now $440k. We top up the mortgage $50 a week as it almost pays for itself.
Lately we have been thinking about kids and so my wife is keen to move to a larger house in the Konini, Kaurilands or Oratia school zones. These areas are a lot more expensive and we would be looking at a house with 2 bathrooms as well so at some point my mum could move in with us.
With the movement in AKL prices I'm thinking is it better to sell up this year and take on a larger mortgage to get into that zone early while interest rates are low and both of us are working or is it better to wait, grow equity in Hamilton and our house and then look to move in 5-6 years when we have kids who are ready to go to school. Most nice houses in that zone are upwards of $850k. I don't really want to sell our Hamilton property either as its been relatively hassle free and is in a great location.
What would you guys do?
Thanks
PB
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