Hi Brain’s Trust, I have a question around the “6 months of continuous living” that is required as a FHB in NSW, especially one that is using the Homebuilder Grant who has to move in straight away. Let’s say the move in date is October 1st, at what stage can the property be put on the market if one was looking to sell ASAP? The ruling just states that one must reside in the place for 6 months - does that mean you could approach an agent at 4 months (Feb), put it on the market at 5.5 months (mid March) then exchange contracts at 6.X months (Some time from the 1st of April onwards?) Conversely, if there’s a 40 odd day settlement, could you actually move this whole process forward by 40 or so days? Bit of a niche question, but just looking for advice from anyone who has worked with a FHB who is looking to liquidate the asset to move onto the next property ASAP. Thank you very much in advance!
Did you complete the build to flip it for a profit? Or were you planning for this to be your home and situations changed?
Plan was to live there however with the dislocation in price between property on small pockets of land vs. larger blocks, it’s looking like we’ll have to sell just to continue climbing up the ‘ladder’
OK, so you do realise that it will cost you money to sell, and when you buy the next place you will have no grants, and will have to pay stamp duty. You might be best holding it.
I'm with @skater . The cost of selling and repurchase might not be worth it. I'd live it and wait for it to go up more then perhaps use the equity in it to continue your investment journey
Should caveat that it’s on a <200m parcel of land and it’s a duplex. There’s also a huge number of similar off the plan’s being built in the 1km radius within the next 2-3 years. Thinking of buying an older property with 500-600m of land and putting a granny flat out the back. Cost of acquiring the older property would be approx 650k.
