Forum Replies Created
Hello all,
Quick question for any experienced and knowledgable property people relevant to the thread.
I heard recently that when a investment/property is gifted by a parent to their child when they marry it is not subject to Stamp duty, pending certain conditions like the period of time before or after the wedding.
It sounds ludricous in todays day and age, but can anyone shed any light on this or even heard of it?
Any resposnes appreciated
Hi
You have a lot to think about. You are in a good position, have a good asset. What city?I think you need to put your family first, Get the happy home and invest from there.
Things to consider
1) Do you have to go your PPOR so high? Could you find an area closer to 600K, don’t get to caught up with status
2) Could you get your apartment valued so at least you know your equity level to perhaps assist with borrowing….ad could you refinance it and access equity and turn it to a rental? I would be reluctant to sell if I didn’t have to
3) Interests rates low and the market could significantly move in the time it takes to save what you wantLots more knowledgeable people here can assist with much more, but I think it is more of a lifestyle decision for your family.
Wish you the best
A great idea. I’ve got one IP and ready to look at number 2. I’m also out West. Have actually been of the forum for a while but a new fond impetus and positive circumstances have brought me back so keen to meet with others to learn.
Will email you Daniel
Hi Jacqui_03
Congrats on getting your into your 2nd IP.
Yes, very similar situation. I think JacM advise is on the money. You can read and ask others and assume things but you may as well call a quantity surveyor in the area you need straight up and explain your situation. I understand most of the good ones will be able to tell you if its worth doing or not. I know I'm going to.Have you heard of Scrapping? sounds good for an old place
I don't want to rag to much on agents, but I definitely wouldn't take advice from a PM in relation to depreciation schedules. The advice they gave sounds a bit "she'll be right' but they are not the ones paying your bills
You would have to check on the renovation receipts/costs you mentioned with an accountant-they may be part of your cost base that only become relevant when/if you comes to selling and calculating CGT.
Cheers
