Hello,
I am new to Somersoft. I am thrilled to find this forum. It has already provided me with so much invaluable information.
Anyway, here is my situation...
My husband and I are currently renovating a house in Melbourne. It is a three bedroom, single-storey Californian bungalow. It is close to shops, schools, transport, parks, beach and ten minutes from the city. It is an area that is constantly improving, growing and gaining popularity. We really like the area, but with children we are slowly outgrowing our house. We would like to improve our situation by upgrading, but we are unsure of the best way to do this.
The two options we have come up with are as follows:
Option 1 - Finish renovating as planned - (bathroom, add an ensuite, landscape frontyard), sell house and take out a bigger mortgage to upgrade to a bigger house?
Option 2 - Continue renovating house, buy an investment property and in a few years sell both to upgrade.
Option 3 - Save for a second storey, but we do not gain any land which we would like more of...
Is there another option that we have missed?
Please any advice would be appreciated. Thank you in advance.
I am new to Somersoft. I am thrilled to find this forum. It has already provided me with so much invaluable information.
Anyway, here is my situation...
My husband and I are currently renovating a house in Melbourne. It is a three bedroom, single-storey Californian bungalow. It is close to shops, schools, transport, parks, beach and ten minutes from the city. It is an area that is constantly improving, growing and gaining popularity. We really like the area, but with children we are slowly outgrowing our house. We would like to improve our situation by upgrading, but we are unsure of the best way to do this.
The two options we have come up with are as follows:
Option 1 - Finish renovating as planned - (bathroom, add an ensuite, landscape frontyard), sell house and take out a bigger mortgage to upgrade to a bigger house?
Option 2 - Continue renovating house, buy an investment property and in a few years sell both to upgrade.
Option 3 - Save for a second storey, but we do not gain any land which we would like more of...
Is there another option that we have missed?
Please any advice would be appreciated. Thank you in advance.