To turn your home into an investment property? To do or not to do? Opinions needed!

[Arimeh]

Oh, did you get the first home owners grant or stamp duty concessions on this house? If so, that's a whole other kettle of fish

Nah tassie doesn't have any concessions with their stamp duty when you buy a house down here - makes no difference if its your house or an investment house - you pay the same rate of stamp duty. The only thing that differs is the land tax that is payable if its not your residential premises, but I rang about it today, and ours is $0 because its worth under $25,000 (the land value) and you only pay over $25,000 - but even if it gets to over $50,000, its like $180 for the year or something.

[misty]

I would go for it.

It may be worth getting advice from an accountant for peace of mind, but just check that the accountant has experience dealing with investment properties (or even better has some themselves) - it is amazing the numer of accountants out there who give out incorrect information.

Also check out the ATO site - they have alot of useful info on there, and ringing the ATO direct is sometimes more helpful then the accountant - just be prepared to wait on hold for a while.

[Laranna]

Hey Mel, have emailed you a cashflow spreadsheet to plug some numbers in, will give you an idea of your out of pocket expenses each week for an investment property.

[Arimeh]

Hey Mel, have emailed you a cashflow spreadsheet to plug some numbers in, will give you an idea of your out of pocket expenses each week for an investment property.

Awesome! Thanks love xx

Misty - thank you SO much for your input in this thread, you have been fantastic. I definitely will go and talk to someone, or talk to my mum's friend, he's an accountant (and also the one who advised my brother) so hopefully he can tell me stuff over the phone and doesn't need to be in person.