Hi there,
As I sit here freezing my …. off, I was wondering whether anyone has bought a investment property and later moved into that house, be it in another state or territory? What were the logistics you faced in doing this?
I for one have been considering purchasing an IP in QLD just to escape this winter weather…(Buy and hold)Blue fingers [
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Sooshie []“small steps make the journey” (SAS)
Not me, only bought PPOR live their for 2 years and move out, rented out.
Chan$
Hi Chan$,
What were the logistics in doing that? Did you have this in mind when you first bought/moved into your PPOR?
Cheers
Sooshie []“small steps make the journey” (SAS)
Sooshie where are you located at because it is quite cold here in Brivegas today. You sure you want to move?
Hi there,
I’m located in Melbourne South Eastern Suburbs. 10 minute drive up South Rd from the beach.
I could do with another holiday in Fiji! []Cheers
Sooshie []“small steps make the journey” (SAS)
Hi Sooshie. Haven’t done this yet, but I intend to (sometime later, prob at least 3-5 yrs away). I live in Sydney and have 2 I/P’s at Redland Bay, Qld and if things go to plan I want to move into one of them. Things to consider are in my opinion are mainly family oriented. By that I mean, I have a 16 yr old son who obviously I want to come when we move but depends on what he is doing with work etc. Also the move from existing family and friends comes into consideration, even though I keep telling my wife “they’re only an hour away by plane”. To finance such a move is not a major problem, just sell my ppor here in Sydney, reduce debt and off I go, that’s why I need the 3-5 yrs. Anyway, enough of my ramblings, hope this hels in some form or another.
Have a nice day[]
MartySooshie,
At the time that I bought the PPOR, I intended to live their for 5 years. Once I have enough money then I will build my dream home and rent it out the first PPOR. But circumstance changed, my beautiful baby, Kayla arrived. The PPOR is a bit too far from our parent home so it is very hard for us to take Kayla back and for everyday.
So we decided to move out earlier about 2 years. We had one IP close to our parent’s home. We have to work out weather moving into the IP is better than rent in the area. After putting pen on paper and do a bit of calculation. It is better off to rent in the area. Luckily my sister in-law had one IP in the area as well so we rented from her.
She is so generous to us. She paid everything that we want to change in the house ie. carpets, new painted …which mean it is just like our home now and we don’t have to worry when the landlord going to kick us out. The other advantage is that my sister in-law don’t have to worry about vacancy in the future.
In summary:
Advantages: 1. Closer to parent 2. Cheaper to rent
3. more tax benefitDisadvantage: 1. Amount of money that you pay to the landlord is a dead money. You will never get it back.
Chan$
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