Hi everyone, it's been a while since my last post on this forum.
I've made that first giant step (bought my PPOR) in mid last year, and now I'm having this dilemma...
1. Renovate
Build 2 extra bedrooms + 1 bathroom as part of the house extension, and rent these rooms out to students
This PPOR property has land size up to 610sqm which leaves lots of space for extension
2. Buy an IP and rent out the whole house
Looking for a house in the $350k - $420k range
And at the moment I have $100k in savings.
Current total earning is $55k gross per annum, still single fresh & young
No debt except the current mortgage which is $200k.
My overall expenses per annum is around $15,000 (just rough figure)
So with my situation, I was wondering what should I do to maximise that $100k and the 'wasted' land at my backyard?
I'm situated in the Sunnybank Hills area, I think there's not much growth in terms of price in this area over the past few months/years?
So if buying my first IP is the way to go, then I definitely need to look at other suburbs in Brissie, don't you think?
Hmm, I really can't wait to make my next/2nd giant step
I've made that first giant step (bought my PPOR) in mid last year, and now I'm having this dilemma...
1. Renovate
Build 2 extra bedrooms + 1 bathroom as part of the house extension, and rent these rooms out to students
This PPOR property has land size up to 610sqm which leaves lots of space for extension
2. Buy an IP and rent out the whole house
Looking for a house in the $350k - $420k range
And at the moment I have $100k in savings.
Current total earning is $55k gross per annum, still single fresh & young
No debt except the current mortgage which is $200k.
My overall expenses per annum is around $15,000 (just rough figure)
So with my situation, I was wondering what should I do to maximise that $100k and the 'wasted' land at my backyard?
I'm situated in the Sunnybank Hills area, I think there's not much growth in terms of price in this area over the past few months/years?
So if buying my first IP is the way to go, then I definitely need to look at other suburbs in Brissie, don't you think?
Hmm, I really can't wait to make my next/2nd giant step