Hello folks.
I have a question regarding a possible long-term plan I have...
I am considering purchasing a $390,000 PPoR. While I live there, I would rent one room to a border. I expect to fully repay the loan in about 6 years.
If I then buy a second PPoR, move out of the first property, and rent all the remaining rooms - thus turning the first property into an IP... What costs am I up for in order to change that first property from my PPoR to an IP?
Basically I'm trying to work out if it's better to claim the FHOG while it's available and live in the property first, or, buy it as an IP and rent all the rooms to begin with.
Thanks for reading...
I have a question regarding a possible long-term plan I have...
I am considering purchasing a $390,000 PPoR. While I live there, I would rent one room to a border. I expect to fully repay the loan in about 6 years.
If I then buy a second PPoR, move out of the first property, and rent all the remaining rooms - thus turning the first property into an IP... What costs am I up for in order to change that first property from my PPoR to an IP?
Basically I'm trying to work out if it's better to claim the FHOG while it's available and live in the property first, or, buy it as an IP and rent all the rooms to begin with.
Thanks for reading...