I've just been through a divorce and we've sold our properties. I'm left with about 47% equity in my Auckland property and my income has gone down - and I'm in my mid-50s and I don't exactly have lots of time to make and learn from mistakes. I pretty much have to get it right.
I'm thinking to downgrade - i.e. sell my 3 brm and buy a 2 brm minor do-up (minor as in doesn't need much more than new kitchen & paint, or similar), sell and repeat until I've increased my equity. And hope to also buy a rental property in the regions at the same time.
Someone has told me I should just sit in my house and wait out the market, house needs a lot of work but is in a good location. I don't have funds to fully renovate this house at the moment.
Those experienced in this industry - what would you do to get ahead?
I'm thinking to downgrade - i.e. sell my 3 brm and buy a 2 brm minor do-up (minor as in doesn't need much more than new kitchen & paint, or similar), sell and repeat until I've increased my equity. And hope to also buy a rental property in the regions at the same time.
Someone has told me I should just sit in my house and wait out the market, house needs a lot of work but is in a good location. I don't have funds to fully renovate this house at the moment.
Those experienced in this industry - what would you do to get ahead?
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