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From: Mike .
I need advice re. negative gearing
From: Robert H. (Newcastle)
Date: 10 Nov 2000
Time: 14:50:17
Hi! I am lucky enough to own a terraced cottage in Erskineville (Sydney) probably worth around $240,000. I bought in 1983 and have seen the price increase to my advantage.
Now I find myself working in Newcastle and renting an apartment for $200/week. A friend pays me a nominal rent for the house in Sydney ($100/week) I cannot afford this situation to continue past Feb next year.
I have enough for a deposit on a property ($20,000), but can't decide whether I should rent out the property in Sydney and buy in Newcastle, or should I sell Sydney, buy something smaller in Sydney, and get a mortgage and rent it out and also get a mortgage for a property in Newcastle and live in it myself?
How does the negative gearing work?? If I rent out the house in Sydney I will have to spend about $6000 to upgrade.
I need advice!! THANKS
I need advice re. negative gearing
From: Robert H. (Newcastle)
Date: 10 Nov 2000
Time: 14:50:17
Hi! I am lucky enough to own a terraced cottage in Erskineville (Sydney) probably worth around $240,000. I bought in 1983 and have seen the price increase to my advantage.
Now I find myself working in Newcastle and renting an apartment for $200/week. A friend pays me a nominal rent for the house in Sydney ($100/week) I cannot afford this situation to continue past Feb next year.
I have enough for a deposit on a property ($20,000), but can't decide whether I should rent out the property in Sydney and buy in Newcastle, or should I sell Sydney, buy something smaller in Sydney, and get a mortgage and rent it out and also get a mortgage for a property in Newcastle and live in it myself?
How does the negative gearing work?? If I rent out the house in Sydney I will have to spend about $6000 to upgrade.
I need advice!! THANKS
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