Buying Grandparents House

Discussion in 'Investment Strategy' started by SJ34, 18th Oct, 2021.

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  1. Joynz

    Joynz Well-Known Member

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    Apart from the advice already given (get more than one professional valuation by well-reputed valuers, separate legal advice for each party etc) have you checked that you can get a large enough mortgage to purchase the property?

    Also check to be sure that the large amount of cash won’t disadvantage your grandparents in terms of eligibility for aged care subsidies.
     
    SJ34 likes this.
  2. Ian87

    Ian87 Well-Known Member

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    Those are sellers costs not buyers costs. I would speak to a conveyancer, I know someone who did similar and was not entitled to the first home stamp duty reduction as they bought it for a favourable price, so although you think you are paying market price if you deduct 30k of seller costs and pay your grandparents $570k rather than the valuations price of $600k it’s not market price in the eyes of the government.
    I can see the temptation, just saying if you are genuinely going to pay market price minus agents costs then that might not be much of a discount so could be better options.
     
  3. SJ34

    SJ34 Member

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    Definitely open to concepts like this if they prove to be beneficial. But I believe they need the to sell to be able to get into the next place.
     
    Terry_w likes this.

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