Hi , and where to post Sell or Rent out my house ?

Hello everyone

I have no Idea and looking for advice , need advise whether to Sell or rent my house to relocate to another State or OS ?
Been living in my house of 23 years so its a hard decision
What section to post this Question ?

Cheers

 

Do you actually have a relocation planned due to a job change? OS is different from moving states, partly due to tax.

An accountant might help. Or post details here and see what you get. Where your moving to, how long (plan or expect to), whether you want to move back, family situation etc.

The lived it in for 23 years is emotional, but try not to let that affect your decision.

 

Keep your PPOR and rent it out until you decide if OS or interstate is going to be permanent or not. You can possibly make use of the 6 year rule.

 

Look forward, not back.
IS your PPOR in a good area, likely to have good capital growth in the future?
Is it a home you wish to move back to some day?
Do you want to buy in your new location?
Are you prepared for the joys and tribulations of renting your well-loved PPOR?
If moving OS, are there cgt or tax implications to keeping the property?

Just things to think about.
Marg

 

Thanks .
No nothing re Tax , more emotional and worried re damage or property issues ?
I had a workplace accident last year , knocked me out of my type of work in construction of 30 years .
Now having to change careers or face early retirement ?
I have a slightly unusual house I bought 23 years ago in a good suburb of Melbourne in the east .

The house is 60 yo , small 3 br on 800 m2 block , it was renovated 30 years by a dodgy builder with grand Ideas , round corner walls in 4 rooms , changed the roof from a pitched to a flat , floor to ceiling glass windows in most of the rooms with glass returning back into the roof line over 1 meter , Internal conceled box guttering . Biggest problems have been roof plumbing issues and terrible windows issues .
This year I got stuck into the issues and I think there pretty much fixed , all the roof glass has now been built over and I have installed new guttering hopefully solving the issues . I still have a few more things to fix but nothing major i'm pretty handy .

Now , getting sick of Melb and needing a change , my heart tells me to rent the house rather than sell , . Im in a situation if I did sell I couldn't afford to buy back in , this area anyway .
Im concerned about renting it out re damage but then thought well there's Insurance for that .
And also the feeling of out of my hands control if any repairs needed to be done ?
Thoughts are replace all the major items like Gas heating unit, HWS, and update the Elec fuse box , update Kitchen appliances now so they have a warranty .
The Area has great growth , its sort after for re development , my neighbour has left there house vacant for over 2 years , we have spoke in the past about selling both the houses together as that way a developer could get an extra townhouse on the site but there in no hurry to sell there land banking .

Thoughts ? Lol

 

Follow your heart. Landlord insurance covers your tenant damage concerns. Hire a good PM to manage the property. Don’t upgrade appliances until they’re broken.

 

Thanks that's good advice .
I have been quite concerned about property managers as I know there's plenty of bad ones out there .
I think I have to look at it like I should expect damage but nothing that cannot be fixed and the property value of my place is in the land not the house itself re sale , there all being demolished in my street .
Cheers