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so, Billy Ray needs some advice
My gf and I are looking to live together from next year when her lease is up.
She has two kids <14, 12 days out of 14 and currently rents a 3 bedder for $400 a week.
I have two kids <12, 50:50 with my ex, and own my place (well mortgage) which is a 4 bedder+home office.
So we need 5 bedrooms +office (and ideally a second living area) to ensure everyone has own bedroom as kids head into teenager-hood.
We cannot all fit in my place as it is one bedroom short (and doesn't have that second living area).
Option 1
I rent my place out (prob get $800 a week) and together we rent a 5 bedroom+office place somewhere (not many around tho….) for $900 a week.
She would continue to pay $400 a week and I would pay the remainder $500 - that's fine as I earn more and work from home so the "+office" is why it costs more.
Under this option $ wise I will be up a few hundred a week as my new rent income is greater than my share of the new rent we pay. For her, no change $ wise.
Option 2
I convert my garage into an extra bedroom + second living area bringing my place up to 5 bedroom+office.
This would cost me about $40k which I would extend the loan for.
I would charge her $400 a week rent.
Again, for her under this option no change, she still pays $400 a week. For me, no major change (mortgage will go up meaning my payments will go up, but I then have her rent helping me pay for that and other costs that will increase with more people in the house (higher utility costs for example).
Option 1 would have the benefit of us starting a new life on neutral turf, plus would earn me a few $$. and if it goes belly up, oh well, lease ends and we go our own separate ways.
Option 2 they live here (which they love - as do i, I helped design it and built it as my forever home) - it doesn't earn me any real extra $, but if it goes belly up, she moves out, I rent out the garage as a 1 bedder (I would have to spend an extra $5k to install a kitchenette for example) and down the track I do earn extra $ as I have a new line of income.
Also under this option, if it doesn't go belly up, down the track when the kids all move out, I can still rent this out and have a rental income in retirement....
But, option 1 is difficult to potentially do as I cannot find many examples of 5 bedder+office at the end of the gold coast I need to live to be near kids schools and where my ex lives (as we do frequent swaps of kids we share 50:50).
What would you guys do?
My gf and I are looking to live together from next year when her lease is up.
She has two kids <14, 12 days out of 14 and currently rents a 3 bedder for $400 a week.
I have two kids <12, 50:50 with my ex, and own my place (well mortgage) which is a 4 bedder+home office.
So we need 5 bedrooms +office (and ideally a second living area) to ensure everyone has own bedroom as kids head into teenager-hood.
We cannot all fit in my place as it is one bedroom short (and doesn't have that second living area).
Option 1
I rent my place out (prob get $800 a week) and together we rent a 5 bedroom+office place somewhere (not many around tho….) for $900 a week.
She would continue to pay $400 a week and I would pay the remainder $500 - that's fine as I earn more and work from home so the "+office" is why it costs more.
Under this option $ wise I will be up a few hundred a week as my new rent income is greater than my share of the new rent we pay. For her, no change $ wise.
Option 2
I convert my garage into an extra bedroom + second living area bringing my place up to 5 bedroom+office.
This would cost me about $40k which I would extend the loan for.
I would charge her $400 a week rent.
Again, for her under this option no change, she still pays $400 a week. For me, no major change (mortgage will go up meaning my payments will go up, but I then have her rent helping me pay for that and other costs that will increase with more people in the house (higher utility costs for example).
Option 1 would have the benefit of us starting a new life on neutral turf, plus would earn me a few $$. and if it goes belly up, oh well, lease ends and we go our own separate ways.
Option 2 they live here (which they love - as do i, I helped design it and built it as my forever home) - it doesn't earn me any real extra $, but if it goes belly up, she moves out, I rent out the garage as a 1 bedder (I would have to spend an extra $5k to install a kitchenette for example) and down the track I do earn extra $ as I have a new line of income.
Also under this option, if it doesn't go belly up, down the track when the kids all move out, I can still rent this out and have a rental income in retirement....
But, option 1 is difficult to potentially do as I cannot find many examples of 5 bedder+office at the end of the gold coast I need to live to be near kids schools and where my ex lives (as we do frequent swaps of kids we share 50:50).
What would you guys do?
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