We intend moving our primary residence in the next 12 to 24 months.
We currently live in Kalgoorlie and our move would be to Perth.
The move sees us stepping up in housing price brackets, from 300k to 600k.
This is acheivable if some other investments are sold of along the way, which is not our preferred option.We looking for ideas/comments which would make the move as financially undisruptive as possible.
Hi Munchwood,
Why not rent out your Kalgoorlie house, and rent a house as your residence in Perth, whilst the prices are so high,
1. Saves stamp duty,
2. Saves borrowing costs,
3. Saves legal fees,
4. Saves buying an overpriced Perth house,
5. You can retain the CGT exemption on the Kalgoorlie house,
6. The Kalgoorlie house debt will become deductible,
7. The Kalgoorlie rent may help with paying the Perth rent,I can’t really see why you wouldn’t rent, but are there any other reasons that I haven’t mentioned here, anyone?
Hope this helps.
Trajik
Thats a great idea. Munchwood, you may also move over there and find out you don’t like it too. At least give it some time to see if you settle in before purchasing.
Terryw
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Hi Munchwood
I also think it is initially a good idea to rent in Perth especially with the market cooling. In 12 months time you may find Perth better value.
Also, looking at purchasing around $300K-600K, not sure what u could purchase for $300K , as median is over $430K, maybe a 1 or 2 bedroom unit?? I think u would possibly need closer to $400K for a home in suburbs.
Depending on where u want to live u can rent a largish brand new 4×2 for as little as $270 per week in beachside location.
Can rent beachfront in some southern coastal areas for around $350 per week, these are properties worth $1M+.
(Hard work never killed anyone, buy hey why take a chance)
Originally posted by Marisa:Hi Munchwood
I also think it is initially a good idea to rent in Perth especially with the market cooling. In 12 months time you may find Perth better value.
Also, looking at purchasing around $300K-600K, not sure what u could purchase for $300K , as median is over $430K, maybe a 1 or 2 bedroom unit?? I think u would possibly need closer to $400K for a home in suburbs.
Depending on where u want to live u can rent a largish brand new 4×2 for as little as $270 per week in beachside location.
Can rent beachfront in some southern coastal areas for around $350 per week, these are properties worth $1M+.
Im pretty sure what Munchwood said is he is moving from a 300k house to one that will cost around 600k.
I pretty much echo the sentiments of other people in this thread. Rent first and buy later unless you have an issue with renting.
Yes, after re-reading $300K to $600K.
Seems like we are all thinking along the lines that renting is the way to go.
Could rent out $500K home for around $270 per week, where you would be paying over $700 per week on interest alone.
(Hard work never killed anyone, buy hey why take a chance)
I would like to thank you all for your comments.
We will have to revisit the renting option.regards
Munchwood
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