Q&A: Shift to smaller centre?

Hi Olly

It’s great you have given us the chance to ask questions thank you. My apologies in advance if this is a stupid question. We bought our house 4 years ago in Titahi Bay and currently have a mortgage of 247k with rv of 315k. The part we are in is a reasonable part – quiet and owner occupied but other parts of the suburb are not so great. We are thinking of a move to a smaller city (W*) in a year or so (not definite) and also planning on kids and dropping to one income.

We are concerned about the amount of mortgage repayments rates and insurance (plus maintenance) on one income. We are tossing around the idea of selling now and renting or buying something smaller or buying something in W* to rent out till we moved there. We don’t have to desperately sell right now but don’t want to be stuck in year or so having to sell. What are your thoughts? Are we best to wait and try and sell in a year or so or try and sell now?

Vanessa

Dear Vanessa
If you are going to sell you may as well get on with it as it will likely take a few months anyway. But you have to be sure that you want to move to W* so don’t start until you have made your mind up. I would rent in W* for a start as it will be cheaper than owning, and you can see how well you cope on one salary and a little one to feed.
Best of luck
Olly

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