Welcome to your No Boundaries forum. This forum is your opportunity to make your comments about any topic relevant to other travellers of Australia. Feel free to post a message.
Should we sell everything, including the house or keep the house and rent it out?
A common question we are asked. Everyone has their own reasons and situations. What is your say.
Pasive Income is the secret to successfully living your dreams. You need to generate income without having to work for it.
Depending on your financial situation this may be achieved by renting your house. Alternatively, perhaps selling the house and putting the money into a high interest account or investment portfolio.
The only catch is to determine where the real value for you is. Are you looking to come home to something at the end of your travels or just to financially enjoy your travel. You could always ask the kids to support you, or work your way around. Plenty of seasonal work available throughout Oz.
Try to keep the house & rent it out. If it is under finance check with your lender as to whether you can rent it under your current finance agreement. Also check on your house insurance policy because renting to someone else can void your policy.You also have to deal with maintenance and rent collection issues (good relatives or friends may be willing to assist but don't put them into confrontation with tenants).
If possible buy more rental properties in different towns or states then you may be able to claim part of your travel costs and check on your properties at the same time, ask your tax agent or accountant about that.
Hi all just found out about this site.
In regards to travel & financing it my suggestion that you find a good financial adviser & look at all the options in sell or not to sell house, investing option if u sell it may surprise u what those option are. Yes they do cost u to set up a plan but a good financial planner will give u a free complimentary over view of your individual situation & options. Only when they set up a plan & u sign the dotted line that u then have to pay. Remember its your decision not theirs so if it does not fit your requirements then don't sign. Every thing we do in life has a risk so take control & don't be pushed into something that your not comfortable with. The one thing that people must be clear about is that an accountant handles taxation this a total separate field to financil advising. I have an excellent tax agent & a brilliant financil adviser.Please do your homework & get the best of all worlds.