All Topics / Help Needed! / Simple Question for investment property

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 4, 2011 - 9:01 pm

    Hello,

    I have just purchased a property and having trouble selling my current one.
    Just want to know if I could rent the newly bought property for few month so I could have more time to sell the current one and then move in to the new one?

    also i have received the land tax notice asking whether the new property has been rented, shall I notify the land tax office as soon as the property has been rented? then notify them soon I have sold the old one and move in to the new one?

    bit confuse at the moment

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    January 4, 2011 - 9:15 pm

    Land tax is only payable once you have exceeded the threshold with your ppor being excluded from the total. If you were not living in one house at 31/12 & your land value exceeded the threshold, then you may be liable for land tax.

    If you fail to register for land tax & are liable, Then you may face penalties as well.

    Is this a case of ‘cold feet’ as the agent hasn’t sold your old house, has the property gone ‘stale’, has the market shifted, are you asking too much?

    If you rent out the property, will you be comfortable with the level of debt & be able to hold off selling until the market improves or keep it as an IP?

    Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 4, 2011 - 9:28 pm

    Thanks for the reply,

    With renting the old house out, it pay off its own mortgage and I am comfortable with both mortgage at the same time.

    I just need to if I could move into the new one (rented one) after I have sold my old one, how come someone told me I couldn't move in untill I have paid off the mortgage?

    Thanks

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    January 4, 2011 - 9:57 pm

    Taking advice from people who don't know about your financial circumstances will often cost you money (it may even benefit them).

    Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 4, 2011 - 10:13 pm

    so I could move in? cheers

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 5, 2011 - 7:00 am
    jcar11457 wrote:
    so I could move in? cheers

    Hi Jcar

    What exactly did the person say? The one that said you couldn't move into the new place?

    Seems strange.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jenny321Jenny321
    Member
    @jenny321
    Join Date: 2011
    Post Count: 4
    January 22, 2011 - 6:42 pm
    jcar11457 wrote:
    Hello,

    I have just purchased a property and having trouble selling my current one.
    Just want to know if I could rent the newly bought property for few month so I could have more time to sell the current one and then move in to the new one?

    also i have received the land tax notice asking whether the new property has been rented, shall I notify the land tax office as soon as the property has been rented? then notify them soon I have sold the old one and move in to the new one?

    bit confuse at the moment

    Do what is convenient to you but you have to weigh the pros and cons. About the land tax, you can inform them your situation and just do whatever they will suggest.

    Goodluck!

    Jack Property Investment

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