One partner works in Croydon, the other in Melbourne CBD. We'd love a house of our own but it seems houses, not units, that are affordable are way out in Chirnside park/Lilydale/Mooroolabark.
I have around 100k saved and should be able to save about $50k again this year.
So, my predicament is, do I buy a house, to save the 50% stamp duty, with the intention to rent it out in 12 months time, or rent a house and buy a IP somewhere else where perhaps I could purchase more properties at a cheaper price?
Ideally, I'd like to keep the price to $400k max assuming a 20% deposit, leaving enough savings to do it again (in around 18 months time) and keeping repayments reasonable.
I'd be keen to hear your thoughts of what you would do or have done. Your experience is what I'm after.
I have around 100k saved and should be able to save about $50k again this year.
So, my predicament is, do I buy a house, to save the 50% stamp duty, with the intention to rent it out in 12 months time, or rent a house and buy a IP somewhere else where perhaps I could purchase more properties at a cheaper price?
Ideally, I'd like to keep the price to $400k max assuming a 20% deposit, leaving enough savings to do it again (in around 18 months time) and keeping repayments reasonable.
I'd be keen to hear your thoughts of what you would do or have done. Your experience is what I'm after.
