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Confused 1st time investor, what do I do?

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ally1sttimeinvestor | 12 Aug 2015, 09:12 AM Agree 0
Ok so I have been given so much advice and am worried I will make the wrong decision! I have built a new home which will be complete in a couple of weeks which was only built for investment purposes. Our main residence is an approx. 40yr old 4bdrm home we have lived in for 9 yrs and the plan was to stay in the main home, renovate it slowly, rent out the new home, get the tax /depreciation benefits then in approx. 5 yrs sell one of them and buy our dream home. Things changed 4 months ago when the main home was severely damaged during a storm. Good thing is it has fast tracked our 'reno's' and now I am wondering what to do? Would it actually be more beneficial to live in the new home and rent out the old? The old home's rental value will now be higher as it will have new kitchen, appliances, flooring, ensuite (whereas before the storm it was run down). Our insurance company has paid for us to live in a rental while the home is undergoing repairs so we still have a couple of months until repairs are complete. I just don't want to waste a good opportunity if there is one... hoping someone has some advice? Which home should be the investment property? Wont have to pay CGT on the old home either?
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