Hi all, It's been awhile since I have come to seek advise from this forum.
I am a sole incoming earner with a young family. My husband is self employed but it has not been easy to keep things afloat. So it took us a long long time to save and decide the next step for us. We finally made the plunge in purchasing a PPOR Jan 2014
It's been almost 1 year since we sign the dotted line. Intention was to buy under value with potential to manufacture some growth via minimum cosmetic improvements.
We are uncertain of the current value yet as houses sold in the area seems to not appreciate with the market value ( we live in the northern corridor between Brisbane and Gold Coast) and it doesn't help when this area is still showing a high supply of new homes being built.
I am uncertain what I could or should do next. My initial plan was to buy an IP(unit) of the plan in Brisbane and with late settlement( end 2015) allows me to save more and have a bigger deposit for another IP purchase. Hoping for some capital growth, I can access into the equity from both PPOR and IP, I can successfully grow my investment portfolio.
The problem I have now is I am suffering from investors analysis paralysis! We have been researching and understanding more of the market and where there is still capital growth. I know more knowledge than I knew a year ago but I can't seem to take the next step.
I earn about 105k putting me into a high tax bracket. Frustrated, I wonder how much difference will it be if I had an IP to help with the tax deductions. I am no accountant but I believe it would alleviate the the amount of tax I would need to pay. Also, I am keen to move out of our PPOR and start renting again. I never thought I would rent again. But with knowledge and some personal mistakes made, I NOW understand why it's ok to rent and not have a PPOR.
I wonder if anyone of you with similar experiences. What would you do from here and how can I accumulate property wealth in a short time ( I just hit 39 years this year)
Some info about us, only savings are in offset account $35k. Combined super with husband $100k. Ongoing savings $1k/mth. House loan 350k interest only, house value est. $380k.
I know when it comes to investments, there are no such thing as a guarantee safe plan. In my financial situation where I can't afford to make a wrong or risky move with a young family.
Any thoughts, advise or share of experience would be greatly appreciated! Thanks In advance.
Cheers!
cathaygirl.
I am a sole incoming earner with a young family. My husband is self employed but it has not been easy to keep things afloat. So it took us a long long time to save and decide the next step for us. We finally made the plunge in purchasing a PPOR Jan 2014
It's been almost 1 year since we sign the dotted line. Intention was to buy under value with potential to manufacture some growth via minimum cosmetic improvements.
We are uncertain of the current value yet as houses sold in the area seems to not appreciate with the market value ( we live in the northern corridor between Brisbane and Gold Coast) and it doesn't help when this area is still showing a high supply of new homes being built.
I am uncertain what I could or should do next. My initial plan was to buy an IP(unit) of the plan in Brisbane and with late settlement( end 2015) allows me to save more and have a bigger deposit for another IP purchase. Hoping for some capital growth, I can access into the equity from both PPOR and IP, I can successfully grow my investment portfolio.
The problem I have now is I am suffering from investors analysis paralysis! We have been researching and understanding more of the market and where there is still capital growth. I know more knowledge than I knew a year ago but I can't seem to take the next step.
I earn about 105k putting me into a high tax bracket. Frustrated, I wonder how much difference will it be if I had an IP to help with the tax deductions. I am no accountant but I believe it would alleviate the the amount of tax I would need to pay. Also, I am keen to move out of our PPOR and start renting again. I never thought I would rent again. But with knowledge and some personal mistakes made, I NOW understand why it's ok to rent and not have a PPOR.
I wonder if anyone of you with similar experiences. What would you do from here and how can I accumulate property wealth in a short time ( I just hit 39 years this year)
Some info about us, only savings are in offset account $35k. Combined super with husband $100k. Ongoing savings $1k/mth. House loan 350k interest only, house value est. $380k.
I know when it comes to investments, there are no such thing as a guarantee safe plan. In my financial situation where I can't afford to make a wrong or risky move with a young family.
Any thoughts, advise or share of experience would be greatly appreciated! Thanks In advance.
Cheers!
cathaygirl.