Hi,
I signed up for an investment apartment over a year ago and now find it wont be ready until next January, 12 months late. In the mean time I have found a new house that I want to buy to move into but it is quite expensive. I can get a loan for it but don’t want to put too much money into servicing it so I now think I will sell the apartment once it is ready so that I am not too exposed to the market as I am keeping my current residence. I know that people will have various opinions on me selling the apartment but I don’t want to get into it on this thread.
If I take on the apartment as an owner occupier I don’t have to pay stamp duty.
Would it be possible to effectively move into the apartment for a few weeks as an owner occupier so I don’t have to pay 15000 in stamp and then sell it on and use the profit (approx. 100000) to pay off some my main residence. If I never rent the property will I avoid stamp duty on the profit.
Would there be any claw back on the stamp duty avoidance if I sold on.
As a background I am currently in my 4th year in my current residence and am looking to buy a 2nd hand home to live in which I will be paying Stamp on anyway so I don’t have to indicate how I will use that property once I own it.
Thanks.
I signed up for an investment apartment over a year ago and now find it wont be ready until next January, 12 months late. In the mean time I have found a new house that I want to buy to move into but it is quite expensive. I can get a loan for it but don’t want to put too much money into servicing it so I now think I will sell the apartment once it is ready so that I am not too exposed to the market as I am keeping my current residence. I know that people will have various opinions on me selling the apartment but I don’t want to get into it on this thread.
If I take on the apartment as an owner occupier I don’t have to pay stamp duty.
Would it be possible to effectively move into the apartment for a few weeks as an owner occupier so I don’t have to pay 15000 in stamp and then sell it on and use the profit (approx. 100000) to pay off some my main residence. If I never rent the property will I avoid stamp duty on the profit.
Would there be any claw back on the stamp duty avoidance if I sold on.
As a background I am currently in my 4th year in my current residence and am looking to buy a 2nd hand home to live in which I will be paying Stamp on anyway so I don’t have to indicate how I will use that property once I own it.
Thanks.