Hi Guys,
I am looking at buying my own property because I am sick of paying rent. I am not a first home buyer.
I have found a property for $265,000. It is not the kind of property I would want to live in but I would be willing to live in it for a couple of years. It is smaller than I like and the rooms are small. But it is cheap.
What I am thinking is to buy the property and live in it for a couple of years so I can stop paying rent. Mortgage repayments are in line with what I am currently paying in rent. In a couple of years look at renting the property out and move into something which I will be happier with. As the property is at the moment it would rent for approx $300 - $320 per week.
There is also a 4 car garage at the back of the property which could be converted into say a 2bed granny flat (council permission of course) and this would then rent for say $200 per week.
Would you buy a house you didn't particularly want to live in and live in it for a short period of time, if it has quite good rent potential for the future?
I am looking at buying my own property because I am sick of paying rent. I am not a first home buyer.
I have found a property for $265,000. It is not the kind of property I would want to live in but I would be willing to live in it for a couple of years. It is smaller than I like and the rooms are small. But it is cheap.
What I am thinking is to buy the property and live in it for a couple of years so I can stop paying rent. Mortgage repayments are in line with what I am currently paying in rent. In a couple of years look at renting the property out and move into something which I will be happier with. As the property is at the moment it would rent for approx $300 - $320 per week.
There is also a 4 car garage at the back of the property which could be converted into say a 2bed granny flat (council permission of course) and this would then rent for say $200 per week.
Would you buy a house you didn't particularly want to live in and live in it for a short period of time, if it has quite good rent potential for the future?