Hey everyone ,
I need some advice for a real inexperienced house buyer ( me !)
We bought our home in November for 815,000 and owe $750,000.
My husband makes around $2800 a week after tax and I make around $700 a week .
We used the government incentive to buy ( 5% deposit scheme) and had to pay both lenders mortgage insurance and stamp duty as my husband has previously bought and sold 12 years ago ..
Ok the question .
We hate where we bought . It’s in the Illawarra region ( 1.5 south of Sydney ) and it’s a beautiful area. We bought at an incredibly good price . We are slowly doing some Reno’s to add some value etc
How crazy would it be to lease it out after 1 year and rent where we want to live or should we sell it ?
Would love to use as an investment and purchase another home but I don’t think we make enough . We only have around 5k in savings .
What would your advice be ?
To rent in the Illawarra without it being a complete dump would be around 900 and we could prob lease ours out for $750-800
To sell or lease out !
Need help !