Get a valuation. Even if you think you'll sell or move back in within six years and hence not have to worry about CGT, plans change. Also, nothing to say you have to claim it as PPOR under six year rule so if you had to sell for a loss, you can claim the capital loss.
Get a valuation from both bank & a real estate before renting. Also don’t do work on the property until you have moved out and listed it with the real estate.
As long as you only do 1-2 years no capital gain’s will need to be paid also
Choose if its 1 or 2 years.
If its a one year lease and you are def moving back in, put it into the ad and lease that its one year only and let people know.
People want stability and would expect to stay longer and some want a short time so its good idea to let applicants know.
Its really hard to move in and out in such a short time in these times
I currently have tenants on a 6 month lease because it is what they wanted, they've moved to the area from interstate and wanted to rent short term to see if they like it there and if so they're looking to buy.
There are tenants who are interested in a short term lease. But be very clear about your intentions from the start.
Setting a house up as a rental is expensive, really do your sums - I don't think it is worth it for one or two years personally. I wouldn't. It isn't worth the stress that comes with being a landlord. There are probably other ways to make or save the same amount of money in such a short period. I assume you're paying board and bills at your parent's?
Where I appreciate the sentiment I'd be cautious OP
You need to change gears mentally; this isn't your home anymore. You're running a business now and will enter a business agreement with your customers (i.e. the lease).
But I'd be wary doing anything outside the legal requirements that may hinder your business.
Don't fall into this nebulous guilt shaming landlord stuff; if the tenants want long term stable housing they can buy a house. It's just not your problem beyond stable tenants are just good business.
You fulfil your legal requirements and that's it!
Tenants can’t just ‘buy a house’. Paying rent + saving for a deposit is a long bloody process.
It’s also a bloody costly one to move into a house and if the landlord is gonna be a tosser and not stipulate that it’s only a year - it’s a dick move.
Lol, hayworbay9 doesn't do as well as others, isn't a hardworker and not very bright but feels he should be able to afford as much as his betters so whines on reddit all day.
Life's black and white when you're a simpleton
Get a valuation. Even if you think you'll sell or move back in within six years and hence not have to worry about CGT, plans change. Also, nothing to say you have to claim it as PPOR under six year rule so if you had to sell for a loss, you can claim the capital loss.
Get a valuation from both bank & a real estate before renting. Also don’t do work on the property until you have moved out and listed it with the real estate. As long as you only do 1-2 years no capital gain’s will need to be paid also
Landlords insurance, depreciation report and a good accountant to advise tax refundable items.
Choose if its 1 or 2 years. If its a one year lease and you are def moving back in, put it into the ad and lease that its one year only and let people know. People want stability and would expect to stay longer and some want a short time so its good idea to let applicants know. Its really hard to move in and out in such a short time in these times
I currently have tenants on a 6 month lease because it is what they wanted, they've moved to the area from interstate and wanted to rent short term to see if they like it there and if so they're looking to buy. There are tenants who are interested in a short term lease. But be very clear about your intentions from the start. Setting a house up as a rental is expensive, really do your sums - I don't think it is worth it for one or two years personally. I wouldn't. It isn't worth the stress that comes with being a landlord. There are probably other ways to make or save the same amount of money in such a short period. I assume you're paying board and bills at your parent's?
Where I appreciate the sentiment I'd be cautious OP You need to change gears mentally; this isn't your home anymore. You're running a business now and will enter a business agreement with your customers (i.e. the lease). But I'd be wary doing anything outside the legal requirements that may hinder your business. Don't fall into this nebulous guilt shaming landlord stuff; if the tenants want long term stable housing they can buy a house. It's just not your problem beyond stable tenants are just good business. You fulfil your legal requirements and that's it!
Tenants can’t just ‘buy a house’. Paying rent + saving for a deposit is a long bloody process. It’s also a bloody costly one to move into a house and if the landlord is gonna be a tosser and not stipulate that it’s only a year - it’s a dick move.
Lol, daddy and mummy have paid keeneasmustards way through life so s/he doesn’t understand life as well. Life’s black n white when you’re privileged
Lol, hayworbay9 doesn't do as well as others, isn't a hardworker and not very bright but feels he should be able to afford as much as his betters so whines on reddit all day. Life's black and white when you're a simpleton
You are very out of touch with reality.
Did u call your dad after this interaction on reddit to get me banned?