Hi Team,
After some help!
I am married with 3 small children.
We have a home valued at $500K, the mortgage is $2450 per month. The equity on our property if we sold up, cleared fees etc would be $180K.
I live in Whakatane, the current rental rates for a home of "comfort" is around $300 per week. There is savings per month of $1100 if we sold and rented, that appeals to us.
Would we be best to sell our home, take the $180K in equity, invest in a rental or rentals?
I have done some basic figures and it seems possible, the rental mortgages and associated expenses can be paid by the tenant if we buy 2 rentals valued at $220K each.
Is investing the $180K the best option or should stay as we are?
Please advise if you need more details
Thanks in advance
Regards
Patti
After some help!
I am married with 3 small children.
We have a home valued at $500K, the mortgage is $2450 per month. The equity on our property if we sold up, cleared fees etc would be $180K.
I live in Whakatane, the current rental rates for a home of "comfort" is around $300 per week. There is savings per month of $1100 if we sold and rented, that appeals to us.
Would we be best to sell our home, take the $180K in equity, invest in a rental or rentals?
I have done some basic figures and it seems possible, the rental mortgages and associated expenses can be paid by the tenant if we buy 2 rentals valued at $220K each.
Is investing the $180K the best option or should stay as we are?
Please advise if you need more details
Thanks in advance
Regards
Patti
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