My question is $$$, should I renew the lease for the tenants or move in to keep FHOG
We have signed a contract that will settle in November on a $213,500 house, with 20% deposit in TAS.
the house is occupied with tenants who are paying $305 / week and there lease expires in September 2013, to Keep the First Home Owners Grant we need to move in before November 2013.
Rates = $1100
land tax = was told by work mate $400
land lord insurence = $600
property manger = ???
interest = 5.98%
What is the FHOG worth to you compared to the net rent that you will get (forget about the tax advantages in the first instance as the fhog is not income so would need to be compared as an after tax figure).
Will you be paying land tax in Tas or is it only applicable over a threshold? Check the office of state revenue website/google land tax in tassie.
Either way, if you decide to move in, be sure you are aware how much notice you have to give the tenants to get them out in time, You have to give notice even when a lease is expiring.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
JacM wrote:Either way, if you decide to move in, be sure you are aware how much notice you have to give the tenants to get them out in time, You have to give notice even when a lease is expiring.I believe you can give notice before the lease expires. So when the lease is up they have to leave, correct?
Hi James
That's not always the case.
I think in most states there's a certain amount of notice that needs to be issued for the tenants to vacate once the lease expires.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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