Here are a few hints to help you decide that.
How much should you invest, and at what rate?
The interest rate needed to live in a given area depends on several factors.
How much do you think it will cost to live there?
For example, if you’re considering buying a house in Melbourne, it might be worth thinking about your monthly mortgage costs – the bigger you are, the more likely it is that you will be able to pay it off in six years.
What is your income?
It’s usually better to have more income from work before you buy your first home but if you’ve got an education you will also need to work a bit more and take on more debt. For example, a family of four will need to earn at least $100,000 in addition to other expenses to be able to afford a deposit.
How much mortgage are you paying to the bank?
This is one of the most important factors in deciding where to park your house. The bigger your mortgage you have, the larger your monthly costs, and thus your mortgage balance – the more debt you will have to pay each month.
How much you can save on interest.
While money is often seen as the most important factor, it also needs to factor in the value of a property as well.
The bigger your mortgage, the less money you will save on mortgage. It won’t make a big difference if you can afford to pay it off more quickly, but the longer you wait, the less it will be worth to you.
What is the value of your property?
For someone who has a mortgage that’s already paid off, getting rid of it all would be one option, but in most cases it won’t make much sense. You won’t be able to sell or rent your house for the same price again. On top of that, it can be very expensive to replace an old house, making it much harder to afford a small deposit.
If you can afford to move to another area or city, you may be able to rent out your property, but that’s not going to be cheap on a monthly basis.
The best solution for those who have a mortgage, is to focus on keeping as much money as you can. You need a balance between borrowing and saving. The best way to do this is to have some cash in the bank, and spend it on things you really like or buy things that
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