Hi Members, We are a family of 4 and moved to sydney from overseas couple of yrs ago. Currently owning a 2bhk apartment(old one, needs a lot of maintenance) in Sydney Inner-west. Both of us work in CBD. I am unsure of which idea is the best in current market situations. Need your guidance. Idea 1: Rent the existing apartment and Move to a bigger house in nsw within 35-40kms radius from CBD (3+ bed, 2+bath, 1+ parking, min land 500sqm) Budget is 750- 850k. 1. Looking for family oriented suburb with good school. Any suggestions please. 2. Is it a good option to hire a buyers agent with this budget. Any suggestions for independent buyers agent in sydney? Idea2: Stay in the existing apartment/Rent a house near to work and good schools. Start investment portfolio with the help of reliable buyers agent.
Hi Leesa Like Homebush - grew up there. Not enough data to really provide much guidance per se. Lets start with - do you have much of a loan on the Unit pls ? ta rolf
my thoughts if it was me. Idea 1: will I be positively cash flow if I rent the apartment? if yes, thats OK. If NO, what's the point of renting it out just to move to a further location? Considering I will be borrowing the money to purchase the new house this will be additional burden to me if rental is in negative cashflow plus If I ended up buying far from the CBD (35-40kms) im thinking Holsworthy, Liverpool, Do I see myself travelling 2 hours everyday going to work and back? that would really suck ( who's taking care of my kids while Im at work? Childcare? how much are childcare fees these days? I remember it to be $100 a day years ago) Honestly this lifestyle is tough. Its doable BUT TOUGH. Prepare for it if you choose this. Idea 2: If it was me I would choose this. Rentvesting is a great strategy + starting your Investment journey now done the right way can put you guys in a much better options in the near future. I will use a BA if it was me ( for IP purchase ) Goodluck!
