I have a tenants-in-common property held for 8 years (as my PPOR)
The other party is now buying me out.
I bought another property during sale discussions to be ready to move in, intending to reno the new one and move in (becoming new PPOR).
However, due to solicitors taking time and xmas, it's now about 4 months between purchase of new house and the sale of the first.
Also, a major reason for the move & reno was having an ageing mother at home so I could look after her; the Dr's now say she couldn't take the stress of moving, so I'm left with an expensive problem!
The combination of wasted time, repayments on the 105% loan (x-coll!), and no ability to care for my relative, mean I've decided now to reno and sell the new house ($700k buy, $60k reno, $800+ sale).
I can't really start the reno until the sale of the old house finalises (due to $$).
Now, as I understand it, I can only have the one PPOR.
If the first house sale goes through this week, what is the best financial decision on PPOR for the intervening 4-5 months of time between houses - which is better financially for me to have as my PPOR given I'm flipping the new one but the old one was PPOR for 8 years?
ie.
House 1 = PPOR upto October 2014
House 2 bought October 2014
....which is PPOR during this time?....
House 1 sold Feb 2015
House 2 = PPOR from Feb 2015
Note that there has been no income from either house during the period - no rent, etc.
Thanks
The other party is now buying me out.
I bought another property during sale discussions to be ready to move in, intending to reno the new one and move in (becoming new PPOR).
However, due to solicitors taking time and xmas, it's now about 4 months between purchase of new house and the sale of the first.
Also, a major reason for the move & reno was having an ageing mother at home so I could look after her; the Dr's now say she couldn't take the stress of moving, so I'm left with an expensive problem!
The combination of wasted time, repayments on the 105% loan (x-coll!), and no ability to care for my relative, mean I've decided now to reno and sell the new house ($700k buy, $60k reno, $800+ sale).
I can't really start the reno until the sale of the old house finalises (due to $$).
Now, as I understand it, I can only have the one PPOR.
If the first house sale goes through this week, what is the best financial decision on PPOR for the intervening 4-5 months of time between houses - which is better financially for me to have as my PPOR given I'm flipping the new one but the old one was PPOR for 8 years?
ie.
House 1 = PPOR upto October 2014
House 2 bought October 2014
....which is PPOR during this time?....
House 1 sold Feb 2015
House 2 = PPOR from Feb 2015
Note that there has been no income from either house during the period - no rent, etc.
Thanks
