Hi eveyone.
I?m looking for property investment advice please.
My Situation is:
I?m 40yo female.
I live in Sydney so we are talking Sydney (coastal) prices.
I own a unit, lived in it for 4 years, have rented it out for 3 years while I pay rent elsewhere.
I have approx. 45% equity in that property
I also have approx. $400K in cash, which is part offsetting that property, part tied up, but available when I want it.
I would like to buy a house, but don?t mind if I live in it now or not. I?m quite happy where I?m renting. But would like to live in it eventually.
The questions I keep asking myself and don?t have the answers yet are:
A) Do I keep my unit, given I have so much equity in it?
a. At the time of renting it out, I didn?t know what I know now, and I should have changed that before I rented it out. It?s currently interest only with over ? the balance of mortgage offset.
b. This is a great unit to retire in, so keen to keep it for that reason.
c. It?s in one of Sydney?s top beach suburbs.
d. Am I better of selling this one and buying another unit with the minimum investment deposit etc., so that my tax situation is better in the long term?
e. I have another 3 years before Capital Gains tax kicks in on this place.
B) Do I buy a house to live in or to rent out?
a. If I live in it, I know that any cash should go into this, on offset or redraw.
C) Do I buy a house and rent it out?
a. This gets me in
b. It uses the cash I have, so it?s working toward something
c. I would want to buy a house I would like to live in later on.
My gut tells me I can do this and then buy a 2nd investment unit in 5 years or so.
So if anyone has any good advice or can recommend and independent advisor who I can pay for an hour or two of their time to discuss this, and this only. I?m not interested in shares, I?m not wanting a mortgage broker, and I?m not wanting to get into any schemes. This eskimo doesn?t need any ice!
Thank you in advance.
I?m looking for property investment advice please.
My Situation is:
I?m 40yo female.
I live in Sydney so we are talking Sydney (coastal) prices.
I own a unit, lived in it for 4 years, have rented it out for 3 years while I pay rent elsewhere.
I have approx. 45% equity in that property
I also have approx. $400K in cash, which is part offsetting that property, part tied up, but available when I want it.
I would like to buy a house, but don?t mind if I live in it now or not. I?m quite happy where I?m renting. But would like to live in it eventually.
The questions I keep asking myself and don?t have the answers yet are:
A) Do I keep my unit, given I have so much equity in it?
a. At the time of renting it out, I didn?t know what I know now, and I should have changed that before I rented it out. It?s currently interest only with over ? the balance of mortgage offset.
b. This is a great unit to retire in, so keen to keep it for that reason.
c. It?s in one of Sydney?s top beach suburbs.
d. Am I better of selling this one and buying another unit with the minimum investment deposit etc., so that my tax situation is better in the long term?
e. I have another 3 years before Capital Gains tax kicks in on this place.
B) Do I buy a house to live in or to rent out?
a. If I live in it, I know that any cash should go into this, on offset or redraw.
C) Do I buy a house and rent it out?
a. This gets me in
b. It uses the cash I have, so it?s working toward something
c. I would want to buy a house I would like to live in later on.
My gut tells me I can do this and then buy a 2nd investment unit in 5 years or so.
So if anyone has any good advice or can recommend and independent advisor who I can pay for an hour or two of their time to discuss this, and this only. I?m not interested in shares, I?m not wanting a mortgage broker, and I?m not wanting to get into any schemes. This eskimo doesn?t need any ice!
Thank you in advance.