I am considering buying a one or two bedroom apartment with a secure car parking space in the Spring Hill or Brisbane city area.
What are the implications if I make the apartment available for rent without the included car space and I use the car space for my own use (I work in the city).
Obviously I would achieve a lower return without the car space but it is quite common for inner city apartments not to include car parks, particularly the one bedders. The lower rent achieved would be more than made up for by the money I would be saving in weekly inner city parking fees.
As I would be borrowing 100% of the purchase of the apartment via an LOC and new borrowings, what sort of implications would this have in relation to negative gearing / tax?
I have looked on the net for car parks for sale in the inner Brisbane area for comparison purposes in my calculations but I have yet to find any.
Thanks
Mark
What are the implications if I make the apartment available for rent without the included car space and I use the car space for my own use (I work in the city).
Obviously I would achieve a lower return without the car space but it is quite common for inner city apartments not to include car parks, particularly the one bedders. The lower rent achieved would be more than made up for by the money I would be saving in weekly inner city parking fees.
As I would be borrowing 100% of the purchase of the apartment via an LOC and new borrowings, what sort of implications would this have in relation to negative gearing / tax?
I have looked on the net for car parks for sale in the inner Brisbane area for comparison purposes in my calculations but I have yet to find any.
Thanks
Mark