Hello everyone,
I've recently stumbled across this forum and have found it to be very valuable.
As my husband and I have recently purchased our first property in Melbourne's North West we are relatively new to all of this and need a bit of help…so any advice would be much appreciated.
We plan to rent out the property for at least 6 months before we move in to try and save some money – we are lucky enough to be living rent free at the moment. Due to us receiving the FHOG the condition is we must move in within 12 months.
What do we need to know? What should we keep in mind? I have no idea about the tax implications etc..
I plan to rent out the property via an agent after settlement in July, however am not too sure of what the benefits/disadvantages are of renting out a property so any help would be MUCH appreciated.
Thanking you all in advance.
Good on you Cazza – and welcome to the forum.
Tax issues should not be too complex with this – after all, it will be your own home shortly. Whether or not you claim any deductions during the time you rent it out is up to you , but if anyone is renting sny house out I have seen and heard enough over the last few years to advise that the two most important things regardless are as follows –
1) make sure you let a good propery manager look after your property, who can screen tenneants, organise bonds, leases etc.
2) Get your home insured . Not just buildings and contents (which includes carpets, window fittings, and eny furnishings etc) but landlord insurance as well is esstenial. (Sometimes called tennant protection insurance or investor insurance too)All this cost s a bit, but if you shop around, you will do ok. …..and it is a small price to pay for the most possible security and hassle free 'journey'.
That said, all the best.!
Thank you for your advice v8ghia. We plan to do exactly that as I too have heard sopme shocking stories.
Can someone just clear up the following for me please. In another post I read the following comment –
If you move in immediately for at least 6 months and claim it as your PPOR, then you can keep it CGT exempt for up to 6 years…..
Will I have to pay CGT on the property if we rent it out for 6 months and then move in right after that? How do I get around this? Can we move in for one month to avoid this and then rent it out? Or are the laws different in VIC?
If I do have to pay CGT how do I work this out?
This is all so daunting!
Hello everyone,
Am I even allowed to be doing this – purchasing my first home and renting it out for 6 months and THEN moving in….or do I have it all completely wrong?
What can I claim tax wise once we have the tenants in there? Can we claim things such as blinds, paint etc..
Any help would be much appreciated.Renting property is better than buying it. The FHOG system creating lots of problems to every one. I heard an information the government not putting any taxes on rental properties. I heard it just one month back. For more details watch we sites related to real estate business. You can get clarity.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
