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Was searching around here for some discussion re: Hamilton so thought this might be an appropriate place to ask a question.
I purchased my first house house in 2017, in Hamilton. Over the past 2 years, we've put some work into it and made decent capital gain to the point where we've ended up with about 45% equity in a house worth approx $450k. So me and the significant other have roughly $180-$200k equity in the house give or take.
I've considered selling up and taking the gain to move into something new..... While we can service this on our current incomes, the proposition of a $600k mortgage does not excite me however. I've also thought about using the equity in the current place, buying a new house, and renting the current place out. However, the current house is probably cashflow break even in it's current state, so option B would open us up to a bit of risk.
Right now, I just feel is my best chance to make a move in some way shape or form. But does anybody else feel that properties in and around Hamilton are really overvalued? I like the new subdivisions in the northern parts of the city but $800k for 3 bdrm 200m2 house just seems like a big YIKES
Disclaimer: Only knowledge of property comes from half assed internet research
I purchased my first house house in 2017, in Hamilton. Over the past 2 years, we've put some work into it and made decent capital gain to the point where we've ended up with about 45% equity in a house worth approx $450k. So me and the significant other have roughly $180-$200k equity in the house give or take.
I've considered selling up and taking the gain to move into something new..... While we can service this on our current incomes, the proposition of a $600k mortgage does not excite me however. I've also thought about using the equity in the current place, buying a new house, and renting the current place out. However, the current house is probably cashflow break even in it's current state, so option B would open us up to a bit of risk.
Right now, I just feel is my best chance to make a move in some way shape or form. But does anybody else feel that properties in and around Hamilton are really overvalued? I like the new subdivisions in the northern parts of the city but $800k for 3 bdrm 200m2 house just seems like a big YIKES
Disclaimer: Only knowledge of property comes from half assed internet research
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