2007-06-26 20:54:51 · 4 answers · asked by I.Kapoor 1 in Business & Finance ➔ Renting & Real Estate
It depends on your financial position. In case you are having cash crunch and are unable to pay high EMI then it would be wise to sell your first flat. You can always buy a second flat when your financial position improves. Don't fall in to the debt cycle. It will just ruin your peace of mind. Renting of your first flat could / may land you in trouble with your tenants adding to your owes if you are already going through a bad patch. Best of luck !!!!
2007-06-26 21:14:09 · answer #1 · answered by Ganesh 4 · 0⤊ 0⤋
DO NOT SELL. This sounds like a good investment. Rent out one of your flats and live in the other one. The rent you receive can pay down the loan of the second flat. Try to pay off the second flat ASAP and buy a third flat, etc.. Wealth, Wealth, Wealth. That is the key to bringing your family up a notch in society. It is called inter-generational wealth. Real estate is a way to earn money, along with working.
2007-06-26 21:00:26 · answer #2 · answered by Alea S 7 · 0⤊ 0⤋
I'll suggest that u retain your first flat and rent it out if possible. You can save and partially prepay your home loan at each opportunity that you have. Also, if you are low on cash, opt for a low EMI on monthly basis.
2007-06-26 22:23:20 · answer #3 · answered by Yahoo! 3 · 0⤊ 0⤋
dont sell. make improvements and refinance. use your equity to buy more. improve the new one and refinance. by improve i mean physically improve the property and raise the rent. now it's worth more, so refinance. good luck.
2007-06-26 21:08:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋