Jase wrote:We currently own part of a house, the bank owns the rest that has been valued at approx $600K, we have a mortgage on it of approx $320K...
Mrs Jase and I are in the very early stages of looking at moving and we are thinking of buying a new place and keeping our current joint as a rental/investment style scenario.
For those in the know.. would it be better to...
1. Keep our current place as a rental and let the tenants pay off that mortgage? We would thus need to take a new mortgage out to get a new place.
2. Get our place ready and sell to get a new joint.
We are not very savvy when it comes to the property market with regards to rentals and investment properties...
Any help/advice would be greatly appreciated
Any interest that you pay on lending against an investment asset that earns you an income will be tax deductible, so my first step would be to ring an Accountant and make sure it will be a taxation benefit for you. 2nd step would be to ring a real estate agent and get an approximate rental you will receive on your property, that will help you do the sums.
If you want any advice on the mortgage side of things shoot me a PM.