What would you do?

[dagsgarrett]

In this situation what would you do,

My wife and I have recently built a house of which we we own the land, was originally bought in my name, the loan for the build was in joint names of which currently have approx $400,000 owing on mortgage. Value of property and land between $660,000-$700,000.

We want to downsize and build a smaller property and either rent out current PPOR and claim Depreciation, Tax benefit’s ect although I am currently the sole income earner at the moment and foreseeable future, so may have to research prospect of having property solely in my name first?

Or put PPOR on the market and sell leaving us with affectively only 1 year of mortgage repayments then be mortgage free?

Your thoughts would be much appreciated
Regards

Dags

 

[Rolf Latham]

In this situation what would you do,

My wife and I have recently built a house of which we we own the land, was originally bought in my name, the loan for the build was in joint names of which currently have approx $400,000 owing on mortgage. Value of property and land between $660,000-$700,000.

Hi Dags

Id say the income of the property if u rent it will flow to you, with the 400 k loan being a dedn in your name against the income from the rent

ta
rolf

 

[lizzie]

IMO - and it is opinion only - I'd sell, buy something relatively mortgage free (or completely) and then use the equity in that property to buy IP's that are structured correctly for maximum benefit from the start.