Well the little 3 bed, one bathroom house that is our current PPOR is starting to feel a bit small now that we have five young children. So we are looking to upgrade and turn this one into a rental.
Only issue is the banks like to cut servicibility when you have so many kids. So we are exploring our options.
We could buy something that would suit us in captains flats, but the concern is that commute for my hubby into Canberra every day for work. Yass is a similar issue, only prices are higher there. But we could buy some land in Yass, paying off completely in the next three years or so and then build on it.
Does anyone here do this commute?
The other options are to save for another three or four years (hoping prices don't increase in the.meantime) so that we have enough of a deposit to buy something suitable in Canberra.
Or save for two years and buy an investment property that would be suitable for us to live in, and rent it out for a year or two (claiming back stamp duty etc) before we move into it.
Of course we could always buy the property in captains flat, live there for the next five years saving for something in Canberra, but reselling the captains flats house wouldn't be as easy, and it wouldn't make a very good investment property.
Just not sure what to do, and the market around here lately has got me scratching my head, especially for the type of property we are looking at. I'm not really sure what it's doing.
Any advice, thoughts, would be welcome. We would be willing to sell up our current PPOR and investment if it would make a difference, but given our issue is servicibility it really won't change much (I estimate there is only about $100k equity in them in this current market), so we would be better off keeping them if at all possible.
Only issue is the banks like to cut servicibility when you have so many kids. So we are exploring our options.
We could buy something that would suit us in captains flats, but the concern is that commute for my hubby into Canberra every day for work. Yass is a similar issue, only prices are higher there. But we could buy some land in Yass, paying off completely in the next three years or so and then build on it.
Does anyone here do this commute?
The other options are to save for another three or four years (hoping prices don't increase in the.meantime) so that we have enough of a deposit to buy something suitable in Canberra.
Or save for two years and buy an investment property that would be suitable for us to live in, and rent it out for a year or two (claiming back stamp duty etc) before we move into it.
Of course we could always buy the property in captains flat, live there for the next five years saving for something in Canberra, but reselling the captains flats house wouldn't be as easy, and it wouldn't make a very good investment property.
Just not sure what to do, and the market around here lately has got me scratching my head, especially for the type of property we are looking at. I'm not really sure what it's doing.
Any advice, thoughts, would be welcome. We would be willing to sell up our current PPOR and investment if it would make a difference, but given our issue is servicibility it really won't change much (I estimate there is only about $100k equity in them in this current market), so we would be better off keeping them if at all possible.