I live in a company house paying $65/week rent.
I own a house worth approx $170,000 with a $110,000 mortgage. ($180/week)
The house I own has the potential to earn $300/week rent.
My other debt is my car loan which is approx $20,000 ($130/week).
I earn $1,100/week net.
What is the best way to manage this? I would like to save as much as possible to buy a good house in around 5 years time. Should I sell my house and be debt free and save money that way or should I rent my house out and put up with land rates/insurance/maintenance??
I own a house worth approx $170,000 with a $110,000 mortgage. ($180/week)
The house I own has the potential to earn $300/week rent.
My other debt is my car loan which is approx $20,000 ($130/week).
I earn $1,100/week net.
What is the best way to manage this? I would like to save as much as possible to buy a good house in around 5 years time. Should I sell my house and be debt free and save money that way or should I rent my house out and put up with land rates/insurance/maintenance??