Can anyone help me with a couple of questions, please!!
We are relocating due to my husbands new job and we currently own our home. Our problem now is what are we going to do with our home. The easy option is to sell the house but sadly the market is still low and we will loose the $30000 deposit we put in selling at market value. I don't want to let that happen so was thinking about renting it until hopefully the market gets better or someone is willing to pay what we want for it (which is only $10000 more then we paid for it 2.5 years ago).
But what we could get for rent minus the real estate fee means we will still be paying over $220 a week towards our mortgage and where we are relocating the rent is extremely expensive at at least $150 more then what we would pay where we are. Plus add on the $50 a week I put aside for rates and $25 a week for water as well.
So my question is what is the advantages to renting your house out? I have heard things about negative gearing, paying less tax and things like that but I don't know how it works.
Would you just sell cheap and loose your deposit and risk never being able to own a home again??
I wish we were just renting as it would be soooo much easier!!