@rockstar....she is a heritage house so need to keep facade
Should've bought a male house. No facade issues then. Also look forward to the pics of the lady's transformation.
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@rockstar....she is a heritage house so need to keep facade
If you have owned it for 7 years as a rental, could you sell it to your wife (assuming it is in your name). You will pay capital gains tax on the gain so far (which you pay anyway - whenever you sell).
You sell it for the cheapest you can get away with but must have comparables to support the figure. It then becomes purely PPOR and the big renovation will be done to increase it's value but you will not pay any tax on the gain you will one day make.
Does this sound like a workable plan?
As a matter of interest we're planning to do something simular to our PPOR (therefore zero CGT )
In inner North West Melbourne also to a period Victorian (double fronted) although freestanding.
Keeping front/main 5 rooms (2 bed, main bath,study & dining) and knocking down the rear (about 9m W x 4.5m long + veranda ~1.5m)
Will be retaining same footprint (rear veranda will be about 1 mtr wider)
House is on a small slope so will be adding basement for storage & laundry
(about half below ground level & half above)
Replacing open plan Lounge & kitchen (which will open into existing dining)
New upstairs main bedroom, WIR & onsuite + small Balcony
Indicative quote with our builder of choice is $270k to $300k (decent fittings - Smeg &/or Bosch & Roger Sellers ) plus Architects fees (quoted ~ $20k)
looks like a good quote...im guessing you are in coburg or pascoe vale?
Good luck!