My friend and I have a lifestyle farmland meant for a single dwelling. our 2 families build a single dwelling house ‘cut’ in the middle and live side by side and we build a false wall in the centre with seperate water and electricity meters. Now I have to be posted overseas with my family. Can I rent out my side of the unit? Can my tenant claims rent subsidy for it? I surely hope to rent it out as the loan instalment is very high.
Anyone can give me advice? Thanks!
Yes you can rent it out, but there will be a few complications. Tenant could claim rental assistance etc too.
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 Terryw
Do you mind share more on the complication? In terms of the water and electricity, we have been checking the meter on a fixed day to see the usage and pay for it.
My second question is it is in Australia. Can this be done there?
Thanks again.
Whats the first question?
yes…to the second
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
First question was regardin the complications I think
Well, the tenants won't pay electricity so you will have to work out a formular with the other other on how much you will pay. Same with water – maybe you can charge tenants for usage but better if you build this into the rent i think.
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!
Will the city council approve renting out one side of the house?
The tenants can apply for rental subsidies even if it is not for the whole house?
Who should I ask about this? A real estate agent or soliticitor?Thanks for help, Terryw!
Kind regards
Juliecouncils don't approve renting houses. If you have an occupancy certificate then it can be lived in and it is up to you how much of the house you want to rent out.
What is there to ask?
If you want to ask about rental subsidies you would be able to find out from centrelink. But why worry about this as this is a tenant's problem. I imagine that as long as they qualify and have a written lease then they could get a subsidy.
If you are joint owners on the property then the other owner will also have to go on the lease. You can talk to your lawyer about leasing issues.
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 again, Terryw! Appreciate your help
no worries
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
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