Hi,
I’ve owned my unit in Brisbane’s north for 3 years and am now looking at moving out with my partner and turning my unit into a rental property. Where do I begin in setting up my unit as a rental property?
What do I need to know?Who should I be speaking with?
Is this a good time in the market to do this?
Also, the unit complex has an onsite manager, who looks after a couple of the rental properties. I’m not sure whether I should use her to manage my unit as well or go through a real-estate. What are everyone’s thoughts on onsite property managers?
I’m looking for any advice from those who have been in my situation and if you could do it over again what would you do differently now that you’re an experienced investor.
1- speak to real estate agent and shop around for different management fee
2. Theres not much you need- ID….it’s self explanatory once you see the agent.
3. ONe site agent or not doesnt matter, as long as they are good at what they do.Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
So this is your place and you'll be moving into your partners place? is that correct? Or are you and your partner moving out and you both own it?
If the first is the case you can rent out your unit for 6 years and not pay CGT (as long as you don't claim another place as your PPOR (Principal place of residence). Important if you sell later. Move back in within 6 years (even if only for a few months) before selling. Otherwise you pay CGT on all the CG.
Check realestate.com and find out what the rents arte. Speak to a few agents. Get a rental appraisal. While they are there ask for any suggestions that will make the place easier to rent or to increase the rent (paint etc).
Catalyst wrote:So this is your place and you'll be moving into your partners place? is that correct? Or are you and your partner moving out and you both own it?If the first is the case you can rent out your unit for 6 years and not pay CGT (as long as you don't claim another place as your PPOR (Principal place of residence). Important if you sell later. Move back in within 6 years (even if only for a few months) before selling. Otherwise you pay CGT on all the CG.
Check realestate.com and find out what the rents arte. Speak to a few agents. Get a rental appraisal. While they are there ask for any suggestions that will make the place easier to rent or to increase the rent (paint etc).
Note, only one main residence is allowed between spouses. So if the partner is a spouse (married or defacto) and has a main residence then the 6 year rule may not apply.
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
Thanks for the replies.
This is my place (living alone atm) and I'll be moving into a rental house with my partner – we are currently looking for a house to rent in Brisbane. My partner doesn’t own any property; however we are planning to buy again in the next 5 years.
I know that the other units in my complex rent for $320 per week (managed through the onsite manager) and up to $350 (through the real estates). My accountant also has a real estate side to the business and can manage my property, however they are not a well-known agency like; Ray white. Does this matter? On the plus side It would make my accounts/Tax a hell of a lot easier to manage
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