Hi All,
Need some advice please !!
We are about to accept an offer on our PPoR and purchase our next PPoR… Problem is that our next PPoR is in desperate need of extensive renovations (about 2 months work and approx $100k) before we can move in. I already have 2 young toddlers with number 3 due in 9 weeks.
How can we work the settlement(s) to our advantage? I'm thinking a long settlement on the new PPoR but with an agreement that we can gain access to begin reno works before settlement. But we dont have the $100k to start renovating until we get the settlement on our current place!!!
Thankyou
BoshieIt sounds like you need to include a special condition in the contract of sale on your existing property to allow you to rent it back for 3 months, and purchase the new property under an option agreement, so you can agree on a price now, and settle later. The option would allow you to access and alter (under the terms you set down), and you settle on the pre arranged price at a later date. For added security, you could also lodge a caveat over the optioned property for the value of any renovations you pay for, to reduce the chances of you ending up out of pocket.
I hope this helps.
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