Hi Everyone,
My Wife an I are currently considering the following,
Renting out the current property we reside in for $350 per week – current amount owing $300K in Western Sydney.
We are looking to move up the coast and rent, but would like to have an investment property in Sydney. Also if we needed to return to Syndey we would have the securty of this investment property.
If possible are there any specific issues we need to consider in making this move as we have not had an investment property before?
Thanks you all in advance.
Regards,
Ben
Hi Ben
Renting your Sydney house out is a simple process but it's made all the easier by making sure you get a great Property Manager (PM) to look after your asset. I'm sure our fellow forumites will be able to direct you towards a great PM in western Sydney.
Also, it's worth talking to your accountant about the Capital Gains Tax issues involved in renting out yout Principal Place of Residence (PPOR). There are also a lot of threads on this forum that cover this subject. A search should turn up quite a few.
You mentioned moving up the coast and renting. Instead of paying out dead rent money, you might want to look at buying a property with vendor finance in the area you're moving to. They're not available everywhere and you do pay a premium price for the properties but you can usually get them with a very small deposit and you get the benefit of the capital gain on the property after you move in.
A pretty good list of available vendor finance properties can be found at:
http://www.renttoownhome.com.auCheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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