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Continue to Rent and Purchase an Investment Property

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Jude | 16 Apr 2016, 07:45 PM Agree 0
My husband and I are currently renting in Sydney. We are both in our 50's. I have just inherited my family home which should sell for approximately $1.8m - $2m (no capital gains tax payable due to nature of inheritance and Will of my late father). We are thinking of continuing to rent where we are and purchasing a good property in Sydney and renting it for approximately $600+ per week, which will cover our own rent. We will also be able to pay off our debts, so financially we will be in good position. We will then sell the investment property when we retire at 60 and will buy our own property on the NSW South Coast.

I'm unsure of the tax implications and whether this is a good financial strategy.

My husband earns $90k per annum (net) and I earn $63k (net). I have $150k in super and my husband will receive approximately $65k-$70k per annum as a pension when he retires.

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