My parents have enough land in the Auckland Albany area to add a 2 bedroom minor dwelling.
My plan is to get a 300k mortgage build the home, rent it out for at least 400pw, the rent going entirely towards the mortgage along with 400pw out of my wages to pay off the mortgage as fast as possible.
My main question is, is it worth being in debt for 15 years. Just to make 400+ pw.
Is this a good idea, what would you do differently.
Currently, I got a rough quote for the assembly, delivery, and furnishings of a bunnings 2 bedroom oxford kit home at $217,568.79, keeping In mind they handle the building consent.
I am now waiting to hear back from an Auckland concuil planner if I need resource consent or not, and if it is possible to rent without subdividing.
Any help or tips in the right direction would be much appreciated.
My plan is to get a 300k mortgage build the home, rent it out for at least 400pw, the rent going entirely towards the mortgage along with 400pw out of my wages to pay off the mortgage as fast as possible.
My main question is, is it worth being in debt for 15 years. Just to make 400+ pw.
Is this a good idea, what would you do differently.
Currently, I got a rough quote for the assembly, delivery, and furnishings of a bunnings 2 bedroom oxford kit home at $217,568.79, keeping In mind they handle the building consent.
I am now waiting to hear back from an Auckland concuil planner if I need resource consent or not, and if it is possible to rent without subdividing.
Any help or tips in the right direction would be much appreciated.
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