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Just my 2c and this is purely a personal POV but I think there is a major distinction between a studio apartment and a 1brm apartment. It might add a little to the purchase price in getting a separate bedroom but they seem to rent much quicker than studios at least in Brisbane.
(No empirical evidence to back this up and I'd be interest to hear others points of view)
Cheers,
AndyDitto what Scott said.
I have a boarder (own a 2brm unit) and so I declare his rent but I also claim half of all my property expenses. Nice way to get some tax effectiveness from my PPR and legitimately reduced my tax.
In your case, if it's for a short period only and you don't intend to repeat it in the future then the extra bookkeeping might not be worth it but put simply, I would always declare it.
Hope that helps,
AndyHi Sonya,
they are rare but they certainly do exist in Australia. I've had one great client who for the last 10 years has been flipping vacant lots sold by councils. The points she made me aware of when first inquired about these were;
– the auctions only happen infrequently and some councils only hold them ever 1-3 years due to the low volumes and significant legal work involved.
– just because a property is being sold this way is no guarantee of a bargain so research, research, research!
– the councils she had the most luck with were rural and remote communities where lots could be bought for $3k – $30k.
– the auctions can be very poorly advertised, the best way she recommended was to call up the local councils directly and inquire.Good luck and hope that helped some,
Andy
ps woohoo! Finally able to post on something I know about!
