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Work transfer for 6-12 months should rent PPOR

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Roshi | 27 Jul 2015, 06:49 AM Agree 0
I purchased a townhouse to live in for $340,000 approx 5 years ago (Qld). I have had the loan as principle only, however I put all my savings into the mortgage and redraw as required. Current the mortgage is $237,000.
I have been thinking of buying an investment property. I am now temporarily relocating for work which will be a 6 month contract, maybe 12 months.
Additionally, due to recent water damage, insurance has approved a kitchen Reno. This means I will have a brand new kitchen and appliances and flooring.
Should I rent the place out and decide what I do from there or sell and buy an investment property.
The work contract allows me to come home once a month, so I also have the option of keeping the property as my PPOR. I leave in 3 weeks so need to decide and action pretty quickly. I don't mind waiting until
I come back in sept. To start the sale/rental... I also have the option of family moving in to maintain the place and pay the mortgage in the short term!
Thanks for any advise.
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