SearchSell or hold?
Aimee asks:
(updated on Friday, April 22nd 2016)
We own an Auckland rental property with a mortgage of $340,000 on it and receive $435 per week rent. If we sell this rental, we will be mortgage free on our other property, which we live in outside of Auckland. Should we sell and be mortgage free on a $300,000 property or keep the rental and continue paying a mortgage?
Our Experts Answer:
This is a hard question to answer as I would need to know more to really be able to provide some guidance here.
Other relevant points would be:
1. How old you are and/or how long you have to go in your working life?
2. If you sell do you have any other assets or plans to assist in building up a base for retirement?
3. If you sell I am picking you should have improved cashflow as you would no longer have the mortgage to pay on your own property. What are your plans with these additional funds?
Besides this you need to do your own research on what you believe will happen in regards to the property market in Auckland and where your property is in particular. This is to help you assess the pros and cons of whether it is worth selling or not.
Most Read
| AIA - Go Home Loans | 4.00 |
| Unity First Home Buyer special | 4.15 |
| SBS FirstHome Combo | 4.29 |
| ICBC | 4.49 |
| Kainga Ora | 4.59 |
| SBS Bank Special | 4.69 |
| Unity Special | 4.80 |
| China Construction Bank | 4.85 |
| Co-operative Bank - First Home Special | 4.89 |
| Co-operative Bank - Owner Occ | 4.99 |
| ASB Bank | 4.99 |
| China Construction Bank | 4.95 |
| Kainga Ora | 4.95 |
| ICBC | 4.99 |
| SBS Bank Special | 5.29 |
| Unity Special | 5.29 |
| Westpac Special | 5.29 |
| Co-operative Bank - First Home Special | 5.29 |
| ANZ Special | 5.35 |
| ASB Bank | 5.35 |
| BNZ - Std | 5.35 |
| AIA - Go Home Loans | 5.35 |
| SBS Bank Special | 5.49 |
| ICBC | 5.65 |
| Kainga Ora | 5.69 |
| ASB Bank | 5.75 |
| BNZ - Std | 5.75 |
| AIA - Go Home Loans | 5.75 |
| Westpac Special | 5.75 |
| Kiwibank Special | 5.89 |
| Co-operative Bank - First Home Special | 5.89 |
| TSB Special | 5.99 |
| China Construction Bank | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.79 |
| CFML 321 Loans | 4.20 |
| ICBC | 5.39 |
| Co-operative Bank - Owner Occ | 5.69 |
| Co-operative Bank - Standard | 5.69 |
| Kainga Ora | 5.79 |
| Pepper Money Prime | 5.99 |
| Unity Standard | 6.04 |
| Unity Special | 6.04 |
