Move in or allow tenant to stay?

WattleIdo

WattleIdo

Getting close to the point where I have to decide whether to move into the run down house I'm buying or allow the tenant to stay on. Would love to read some other points of view to help me get out of my head.

Good reasons to move in:
  • More motivated to renovate and fix when I have to live there. Able to use split loan for renos.
  • Difficult to renovate and work on stuff while tenants are there.
  • Animals can get used to the new environment now rather than later.
  • Me too.
  • Slightly financially better off. I pay $260/week where I live now - tenant pays $230/week.
  • Can get internet and phone-line connected.

Good reasons to move in later:
  • Tenant has 4 kids and the house is close to schools - she really loves living there. Could get her set up on automatic payments.
  • I'm working so much at the moment. Love my jobs. Want to cut down but also like the work and the money. Vegetate when not working. Have to go back to looking after myself better soon but can make a little more hay for a few years yet. (right or wrong?)
  • Could take the renovations really slowly - save for them rather than use equity.
  • I really like the house I'm living in now - though it also needs work. Animals are safe and settled here.
  • Moving is such hard work.
 
I'm reading it as you want to stay where you are.
I think to change this you probably need a more compelling reason to move and renovate than the ones you have listed.

A financial reason maybe as everything else sound like it would sort itself out.

How quickly can you renovate it, how much value can you add by doing that?
How much nicer would the new property be in a renovated state than the property you are living in now?

Can you draw down some equity in the property after renovating it and use some for either life experiences or put towards another project?

It will be uncomfortable to move and discomfort is how you get growth in life. I dont know where your limits are as I don't know you personally but how far can you push the boundaries and still keep it together?
 
This question is no more inane than some of the other threads going on atm. How 'bout some input? Honestly, I'm madly going from one option to the next and just can't make up my mind.
Right now, I'm thinking to move in.
I know it's crazy but .... come on! :)

If you don't want to give specific advice, then tell me what you've done in the past if you've ever been in a similar situation. pleeeze
 
Stay with the status quo until you are sure.

With the tennant in place you can just wait until the right time to move.

You will probably be more comfortable with that - knowing you can move in at a time that suits you.

There is much more difficult to reverse a wrong decision if you move straight in.
 
Are you sure you will be better off financially by moving?

If you move you will not be able to claim all the expenses relating to the property as a tax expense (depreciation, rates, maintenance etc). This is probably worth more than $30pw.
 
Tonibell said:
Stay with the status quo until you are sure.
With the tennant in place you can just wait until the right time to move.
You will probably be more comfortable with that - knowing you can move in at a time that suits you.
There is much more difficult to reverse a wrong decision if you move straight in.
Click to expand...

Very true.


VaSSagO: If you move you will not be able to claim all the expenses relating to the property as a tax expense (depreciation, rates, maintenance etc). This is probably worth more than $30pw.
Click to expand...

Good point!
 
Stay where you are. Wait for a 'sign' that says you should move. Example of a sign would be the tenant giving notice.

If you want to veg out after work then don't move into a place you have to reno. Get the vegging out of your system first, renovate later.

vtt
 
yeah thanks. I need a big block of vegging and probably a helluva good holiday before I'd find the energy for doing any of the renovations myself - which I actually do want to do.
Maybe I'll keep being a workaholic until one or both contracts fall through and/or tenant wants to leave.
Great advice. Thanks
 
vtt said:
Stay where you are. Wait for a 'sign' that says you should move. Example of a sign would be the tenant giving notice.

If you want to veg out after work then don't move into a place you have to reno. Get the vegging out of your system first, renovate later.

vtt
Click to expand...

I agree with this post
 
Mr. Fabulous said:
Buy a pimpmobile and live in that.
Click to expand...

Largely an American phenomenon, a pimpmobile is a large luxury vehicle, usually a 1960s or 1970s or 1980's-model Lincoln or Cadillac or Chrysler vehicle, that has been customized in a garish, extravagant and kitsch or campy style.
Click to expand...

I don't think that would suit my current lifestyle but thanks for the suggestion....:eek:
 
Only just read this. Yeah, stay where you are and veg a little longer.

In December we looked at buying the very run down house in the next street from us, living in it for a year or two and renovating it after work/on weekends. Thankfully the vendors wanted too many $$ for it to be worthwhile and we said no. We have still got way too much else to stress about in our lives without that headache.
 
Angel: We have still got way too much else to stress about in our lives without that headache.
Click to expand...

Yeah renovating is hard work - very tiring.
While I'm working so much, I won't be able to do the hands-on stuff anyway. On the other hand, I'll have the dosh to pay for the stuff that needs to be done by the tradies. I can also keep living in the rented house I like so much and keep trying to buy it from the landlord (???).
Then again, the whole point of this venture is to gain more independence, reduce cost of living, work less, spend more time at home, get out of bed because I want to, not because I have to. If I was to move into the latest acquisition I could reduce hours and when I get some energy back, pick up the scrubbing brush, the paint brush and the tile cutter.
I'm not really constructively vegging in the current situation -at the end of the work day and on weekends, I've barely got the energy to cook dinner, do the washing and take the dogs for a walk.
I'm still swinging from one idea to the other and really appreciate the comments.
 
WattleIdo said:
Yeah renovating is hard work - very tiring.
While I'm working so much, I won't be able to do the hands-on stuff anyway. On the other hand, I'll have the dosh to pay for the stuff that needs to be done by the tradies. I can also keep living in the rented house I like so much and keep trying to buy it from the landlord (???).
Then again, the whole point of this venture is to gain more independence, reduce cost of living, work less, spend more time at home, get out of bed because I want to, not because I have to. If I was to move into the latest acquisition I could reduce hours and when I get some energy back, pick up the scrubbing brush, the paint brush and the tile cutter.
I'm not really constructively vegging in the current situation -at the end of the work day and on weekends, I've barely got the energy to cook dinner, do the washing and take the dogs for a walk.
Click to expand...

I think the last paragraph of this post is your answer :)

Cook good food, take the dogs for a walk, value the opportunity to have a rest after work. Perhaps create a special time of the day when you actually play with the dogs as well as walking them. Maybe a ball in the back yard or some other fun thing, you need to laugh and play with your dogs to get your mojo back.

Do this until you feel impatient to get on with the reno, then you are mentally ready :)
 
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