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
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