I am very new to property, and frankly very nervous. I wll try to briefly describe our situation but apologise if this post ends up at a 100 pages.
Currently we own a property in Currambine, for those that don't know Perth this is a suburb just to the North west of Joondalup. The property is a 3 by 1 with extensive landscaped improvements, currently valued ultra conservatively at $180k. Currently we owe $90K on the mortgage on this house.
My partners parents are ageing, and she wants to move closer to them they currently reside in Rockingham, which is around 90 km away.
Our incomes are such that the banks will lend us to about $280 k if we want to be in hock for that much. I don't see monies as being a problem, as much as making the right moves.
We are considering several options, one of which involves retaining this house and renting it out. I am aware of the negatives given the amount we owe from a tax point of view, however, some decisions are not solely based on tax.
There are reports coming through of rising vacancy's in all capital cities, how much credence do we put in that?
In the described situation, what would some of you, more experienced property owners do?
Are there other options that would be more benficial and if so why?
Currently we own a property in Currambine, for those that don't know Perth this is a suburb just to the North west of Joondalup. The property is a 3 by 1 with extensive landscaped improvements, currently valued ultra conservatively at $180k. Currently we owe $90K on the mortgage on this house.
My partners parents are ageing, and she wants to move closer to them they currently reside in Rockingham, which is around 90 km away.
Our incomes are such that the banks will lend us to about $280 k if we want to be in hock for that much. I don't see monies as being a problem, as much as making the right moves.
We are considering several options, one of which involves retaining this house and renting it out. I am aware of the negatives given the amount we owe from a tax point of view, however, some decisions are not solely based on tax.
There are reports coming through of rising vacancy's in all capital cities, how much credence do we put in that?
In the described situation, what would some of you, more experienced property owners do?
Are there other options that would be more benficial and if so why?