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Sell or rent?

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Chantel | 05 Nov 2018, 03:37 PM Agree 0

We are looking to purchase a new property for $750K.
Our current property is valued at $550k with a mortgage owing of $45k. ($50k in redraw available which we would use as deposit on new home. We don't want to sell as it a 3 acre property in an area which is being hugely developed.
We would like to keep our home and rent it out at approx. $500 p/wk.

Accountant has advised to sell current property as we will get taxed on rental income ?

Any advice is greatly appreciated.
  • Cuan | 05 Nov 2018, 04:39 PM Agree 0
    RENT IT!!! Don't sell. Whoever sells loses. Paying tax means you making money. As time goes on that property will be worth more. You almost got an asset with no mortgage which will pay you a wage every week.
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