Sold our apartment in Claremont and unsure whether to buy or rent

[geof2015]

We sold our apartment since we’ve had since 2016. We hardly broke even. Will have about 1.5 m to either put down on a new home or rent a house for the next few years. Of course if we rent we’d need to put the money in some sort of investment for returns. Maybe something with low risk as already heavily exposed in crypto. We found a 4 bed home to rent for 28 k a month. But feeling paralysis as to the best way forward. I’ve been conditioned to think that buying is the best for long term. Any feedback that could help me strategies this move will be appreciated

 

[carlv_52]

@geof2015

I’ve been conditioned to think that buying is the best for long term

That is sometimes true, not always. You just came out of a short term purchase that had high financially implications even before considering all the costs of buying and selling. Short term buying is always costly. You admitted your next move is also for the short term "for the next few years", so you know the answer...

 

[geof2015]

@carlv_52 Great answer. Think I do know what to do know

 

[boateng]

@geof2015 another option.

You could rent that place to live in and buy a property to let out.
with a sizeable deposit (like you have) you could positively gear the investment property and get it paid off soon (in relative terms)

Possibly buy in a place you want to live in in 10 years, so by the time your tenants have helped pay it , off you're ready to move In bond free.

 

[geof2015]

@boateng Absolutely. Thought of this as my biggest gripe with having sizeable loan with the bank even though it’s your own home. Paying that interest is tedious. Soon as I know where for the next 10 years I’ll definitely look at this. Thank you