What would you do in this situation?
A couple purchased their first home in a lower priced suburb to get on the property ladder, so far, so good. Children came along, and by the time they were nearing school age the area had deteriorated and the nearby school was not where they wanted to send their children.
Over the ten years they had been in their first house it had served them well and they had repaid half of the original mortgage and the value had gone up about 70% on their purchase price. So at this time they decided it was time to move to a better area and better schooling. At this point, with 2 incomes, they could afford to shift house and keep the existing place.
What would you do with the existing house:
- Sell it and move on?
- Keep it for an investment property?
What things would they need to consider in order to make a decision?