hi there!
yes we have done that - only moved back into our own house last year after 2 years renting and are about to move out again and rent ! lol
we dont mind it at all - especially when we make more money this way.
if they sell it i think it is 4 weeks for 'acquistion' if it is sold. but it may differ each state.
as for not being able to do our own thing... yeah it sucked not being able to put nails in the walls for photos (3m hooks only) other wise - they did all the repairs etc so it was good lol.
we have had the chance to live in great places and neighbours and explore the country this way with the knowledge we always have 'somewhere' to eventually fall back on
As far as nails and hooks go... we have put them in every single property we've ever lived in and not had any hassle. We don't go overboard, and we keep the place really clean, and that seems to work for us. In current rental we have also got permission to put in a vegie garden, replace the toilet seat and get reimbursement, add shelves to the kitchen.... you'll be right! Good luck!
I was just wondering how this works in relation to receiving rent for your place? Does this count towards your taxable income for the year? Just wondering because I had often had the thought that we could rent our home out, and rent somwhere else and probably come out better as the rent that we would receive on our house would be a lot higher than what we would be paying to rent a diff house.
Yep it is declared as income.
but you can claim against - insurance, rates, water, repairs, agent fees and interest repayments.
What ever is left over then you have to pay tax on.
also double check how long you have lived in the property and how long it was an investment (rented) because this can also affect you when it comes time to sell - capital gains etc, as there is a limit of time that turns the property no longer into your principal place of residence - thus more taxes when you sell
HTH
Best to have a chat to an accountant to sort it out for you in preparation
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