I'm wondering how possible it is to do so that I can live in the suburbs I want, with some garden (and maybe a pool).
Let's say the place plus flat and pool cost $1.4M
Shortage - $2,834-$3,134 per month ~ $650-$720 per week. Affordable even with 1 person salary.
Put everything else in offset, I get a place with garden and pool
Assumptions:
Do you think it's possible?
- Location Sydney North Shore
- Buy existing property with big land
- Add pool
- Add granny flat - a big 1-2 bedroom. We don't need a mansion.
- Fence off the flat along with the pool
- Rent out the old house
Let's say the place plus flat and pool cost $1.4M
- Loan $1M ~ @7% interest rate $5,834 per month IO loan
- Rental for 3 bed house $700-750 a week, $2700-$3000 net per month after costs etc
Shortage - $2,834-$3,134 per month ~ $650-$720 per week. Affordable even with 1 person salary.
Put everything else in offset, I get a place with garden and pool
Assumptions:
- bank would lend
- I can afford repayment when the front house is vacant
Do you think it's possible?