Hi there,
About six months ago I had my investment property valued so that I could gain finance to buy another property, this came back at 175K which was suffient for me to be able to purchase another property, which I did. (I was still working full time at this stage)
I am wondering... if I were to do some minor improvements to the original property to improve it's percieved value (painting, curtains, carpet, new doors, stain the deck etc), and then had another valuation done, would I be able to use the increase in value to buy another property (asuming it had gone up in value). I have recently become a stay at home mum after having our first baby (weather this would have a bearing on borrowing, with me not working anymore, assume so).
I'm keen to keep momentum going with regards to my investing, but a little difficult now that I am not working. Would I even be able to get a mortgage even if the original property had gone up in value and if the possible new property was cashflow +??? Not sure how banks work out the lending etc, just wondering what my options may be for moving ahead???
Look forward to to hearing your thoughts...
About six months ago I had my investment property valued so that I could gain finance to buy another property, this came back at 175K which was suffient for me to be able to purchase another property, which I did. (I was still working full time at this stage)
I am wondering... if I were to do some minor improvements to the original property to improve it's percieved value (painting, curtains, carpet, new doors, stain the deck etc), and then had another valuation done, would I be able to use the increase in value to buy another property (asuming it had gone up in value). I have recently become a stay at home mum after having our first baby (weather this would have a bearing on borrowing, with me not working anymore, assume so).
I'm keen to keep momentum going with regards to my investing, but a little difficult now that I am not working. Would I even be able to get a mortgage even if the original property had gone up in value and if the possible new property was cashflow +??? Not sure how banks work out the lending etc, just wondering what my options may be for moving ahead???
Look forward to to hearing your thoughts...
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