Hi all,
My partner and I took the plunge and purchased our first home in May this year.
We bought a stand alone, 2 bedroom 50's cottage 70sqm with a stand alone garage on a cross lease of 400ish sqm in Orewa. Walk to the primary school, shops, beach all under 10mins.
We have spent about 50k renovating. The house is like new inside, landscaped and fenced, and will soon be painted outside too. Would only leave a bit of hard landscaping to do (decks) if we wanted to finish it for sale. Though we are not far off finishing, we are both busy juggling our 4 month old baby and work.
Our payments are currently $615 a fortnight fixed for two years. I have not had a proper rental appraisal but I would anticipate $400 a week as the minimum. Once we take income tax in to account on this it would require topping up. I haven't spoken to an accountant yet about the tax benefits/write offs though which could make a difference.
To any experienced persons out there, does the above look viable for rental investment? Or should we be looking to capitalise on the substantial renovation we have done. Are there any other options that come to mind?
Advice appreciated.
My partner and I took the plunge and purchased our first home in May this year.
We bought a stand alone, 2 bedroom 50's cottage 70sqm with a stand alone garage on a cross lease of 400ish sqm in Orewa. Walk to the primary school, shops, beach all under 10mins.
We have spent about 50k renovating. The house is like new inside, landscaped and fenced, and will soon be painted outside too. Would only leave a bit of hard landscaping to do (decks) if we wanted to finish it for sale. Though we are not far off finishing, we are both busy juggling our 4 month old baby and work.
Our payments are currently $615 a fortnight fixed for two years. I have not had a proper rental appraisal but I would anticipate $400 a week as the minimum. Once we take income tax in to account on this it would require topping up. I haven't spoken to an accountant yet about the tax benefits/write offs though which could make a difference.
To any experienced persons out there, does the above look viable for rental investment? Or should we be looking to capitalise on the substantial renovation we have done. Are there any other options that come to mind?
Advice appreciated.
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