Hello,
I am currently living in Melbourne Victoria with my wife and family. My wife and I are paying off a mortgage for the home we live in. We have had the loan for just over 5 years.
We are looking at purchasing an investment property in the Melbourne area for around 400k.
We have tried to pay off as much of our loan as possible over the past 5 years leaving us with little savings. Having minimal savings has bought us to the thought of selling our home to purchase the investment.
The houses we have looked at recently have had high estimated rental incomes as we are hoping the investment would pay itself off.
We are seeking advice on our options for our situation. Any information would help us a lot.
Thanks
C.J.
Should I Sell My Property To Purchase An Investment?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Should I Sell My Property To Purchase An Investment?
HI C.J.
Have you considered having both properties? Our company is able to help you access the equity in your current property to fund the purchase of your new investment.
If you want to sell your home to purchase an investment it can be tricky.
You will need to get your home valued and compare the property’s valued amount to how much you owe. This will give you an estimated amount on how much funds you will receive from the sale. For example, if your loan is $250,000 but your property is valued and sold for $400,000 you will have roughly $150,000 to use as a deposit.
Reading through our selling and buying a new home page will help you understand some of the potential options and obstacles you have.
Have you considered having both properties? Our company is able to help you access the equity in your current property to fund the purchase of your new investment.
If you want to sell your home to purchase an investment it can be tricky.
You will need to get your home valued and compare the property’s valued amount to how much you owe. This will give you an estimated amount on how much funds you will receive from the sale. For example, if your loan is $250,000 but your property is valued and sold for $400,000 you will have roughly $150,000 to use as a deposit.
Reading through our selling and buying a new home page will help you understand some of the potential options and obstacles you have.
Re: Should I Sell My Property To Purchase An Investment?
Hi Otto,
My wife and I had never thought about our situation like that. Keeping both properties could be a great option!
I am looking forward to looking for a new property now.
Your help is much appreciated!
C.J.
My wife and I had never thought about our situation like that. Keeping both properties could be a great option!
I am looking forward to looking for a new property now.
Your help is much appreciated!
C.J.
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Should I Sell My Property To Purchase An Investment?
Hi C.J.
Already owning a property opens up a lot more avenues then people think. Having equity in a current property is a great advantage.
I would suggest contacting one of our brokers to discuss your situation in more depth. You can enquie online or give us a call on 1300 889 743.
Already owning a property opens up a lot more avenues then people think. Having equity in a current property is a great advantage.
I would suggest contacting one of our brokers to discuss your situation in more depth. You can enquie online or give us a call on 1300 889 743.