Oh Dazz - you're a tough nut(p.s. I moved out at 19 - mortgage at 21)
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I was 17 when I moved out of home...maybe that's why I required all our kids to be out at 18
Owned first property at 20.
Didn't actually have a mortgage until I was 30.
Why live in a PPOR?
- Thread starter BigV
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I was 17 when I moved out of home...maybe that's why I required all our kids to be out at 18
Owned first property at 20.
Didn't actually have a mortgage until I was 30.
Exactly - I agree.
Give it another couple of decades and you'll be 50 and they'll be 75 to 80. You'll be well set to start your life financially by then....maybe even take a girl out on a date - who knows.....
Start slowly by tying them up in the basement and progress on up from there. Mummy will be pleased. We're all so proud of our young Victor....don't you just love his new beige cardigan I just knitted for him.
Terry
You need to make some new friends mate.
You need to make some new friends mate.
ok well thanks for all the responses and truly I do appreciate your point blank honesty (except for the creepy jokes)
I think you're right I should have moved out a number of years back because yeah right now I feel like a man child or something though if I look around to a handful of people in my age group it's not totally uncommon.
To give more info I pay the bills which includes gas, water, electricity, rates and part of the food bill.
My parents simply never put any pressure on me to leave. My 'mummy' is someone that has well an truly spoiled me and would be horrified of the idea of me moving out. Does that make me a bad/creepy/ungrateful person? is my family wired? with the limited info i've shared you might still say yes.
I must say this though. Hindsight is a wonderful thing - yes I should have moved out sooner but this is where i'm at now.
The fact is I felt lucky to have been able to get along with my parents and that they actually wanted me to stay. During the past 10 years when supposedly I was meant to be out on my own I simply planned for the future(investing) and did what I thought was doing contributing my bit(paying bills)
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.
I think you're right I should have moved out a number of years back because yeah right now I feel like a man child or something though if I look around to a handful of people in my age group it's not totally uncommon.
To give more info I pay the bills which includes gas, water, electricity, rates and part of the food bill.
My parents simply never put any pressure on me to leave. My 'mummy' is someone that has well an truly spoiled me and would be horrified of the idea of me moving out. Does that make me a bad/creepy/ungrateful person? is my family wired? with the limited info i've shared you might still say yes.
I must say this though. Hindsight is a wonderful thing - yes I should have moved out sooner but this is where i'm at now.
The fact is I felt lucky to have been able to get along with my parents and that they actually wanted me to stay. During the past 10 years when supposedly I was meant to be out on my own I simply planned for the future(investing) and did what I thought was doing contributing my bit(paying bills)
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.
How do you manage things in the "romance" stakes? That is my question
He had bunkbeds..and it was a platonic sleepover...mum...really!!!
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.
I was living at home when i was 17, then I read a book by Laurie Lee called
' When I walked out one Midsummer morning ' So I just got up and hitch hiked to Spain. Never lived at home again. Now I'm settled in Australia. Funny how things turn out eh?
So my advice being... get off your easy chair, get out there, make mistakes, learn and conquer the world!
PS. You could hitch hike in those days!
' When I walked out one Midsummer morning ' So I just got up and hitch hiked to Spain. Never lived at home again. Now I'm settled in Australia. Funny how things turn out eh?
So my advice being... get off your easy chair, get out there, make mistakes, learn and conquer the world!
PS. You could hitch hike in those days!
What about the poor girl/guy/girls/guys/goats....soooo not attractive to go back to your mums house..
MAN shell out for at least a hotel! It sounds like occasional means well minimal..Heres a plan move out and get laid more
MAN shell out for at least a hotel! It sounds like occasional means well minimal..Heres a plan move out and get laid more
Perhaps you can look into building a granny flat out the back. Would increase your income and help out with the above "sticky" situation.
Seriously though, who cares what the op has done until now with his life and the choices he's made? After all, it's his life isn't it?
The only advice I could give is that it's great to ask for advice but at the end of the day YOU are responsible for yourself, even if your mum still makes your lunches to take to work, so... Get yourself a good team (Accountant, mortgage broker, solicitor etc), do your research and buy something that takes you in the direction you want to go.
Your in a great position financially with time on your side so go for it mate.
p.s. No I don't still live at my oldies house
Perhaps this may have been said in a more civilised manner, however, direct and precise is effective. I know there is no way I could stay at home until 28 years old, so you may be commended for that. It has been a good financial move that is for certain. You may want to make a note of following up on the the CGT issue. It is my understanding that even if it has been an IP before, and you move into it within 6 years it does indeed defer CGT.
For what practical purpose, other than skirting around the issue for fear of offending people's feelings. The modern world is totally chockablok full of that nonsense already....there is no need to add to the wet paperbag society.
Yes, just as civilised is more than usually wafty and ineffective.
My understanding of the rule is that the property wouldn't be capital gains tax free because it was an investment before. You would need to proportion the amount of time it was your ppor vs an investment to calculate how much capital gains tax you would pay. The longer it remains your PPOR the less capital gains % you will need to pay when you sell.
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