I almost own my family home and im thinking of renting it out. What are the pro’s and con’s. My main concern is capital gains… Should i refinance the property at todays value???????
Would it be easier to sell the home and purchase a new property to use as an investment…. HELP!!!You can keep your family home and rent it out and still claim it as your main home for a period of 6 years. If you sell within 6 years, it will be tax free (you can only claim one home as your main residence). So if you rent it will be good, you can claim all your expenses etc but if you are buying a new home this won’t work.
Refinancing or just increasing your loan would be good to get some more money for investments.
if you sell the home, you would have costs such as agents fees on the sale and then costs again when you purchase a new investment – stamp duty etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
HI Wanewbe,
Terry has given you a accurate and quick overview of some of your options and their implications. – but the key question is – what are you wanting to achieve?
This property should only be considered as part of a bigger picture – until we know what the picture is (your goal) then we really cannot pass effective comment beyond the implications menetioned by Terry.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
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