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Hi DD
It is certainly lots of food for thought. We have decided to definatley rent our PPoR and will look at where to buy our second IP. Just the money saved through not selling is enourmous much less the captial gains as both hubby and I are in a high tax bracket.
So we will do a bit of tiding up of the house, and look for something that suits us to rent and put our house on the rental market.
We just have to do a bit more homework on tax deductions, landlord ins and property managers, we want to make sure that we know what the pitfalls are before we venture out.
Thanks for all the help
cheersHi Derek,
You are right the emotional side can definately cloud your judgement.
We have renovated the house over the last 5 years, but it is still a 30 year old house and we are ready to move.
So here is what we are toying with.
Keeping the house as our first investment property and using the equity to obtain a second IP. Renting something that better suits our needs now that the nest is empty.
We still have a lot of research to do first and a few questions to ask but everyone like you has said to KEEP the pre 1985 house.
We also now have to find a good property manager so that we get the right kind of tenants into the house. Any ideas on that one would be appreciated.
cheers
We are also new to this and were given the name of a company today from my husbands boss. It is the McCarthy Group – are they also the type of company you are talking about?
He has been trading with this company for a number of years with properties in Darwin and Cairns, they appear to be all for new properties though.
Thanks heaps, actually we went and sat with our accountant last night who also gave us a few options one of which is very similair to what you have stated.
Any other ideas from you savvy guys out there?
We just want to make sure that we are on the right track!!
Okay, so what you are saying is that we should use our existing home as our first investment property and then use the equity in that to purchase our second investment property?
