Hi all,
I've been browsing this forum for a while and find the advice really useful, so I'm hoping someone has some words of wisdom for me.
We are currently living in a two bed unit in Parramatta with our two children. I've just found out that I'm expecting my third so we are looking to move.
We are on a single income so we aren't able to borrow very much.
We want to continue living around this area. Our two options are to keep the unit as a rental and buy a 3 bed villa in Wentworthville/ Toongabbie for a maximum price of $380000. In about 5 years time I should be working, we could then look into selling or renting the villa and unit and buying a house.
OR, we could sell our unit and buy a house for a maximum price of $450000. For this we could get a decent 3 bed house around Old Toongabbie.
We have $120000 equity in the unit. We think it is in a really great location and are worried that we might regret selling it. If we go for option one we will have to pay mortgage insurance and then if we can't manage both mortgages we will have to sell and pay capital gains tax.
We are so confused, any advice?
Hope I've provided enough info...
I've been browsing this forum for a while and find the advice really useful, so I'm hoping someone has some words of wisdom for me.
We are currently living in a two bed unit in Parramatta with our two children. I've just found out that I'm expecting my third so we are looking to move.
We are on a single income so we aren't able to borrow very much.
We want to continue living around this area. Our two options are to keep the unit as a rental and buy a 3 bed villa in Wentworthville/ Toongabbie for a maximum price of $380000. In about 5 years time I should be working, we could then look into selling or renting the villa and unit and buying a house.
OR, we could sell our unit and buy a house for a maximum price of $450000. For this we could get a decent 3 bed house around Old Toongabbie.
We have $120000 equity in the unit. We think it is in a really great location and are worried that we might regret selling it. If we go for option one we will have to pay mortgage insurance and then if we can't manage both mortgages we will have to sell and pay capital gains tax.
We are so confused, any advice?
Hope I've provided enough info...