New to this forum, I hoping to get some advice !
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We live in a southern suburb of Adelaide, built here 2 years ago, turns out we have a made a mistake the house is tiny as is the yard and the suburb is decreasing in value,
We were pressured by the sales consultant to buy off the plan , " the are is going to boom in the area" and house and land packages are going to run out if you don't get in now "
We were naive I guess at the time and had the deposit so just did it, now we are wanting to buy a bigger house with a big backyard as we have one daughter and are hoping to expand soon,
We also have a personal loan of $25k that we just can't budge,
My question is , we pay $1100 per fortnight on mortgage with about $1600 a month in interest , and then the personal loan ,
We had a appraisal and should be able to sell the house and pay off the personal loan , and rent for say two years , I made a budget and we could save $80k for a house deposit , meaning we could by the house we want in a better area ( providing the market doesn't sky rocket in the next two years)
And have no personal debt,
Or keep our house and try and pay off the personal debt and hope the market picks up to sell and by bigger in a few years time,
I just don't want to take a step back or not be able to get back into the market , but don't want to be stuck we we are for ever ?
What do you think we should do? Any advice would be fantastic ! And thank you in advance
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