Hi guys
I am just about to buy my first property with my partner. The plan is to live in this property as it is in a regional location (where I already live) and will save us bout 100 dollars a week compared to renting. The plan is to live in this property and do renovations as we go to increase the value but ultimately for an investment purpose. In terms of depreciation we obviously can’t claim anything while living there but how does it work if we move out say 2 or 3 yrs down the track. Can we start claiming then and is it worth it. CheersIf you were to move out and then use it for income producing purposes (renting it out) then for sure it would be worth it. You would get capital works deductions for your renovations and can depreciate the fixtures and fittings. The combination of the rent you receive and the deductions and depreciation that you may get may make a big difference to your cashflow. Good luck.
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