2 Common Property Scenarios That You Need To Learn About
THIS WEEK I HAD TWO MEETINGS WITH CLIENTS, WHICH EACH BROUGHT UP A SCENARIO THAT I AM SEEING AGAIN AND AGAIN IN MY TRAVELS AS A MORTGAGE BROKER. I THOUGHT IN THIS ARTICLE THAT I WOULD UNPACK EACH OF THESE SCENARIOS AND GIVE YOU THE RECOMMENDATIONS I PROVIDED FOR EACH CLIENTS TO CONSIDER.
THE FIRST SCENARIO WAS A COUPLE WHO BOUGHT THEIR FAMILY HOME ABOUT 10 YEARS AGO, HAVE BEEN CHIPPING AWAY AT THEIR MORTGAGE, BUILT UP A GOOD CHUNK OF EQUITY AND WANTED TO KNOW WHAT WOULD BE THE BETTER MOVE- TO CONTINUE PAYING DOWN THEIR HOME LOAN OR TO USE SOME OF THEIR EQUITY AND PURCHASE AN INVESTMENT PROPERTY.
The fear that they had was they didn’t want to get into further debt as it would bring them further away from their goal of being debt free.
The second scenario was a couple who live in the lower North Shore of Sydney, have saved for a deposit but found out that what they saved was nowhere near hitting the mark of them being in a position to obtain a similar property to what they were currently renting.
These guys wanted to know, is it better to just keep savings? Should they relocate to a less expensive area? Or should they look to purchase an investment property at a lower price point.
In the video below, I’ll walk you through the hard numbers of each scenario and let you know the outcome that each client ended up going for.
Love to hear your thoughts!