{"id":14964,"date":"2020-04-29T10:48:46","date_gmt":"2020-04-29T00:48:46","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14964"},"modified":"2020-04-29T13:59:08","modified_gmt":"2020-04-29T03:59:08","slug":"upgrade-home-strategy","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/upgrade-home-strategy\/","title":{"rendered":"Which strategy? Upgrade your home or borrow to invest?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"14967\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/upgrade-home-strategy\/which-strategy-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"WHICH-STRATEGY-Email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?resize=1000%2C250&#038;ssl=1\" alt=\"upgrade of your family home \" class=\"wp-image-14967\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/WHICH-STRATEGY-Email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>A few months ago, a reader of this blog asked me to\nanalyse two options. Option one is to borrow more money to fund an upgrade of\nyour family home and consequently enjoy tax-free capital gains. The second\noption is to invest in property. The reader wanted to know which is the best\noption, net of all taxes such as capital gains and land tax? &nbsp;<\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/641735?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">Widen the scope of the question <\/h3>\n\n\n\n<p>I\u2019d like to widen the scope of this question and add one\nmore option \u2013 investing in shares. I have concerns with investing large amounts\nof borrowed funds in the share market, which I will discuss below. &nbsp;However, as an independent financial advisory\nfirm, it is important that we always provide a balanced view \u2013 even if some of\nthe options we are comparing are more of an academic comparison, than a\npractical one. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Interest rate assumption <\/h3>\n\n\n\n<p>One of the key assumptions in my financial modelling is interest rates. Normally, I like to adopt a conservative long-term interest rate assumption of 6.5% p.a. However, I realise that this might be less appropriate when interest rates around the world are making their way to zero (or are already there) and central banks are pursuing <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.investopedia.com\/terms\/q\/quantitative-easing.asp\" target=\"_blank\">quantitive easing<\/a>. It is very likely that interest rates will remain persistently low for an extended period of time. That said, it\u2019s also not impossible that interest rates will rise sometime in the future too. <\/p>\n\n\n\n<p>As such, in this analysis I have assumed that the\nvariable interest rate is 3.7% for investment loans and 2.9% p.a. for home\nloans and will remain at this level for the next 3 years. I have then assumed\nrates will rise by 3% p.a. over the following decade (on a straight-line basis)\nand remain at that level. <\/p>\n\n\n\n<p>What is most important is that I have used the exact same\nassumptions when comparing all options. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The quantitative analysis&nbsp; <\/h3>\n\n\n\n<p>I financially modelled three scenarios: <\/p>\n\n\n\n<p><strong>Option 1:<\/strong> Borrowing $1\nmillion to fund a home upgrade from $1 million to $2 million. This allows you\nto move to a superior location thereby enjoying a superior capital growth rate.\n<\/p>\n\n\n\n<p><strong>Option 2:<\/strong> Borrow $1\nmillion to invest in a property that generates gross income of 2% (rental yield\nbefore expenses) and capital growth of 7% p.a. <\/p>\n\n\n\n<p><strong>Option 3:<\/strong> Borrow $1\nmillion and invest in shares which generate 4.0% p.a. in dividends (40% franked)\nand 5.0% p.a. in growth rate (so that the overall return is the same as the\nproperty option i.e. 9% p.a. \u2013 to ensure the comparison is fair). &nbsp;<\/p>\n\n\n\n<p>As you will see from the chart below (click to enlarge), option one is superior ($4.65m) as it results in a higher net worth in today\u2019s dollars. Options 2 and 3 are broadly similar ($3.69m <em>versus<\/em> $3.64m respectively), after all taxes including CGT. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?ssl=1\"><img loading=\"lazy\" decoding=\"async\" width=\"451\" height=\"274\" data-attachment-id=\"14966\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/upgrade-home-strategy\/ppor-v-investing-chart\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?fit=451%2C274&amp;ssl=1\" data-orig-size=\"451,274\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"ppor-v-investing-chart\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?fit=300%2C182&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?fit=451%2C274&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?resize=451%2C274&#038;ssl=1\" alt=\"upgrade of your family home \" class=\"wp-image-14966\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?w=451&amp;ssl=1 451w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/04\/ppor-v-investing-chart.png?resize=300%2C182&amp;ssl=1 300w\" sizes=\"(max-width: 451px) 100vw, 451px\" data-recalc-dims=\"1\" \/><\/a><\/figure>\n\n\n\n<p>It is interesting to observe that the higher expenses\nassociated with property (e.g. maintenance, land tax, etc.) do not have a material\nimpact. One might expect that the higher expenses associated with property\ninvesting compared to the higher income from share investing (particularly\nfranking credits) would result in the shares option being superior. But the\nhigher (compounding) capital growth from property more than offsets its lower\nincome and higher expenses. The <em>key<\/em> here is investing in the right property\ni.e. investment-grade. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Home loan debt is less of a problem whilst rates are low <\/h3>\n\n\n\n<p>One of the problems with a strategy that gives rise to high amount of non-tax-deductible debt (i.e. home loan) is that it can be very expensive. That\u2019s because the interest is not tax deductible \u2013 so repayments are made from after tax dollars. In a high interest rate environment, this can absorb all cash flow thereby retarding your ability to make material loan principal repayments or invest in other assets. <\/p>\n\n\n\n<p>For example, a $1 million loan at 7% p.a. will cost you\n$70,000 in annual interest. You need to generate approximately $150,000 of\nadditional pre-tax income to fund this interest cost (i.e. $150,000 pre-tax\namounts to $70,000 after-tax). That is expensive. <\/p>\n\n\n\n<p>However, in a lower interest rate environment,\nnon-tax-deductible debt becomes less of a cash flow burden. This allows\nborrowers to (1) repay this debt at a faster rate and\/or (2) divert a portion\nof their cash flow towards other wealth accumulating activities. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">I would almost never recommend investing $1 million in the share market in\none hit<\/h3>\n\n\n\n<p>From a practical perspective, I would not recommend anyone\ninvest a large lump in the share market in one tranche, particularly borrowed\nfunds. Instead, I would prefer to invest the money in smaller tranches over a period\nof many years. This spreads your timing risk as the share market is twice has\nvolatile as the property market. <\/p>\n\n\n\n<p>I only assumed the $1 million was invested in one lump\nsum for academic purposes \u2013 to make sure I\u2019m comparing like for like strategies.\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Home strategy will only work if you downsize<\/h3>\n\n\n\n<p>Whilst the \u2018home upgrade\u2019 strategy produces the best\nresult, it is will only help you fund retirement if you sell your home in the\nfuture (i.e. downsize) to crystallise the additional equity. <\/p>\n\n\n\n<p>I caution people about relying on crystallising home\nequity as a primary strategy. It is okay as a \u2018plan b or c\u2019 but typically not\nas a primary strategy. The reason is that often people become attached to a\ncertain location due to its amenity and community connections. They might like\nto downsize in accommodation size but stay in the same area. That does not\nalways translate to a commensurate downsize in value. That is, selling a family\nhome and buying a new, low-maintenance townhouse in the same location may not\ngenerate as much \u201ccash\u201d (to fund retirement) as you may initially anticipate. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax benefits associated with property are far less compelling &nbsp;<\/h3>\n\n\n\n<p>In the past, one of the benefits of investing in property is that it would reduce the amount of tax the investor paid i.e. due to <a href=\"https:\/\/wealthcoach.com.au\/stage\/negative-gearing-work\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">negative gearing<\/a>. This was true in a higher interest rate environment, but in a low interest rate environment, tax benefits are far less compelling. <\/p>\n\n\n\n<p>For example, the rate for a 3-year fixed investment loan is\ncurrently only 2.70% p.a. Rental yields tend to range between 2% and 4.5% i.e.\noften higher than current interest rates. Therefore, it is possible a property\u2019s\nrental income will be enough to pay for all its expenses including interest \u2013\nthereby not providing an investor any tax savings. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Your home can be a good investment <\/h3>\n\n\n\n<p>The key message I would like to convey is that your home\ncan be one of your best investments. For some people, it is practical and\npossible to purchase a home in a location that possess investment fundamentals.\nI always counsel my clients to do this, where possible. <\/p>\n\n\n\n<p>Of course, the primary reason to purchase a home is for\nlifestyle purposes, and I understand that. But sometimes it is also possible to\ndo both i.e. buy an investment-grade property and occupy it. And doing so can\nmaterially aid wealth accumulation efforts. <\/p>\n\n\n\n<p>Therefore, don\u2019t be too quick to discount a potential home\nupgrade purely as a lifestyle decision. There can be some important financial\nconsiderations too, which may or may not aid your wealth accumulation efforts. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>A few months ago, a reader of this blog asked me to analyse two options. Option one is to borrow more money to fund an upgrade of your family home&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[18],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Upgrade of your family home or borrow to invest? Whicj strategy?<\/title>\n<meta name=\"description\" content=\"Which is a better wealth accumulation strategy? Upgrade of your family home or borrow to invest in property or shares? 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