Hi all
I am preparing to buy my first property but its going to be a block of land in a different state to which I live. My plan is to get the land which will be in WA now to prevent price rises in the future, pay it off in 5 to 6 years and then move to WA and start building my first house on that land once its paid off in the first few years.
My question is since its my first time buying a property but seeing I am only buying a lock of land and will be living in a different state will it be viewed as my first property thus not having to pay stamp duty, transfer & registration fees or will it be viewed as an investment property thus having to pay all that?
Also if its viewed as an investment property, will the mortgage interest on the land be tax deductible but its not earning me any income as its a land not a house on a land that I am renting out?
If this is not a good investment choice what other strategy would you recommend? I guess what I am doing is planning for my future more so than investment at this point as I am planning to move over in a few years time and want to get into the market while I can financially afford to.
I am preparing to buy my first property but its going to be a block of land in a different state to which I live. My plan is to get the land which will be in WA now to prevent price rises in the future, pay it off in 5 to 6 years and then move to WA and start building my first house on that land once its paid off in the first few years.
My question is since its my first time buying a property but seeing I am only buying a lock of land and will be living in a different state will it be viewed as my first property thus not having to pay stamp duty, transfer & registration fees or will it be viewed as an investment property thus having to pay all that?
Also if its viewed as an investment property, will the mortgage interest on the land be tax deductible but its not earning me any income as its a land not a house on a land that I am renting out?
If this is not a good investment choice what other strategy would you recommend? I guess what I am doing is planning for my future more so than investment at this point as I am planning to move over in a few years time and want to get into the market while I can financially afford to.