One title, two dwellings

[tr450]

Hi there,

My parents are looking to downsize their PPOR/free up some cash and I am looking for a place to call "home" for a few months of the year while I am not working. The plan is to buy a property together.

We have found a property that we feel is suitable - 3 bed house with a 2 bed studio (kitchen, bathroom, living & bedrooms), detached with enough distance to give each other some privacy.

I would like to generate some income while I am not in the country. This would likely be 9-10 months of the year.

Is there anything I need to know about zoning or restrictions that council can put on this? Would I be better off renting this as furnished/unfurnished (I have furniture anyway, I'd just clear our my valuables and lock them in the parents' house)? Is there anything else I need to consider - CGT and deductions maybe? I imagine I would just include power/water usage as part of the rent.

Thanks

 

[Terry_w]

Are you proposing a joint purchase with your parents using their funds?

Many things to conisder:
social security
cgt
loans
death
divorce
bankruptcy
fall outs
etc

There are many legal cases arising these days in relation to these sort of arrangements. watch out for elder abuse allegation - undue influence, unconscionability etc. Each party should get separate legal advice.

 

[Paul@PFI]

If they are older then also worth looking into the Granny Flat Centrelink concessions too.