2 houses 2 bonds

[ocd]

@trialsufferer1 R7500 is less than 1% of the property value and after maintenance, rates and taxes as well as income tax you're going to be left with barely anything. Much better investment options out there than that.

 

[kalynnken]

@miracleboy Refinance bond 1 first.Because it is basically borrowed money which is tax free Then sell it for 800k . TAX will eat you as it is no longer your primary residence Put the money in second bond So when you sell first bond your taxes will be minimal Take it from someone who just learnt the hard way.

 

[myjesus]

@miracleboy Property for rental purposes is WAAAAAY overrated.

 

[dancequeen12]

@myjesus It’s a good way to force yourself to save though.

 

[dancequeen12]

@miracleboy Selling property costs a lot

 

[elizabeth1960]

@miracleboy Don’t sell. All my family have always regretted selling their property. I would keep my focus on long term and struggle for a year or two, because it will be worth it for sure. Property in RSA has been going up for the past 10 years with no crash in sight

 

[aannl]

@miracleboy Lol, this happened to me... I went to my manager and said I need an increase or I'm going to quit. My manager said I was paid fairly, but I knew I wasn't and I also had an offer up my sleeve from another company. I threatened to quit for the increased offer and he caved in and gave me the money, but also said - NEVER do that again, rather quit.

I'd suggest you leave for a place that pays more, it's standard to get a 15-20% increase. Or simply threaten to do so and you'll maybe also get your company to counter.

 

[libraqasi]

@miracleboy Mikey is this you?

 

[georgesblog]

@miracleboy Get another house .

 

[carlv_52]

@miracleboy Option 1, but don't use the 500k to reduce installment, just to reduce interest. With a flexi bond on a bad month you can literally transfer the month's installment from bond to cheque account right before payment goes off.

Better still would be to use up to 350k of that money to start making tax smart wel diversified equity investments.