All Topics / Help Needed! / Should I stay renting??

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of shergarshergar
    Member
    @shergar
    Join Date: 2006
    Post Count: 7
    July 18, 2006 - 2:06 am

    Hi,

    Looking for a few pointers if anyone out there can help?

    My situation is that my wife and I (and kids) have moved from Sydney to Brisbane recently. We have an IP in Sydney which is rented and we have one in the Gold Coast which is rented and we are also renting ourselves at the moment.
    We are looking to move into our own house on the GC soon but I just wonder is it the best move as I have often heard that you should never live in your own IP.
    It will need some work I presume as its been a rental for close on 8 years.

    Should I move in or not? Is there advantages one way or the other?

    Thanks in advance.
    [thumbsupanim]

    Profile photo of cbellesinicbellesini
    Participant
    @cbellesini
    Join Date: 2005
    Post Count: 72
    July 20, 2006 - 11:30 am

    I suppose if it were me I’d base my decision on how much equity I have in the house. If you live in it you will no longer be able to claim interest costs etc as tax deductions. Also be careful of capital gains implications. It all comes down to what are your life and financial goals?

    Profile photo of frinifrini
    Member
    @frini
    Join Date: 2005
    Post Count: 15
    July 20, 2006 - 11:47 am

    If you are planning on moving in, I would get a valuation done now, especially if you are planning on doing work to it once you move in.
    A conservative valuation would definitely suit, then if you move out again later, another valuation would be the go, this time a more upbeat value would be good.
    This would help if you eventually sell.
    I also agree with the last post, it depends on how much equity and what you ultimately want…

    Profile photo of Luke TaylorLuke Taylor
    Participant
    @world-changer
    Join Date: 2005
    Post Count: 415
    July 21, 2006 - 10:18 pm

    Do you have an idea of an area you are thinkin you would like to live (Brisbane you said?) apart from where yr rental property is?
    As sometimes if its going to be yr family home for a fair while their will probably be some emotion involved.So it maybe wise to rent in the area first that u like to get a feel for it if you really want to live thier.(it sounds like yr doing ths?)As you may be able to make another purchase if you like the area, instead of moving into yr IP.
    Have a good look at the equity you have in yr propertys and how much you can afford.

    We’ve got 70 yrs on planet earth,Lets make the most of every day!

    Luke Taylor | Hope Property Investing
    http://hopepropertyinvesting.com
    Email Me

    Property Support,Strategist and Buyers Agent

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.