I'm at a bit of a crossroads as to what to do with my current property. My family are possibly looking at making a dramatic lifestyle change in the next year or so moving overseas and would require some passive income to finance a lifestyle offshore. The details of our current property:
Mortgage: $420k IO
Market Value: $800k (approx)
Rental income: $44200 p/a
Now, obviously the property is cashflow positive, but at the same time there is quite a lot of equity tied up there. So, am I better:
A) Hanging on to this property
B) Selling it and buying something cheaper to rent
C) Refinancing and buying other property
Option B seems to make the most sense to me, but I'm not overly adept at this whole property investing thing having only made some gains by smart buying and a bit of beginners luck.
Any input would be appreciated.
Mortgage: $420k IO
Market Value: $800k (approx)
Rental income: $44200 p/a
Now, obviously the property is cashflow positive, but at the same time there is quite a lot of equity tied up there. So, am I better:
A) Hanging on to this property
B) Selling it and buying something cheaper to rent
C) Refinancing and buying other property
Option B seems to make the most sense to me, but I'm not overly adept at this whole property investing thing having only made some gains by smart buying and a bit of beginners luck.
Any input would be appreciated.
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