Hi, i am considereing buying my first property in NSW utilizing the first home owners grant with the eventual aim that the home will become an investment property after 6-8 months. However the house i am interested in is Stata title owned. I am hoping to get some advice on this situation and what i should consider? in particular warning bells for strata owned property and are the fees i pay in any way tax deductible when it becomes and investment? Unfortunatley i am limited in my home options where i am and most of the places which i consider to be good and are in my price range are strata titled.
Thankyou in advance!
When the property becomes a rental fees, interest charges, rates, levies, charges etc become expenses which should be deductible against income generated.
With regard to security of title there are no differences between strata titled property or torrens title – this should not raise any warning bells unless the management records reveal issues.
Thankyou for your reply, Does anybody know how the government/property owner comes to decide if a property is to come under any form of strata title? Is it a matter of the current owner just wanting it to be strata and putting an application in or does a home need to meet certain requirements in order to be considered for strata title?
The house i am considering is part of two free standing units on a corner block. each unit has its own driveway to completely seperate streets, they do not share any common property like a wall, driveway or walkway. I believe at this stage they only share a water meter.
Thankyou, very much appreciated
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