9:35 AM, 4th December 2015, About 6 years ago 12
We will be downsizing in next 2-3 years so are buying a 2 bed bungalow in same area as current house – we are acting now to also beat the stamp duty (we only have 1 property at present) – completion date early Feb 16
We Own current property in joint names – intending to buy this same way. I did read about the tax/legal trust you can use to divert income if needed to one beneficiary (nice!)
My wife pays 20% marginal and I am solid 40% so we will keep that in mind for rental period of this property
It’s an executor sale that we will tidy up a little and rent out till such time a we decide to sell ours and renovate it / move, or indeed at that time in future we may just flip it. I am really not sure yet re strategy or timing re selling ours. Plans can always change, but we got the property at a good price and there is plenty of potential in it.
Regarding prep for rental it looks like kitchen stuff needs a clean and it needs a coat of paint on all walls, a Gas certificate (warm air heating), new cheap carpets and curtains (if my wife wins this argument!) and the garden needs a tidy. Aside from that (unless survey reveals anything) we will be good to go re rentals an we will use the local rental agent for a fully serviced deal as we do trust and know them. I’m not a landlord here just passing through !
Can anyone suggest what we should be doing here re the strategies mentioned to minimise costs / Tax / Legal things we should consider in the future etc etc ?
I already learned a lot about rental & tax deductible items / PPR / capital gains tax tricks / and perhaps some possible thoughts on getting some tax deductible work done on the rental whilst it is still deemed a rental before moving into it.
You Guys are far smarter than me so please give me some advice !
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