Hi everyone I’m hoping that you may be able to offer some suggestions of ways around my problem.
A year ago I bought a property to renovate and sell on for profit. When I signed the contract it was my intention to move into the house and rent out my house. Renovate the new house – sell – then move back into my house. However, the problem is that I only owed about $50,000 on my house and the new house had been bought for about $450,000 (including costs and renovating budget). So in order for it to all work I needed to transfer the equity from my house to the new house and the loan of $450,000 to my house. I was told by my accountant that I wasn’t able to do this. So I stayed in my house, rented out the new house with the priviso that I had free access to come and go to work on the garden ( and it has taken me the year to clear the block and rebuild walls etc). But with the lease nearly up and now needing to move into the house to renovate there I’m back to my original problem. I don’t want to sell my house as I really like the location and the kids are attached to it. The kids are happy to move for the year but on the priviso that they get to come back to the family home.
Any ideas anybody?
My first impression would be to rent your own house out while you move into the other one to do renovations. Also I have just done the exact same thing and have come to a great realisation.
We spent 6 months renovating it from scratch. And I mean we did everthing ourselves from the tiling to the pastering. painting etc…
I would strongly advise that unless you can work as fast and as efiecient as the tradies that do their particular trade ie: plaster as fast as the plasterer can plaster then I suggest you dont waste ime with those things. It only takes you 10 times as long and you are missing out on rent every week that goes by. For example, we spent weeks putting in new paster boards and in the end actually got a plasterer in to do it for us and he was done in a day which probably would have taken us a week (we could have done just as good a job but its the time spent). best of luckSnowflake
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