DH and I live in a 2 bedroom unit which we are currently paying off. Purchased mid 2009 for $337000, currently owe 311000. I think its worth approx 360000 at the moment (haven't had it valued though)
We hope to TTC mid 2011 but we are unsure about our living arrangements...
We don't know if we should sell our unit (in an upmarket suburb) and purchase a small house (that will need work) in the best area we can afford.....
...... we are aiming to one day (in the next 3 - 5 years) buy a house anyway but don't know if we should do this before we have our first baby.
The only issue I can think of is if we purchase a house our mortgage will be higher, putting more pressure on DH when I am on maternity leave/possibly meaning I will have to go back to work earlier.
DH doesn't want to sell the unit and wants to keep it as an investment property in the future, but we wouldn't be able to purchase a house and keep the unit at this point in time.
WWYD? Stay in the unit and save for a house in the future or try to purchase a house before baby? I think we should stay and pay off as much as the unit as we can to gain equity for a house?
I am slightly concerned about the space issue (it's not a tiny unit but a unit all the same!) & we have two indoor cats. Do you just make it work?