Doing well, why move out now?
When i first bought my IP1 I moved into it to renovate it and spent a few months there but the intention was to move back in at home to pay the thing off.
- parents are cool with the occasional sleepover visitor though it can make for some awkward moments
- I haven't really thought about capital gains as i intend to never sell. eg. buy and hold portfolio
- sounds like an interesting book + thanks for the advice!
MAN shell out for at least a hotel! It sounds like occasional means well minimal..Heres a plan move out and get laid more
Righto then. No, your thinking is not sound.....you have a major fundamental flaw that needs immediate attention. You're trying to build a skyscraper with no foundation. What's the flaw ??
You're 28 y.o. and still living with Mummy & Daddy !!! In my book you've overstayed your welcome by a decade. Forget the numbers, this trumps everything.
So, you're a 28 y.o. fully grown man with a fully paid off property earning a great wage and you're still living at home with Mummy & Daddy.....
Turn it up. You don't need financial advice from your accountant. You need a great big pair scissors to cut those apron strings...they are choking you.
Instantly move out of Mummy & Daddy's hotel, apologise for leaching off them for 10 years too long, send them on a long holiday at your expense as a tiny token of appreciation for what they have done for you over the last 10 years whilst you've been a semi-adult....move into your own property and get on with life.
Jesus, these Gen X parents have a lot to answer for....they are raising a bunch of wet handbags. Come on BigV, grow a pair and stand on your own two feet for the first time in your life....see how it feels. I've got visions of a baby giraffe taking it's first wobbly steps.
Forget property, financial and tax suggestions....that's minor stuff. You need to ask some harder life questions and get it sorted.
Perhaps this may have been said in a more civilised manner
however, direct and precise is effective.
How long ago was that? Would it still qualify for the 6 year PPOR rule? That rule is that if you lived in a property as your home - then moved out and owned NO other "home" - you can claim the property as your residence for up to 6 years afterwards and hence pay no Capital Gains tax for that period.
You can own as many investment properties as you like - but you can only claim one as your tax free PPOR at a time (with a 6 month changeover leeway allowed) and you must be able to prove that it was your PPOR - whether it was for 1 week or two months.