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  1. #1

    Default Buying house to live in but renting it out first

    We invision ourselves moving across town to get into a better school zone in around 4-5 years time.

    We are in a position to buy a second house now so are thinking of just buying a house now for us to live in but renting it out for the next 4-5 years until we are ready to move into it. We would then rent out our current house once moved in.

    Anything inherently wrong with this plan?

  2. #2
    Join Date
    Aug 2009
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    Default

    Nothing wrong at all, just make sure the lender knows the true position and also the insurer.
    www.ilender.co.nz
    Financial Paramedics

  3. #3

    Default

    We did this for our kids high school education, a few years after we bought the house the school changed their zone boundaries which left us scrambling to buy yet another in-zone house a few months before my oldest was due to start high school.

    Also be mindful of the tax implications as far as tainting mortgages go which will affect how much of the mortgage interest will be considered deductible once the rental becomes your PPOR.


 

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