Help! New to property investing... - PropertyInvesting.com

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lizzie0185
Member
@lizzie0185
Join Date: 2008
Post Count: 13
October 31, 2008 - 10:31 am
Hi
Both my partner and i are looking to buy our first home/investment property. We are going to occupy the residence for a couple of years, try and pay as much as we can off it then rent it out. We are both new to this so i would like some advice.
Here are my questions:
Do i pay body corporate fees on torrens titles homes?
What do strata fees include?
Should i buy a torrens title residence instead of strata title residence?
Who would be the best person to talk to about this eg. financial advisor, accountant etc etc ?
Thanks
lizzie0185
Member
@lizzie0185
Join Date: 2008
Post Count: 13
October 31, 2008 - 10:39 am
Any other advice would be great.
Skip101
Member
@skip101
Join Date: 2005
Post Count: 33
October 31, 2008 - 11:37 am
lizzie0185 wrote:
Hi
Both my partner and i are looking to buy our first home/investment property. We are going to occupy the residence for a couple of years, try and pay as much as we can off it then rent it out. We are both new to this so i would like some advice.
Quote:
Here are my questions:
Do i pay body corporate fees on torrens titles homes?
No body corporate fees apply to torrens title properties
Quote:
What do strata fees include?
Strata fees CAN cover building insurance (owners need only arrange their individual contents insurance), pest control, common water consumption, maintenance and repairs of common areas, common garden maintenance, management fees to the strata company and so on.
Quote:
Should i buy a torrens title residence instead of strata title residence?
Torrens title may present you with more options for development etc, but strata can also be an effective investment, depends on the circumstances
Quote:
Who would be the best person to talk to about this eg. financial advisor, accountant etc etc ?
Everyone will have an opinion, but I'd suggest your accountant.
Edvico_kvn
Member
@edvico_kvn
Join Date: 2008
Post Count: 46
October 31, 2008 - 12:17 pm
Hi Lizzie,
By purchasing your PPOR and living in it for the first couple of years before renting it out, provides you the opportunity to take advantage of the 6 year main residence CGT exemption.
I have written an article on this topic which you may find useful. It contains a simple numerical example to help you understand this very important Capital gains tax minimisation strategy.
Feel free to shoot me and email and I'd be happy to forward a copy of this article to you.