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From: Anonymous
Should I buy a new home or rent for a bit?
From: Mike
Date: 9/15/99
Time: 4:15:21 PM
I would appreciate some good advice.
I live in a unit in near Bondi, on which I owe approximately $70,000. It has nice sea views, and we are told that we can rent it out for about $400 per week. The area has experienced good capital growth in recent years.
We are expecting a second child soon so we have to move.
I suppose the obvious thing to do is to get a bigger mortgage and buy a house. I could go up to about $50,000. However I wonder if there is any merit ( in the long term financial sense ) in renting out the unit and renting a house, instead of increasing the amount I'm paying to the bank? Or is that a dumb idea?
Should I buy a new home or rent for a bit?
From: Mike
Date: 9/15/99
Time: 4:15:21 PM
I would appreciate some good advice.
I live in a unit in near Bondi, on which I owe approximately $70,000. It has nice sea views, and we are told that we can rent it out for about $400 per week. The area has experienced good capital growth in recent years.
We are expecting a second child soon so we have to move.
I suppose the obvious thing to do is to get a bigger mortgage and buy a house. I could go up to about $50,000. However I wonder if there is any merit ( in the long term financial sense ) in renting out the unit and renting a house, instead of increasing the amount I'm paying to the bank? Or is that a dumb idea?
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