All Topics / Help Needed! / Thinking of renting out our home and renting some where else???

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  • Profile photo of LouieroLouiero
    Member
    @louiero
    Join Date: 2011
    Post Count: 6
    January 26, 2011 - 10:59 am

    We want to move closer to the beach so we are thinking of renting out the family home for 12 months to see if we enjoy living closer to the beach. Of course we will but it will come at a cost of longer commute times. We would rent at a similiar price. Anyone ever done this.  What are the negatives and positives? 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 26, 2011 - 12:02 pm

    Wont comment on the pluses and minuses of doing this but would make comment on the lending side.

    Strongly recommended that you if you have a  P & I loan you switch it to an interest only with 100% offset as this will preserve the interest deductibility

    Richard Taylor | Australia's leading private lender

    Profile photo of LouieroLouiero
    Member
    @louiero
    Join Date: 2011
    Post Count: 6
    January 26, 2011 - 12:05 pm

    Thanks for your input Richard.

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