Can I borrow money from our Trust? We have equity and can borrow in a Trust. Can we borrow money in the trust and then lend that money to our company to purchase a commercial property? The commercial property is not for us to occupy but leased.
Thanks
Our expert John Bolton responded:
You can borrow funds in whatever legal entity you want, but you cannot escape the purpose of the loan. I'm presuming the Trust would borrow against residential property which is fine. That means you could put it over 25 years and do it at residential rates, however the lender will still look at the commercial property and judge the deal on its strengths. It will look at the quality of the tenants, length of tenancy, age of building, nature of building (is it customised for the tenant), and any ongoing costs that might fall on the owner - i.e. maintenance.
John Bolton is one of New Zealand's leading experts on interest rate risk management and mortgage structuring. Squirrel settles over $10m of mortgages each month and is one of the fastest growing mortgage brokers in New Zealand Their expert advice is free and will save you more money for beer and shoes.
More Answers About Mortgage
Should we sell now and pay break fees? We bought our Auckland 2-bed unit in April 2007 for $325,000 and rented it for 2 years. Situation changed and had to move into it. We're not happy here. Our income is lower as we now have a baby so probably wouldn't be able to get another mortgage on current salary - even though interest rates are lower today (we have 8.4% int.rate fixed for 5 years). After installing new kitchen and bathroom, today's private valuation is $360-370k. Should we sell now and pay early repayment fees putting $50k return into term deposit, then re-enter market in 2 years with once we're back earning more? Or keep the unit, re-mortgage to get lower interest rates and repayment costs and rent out(we would now have 20% equity in our unit at today's valuation - so with re-financing our mortgage the rental income should cover mortgage payments). Basically, is it a bad idea to get off property ladder? Will it be harder to get back on the property ladder in 1-3 years?
How should I invest, commercial property or finance company? Property or fixed interest? I am soon to sell a property and will have a sum of money to invest. Some not so well known finance co's are offering rates of 9.45% over 3-years covered by the goverment guarantee retail deposit scheme. Do you think this is a better investment say than a well tenanted commercial property showing a 6.5% return?
Pay-down of mortgage and which rates should we choose? The bank has pre-approved a loan for our first rental investment property. They wanted us to make an additional $12K deposit to purchase the rental property.
Is it advisable to make this deposit to purchase the rental property or make a $12K lump sum payment on our existing property?
Will we go variable or fixed? And how long?
thanks,
joe
Re-using mortgage guarantees I wish to buy a second investment property with a different lender. The first investment property under "company 1" is guaranteed by a family trust that owns the family home.
Would another bank accept the family trust as a guarantor for an investment property loan under "company 2" given that the property owned by the trust is already being used as equity collateral by "company 1"?
Paul
Should we split our mortgage? My hubby and I purchased a property last year with 2 separate houses on it. The larger one we occupy and the smaller dwelling we rent out.
Our mortgage is coming up for restructuring (it is currently at $300 000), we’ve been advised to split it and put the valuation amount of the granny flat (I believe its $205 000) into a fixed loan over the longest period possible (ie 5 years) and pay the interest only, no principal. Then have the balance of the mortgage (+-$ 95 000) put into a variable loan.
This way, we are apparently able to claim tax on the interest paid on the loan because it is a rental property.
Would this be viable for our situation?
What will interest rates do and should I fix short or long? Hi, my partner and I have just purchased our first house together for $700,000. We used my partner's property as equity and will borrow 100% against it (he owns a property for which mortgage is $200k & market value $525k). This means we will have a total mortgage of $900,000 which is currently about 70% of our wages (we are only at the start of our careers though). Now we are not too sure how to structure our mortgage. We have been advised to hedge and fix some for 6mths, some for 12mths etc. Would you also advise to put some on interest only? Do you think from April onwards the interest rates will increase again or do you predict another slump after some time? I would appreciate your help. Thank you.
How do I find out ownership details of a prospective property? I have just found out that the person who owns a property I am interested in purchasing has gone bankrupt and abandoned both the property and his business. What I would like to know is whether there is any way to find out who holds the mortgage on the property so that I can approach them about purchasing his house and land?
Should we sell or hold for another 6 month? I purchased a property in February 2007 on a P&I loan which we top-up by $800 per month. Our mortgage is currently $243,000 and the last RV was $250,000. I have had a cut-back in salary this year and credit card and other loan accounts have stretched the family budget so we are in survival mode. My question is, should I look to sell (maybe at a loss) to free up some of the $800 a month top-up to clear other debt or hang on with a long term outlook and battle through the next 6-12 months in survival mode?
Are there any risks with serviced apartment investing? I am looking at starting my property investment portfolio. I am interested in a couple of city apartments that are freehold, but are leased to property managers and offering a guaranteed rental return and offering a 13% gross return.
Are there any particular downsides/risks that I should be looking for and what is your general opinion of serviced apartments?
Thanks
Should we write off our deposit and sell now? Our apartment is currently worth three quarters of what we paid for it before the crash. Considering how long it could take for the market to recover and grow, would it be better to write off our deposit and sell now?
Should I fix or float? I have two rental properties on floating and I'm not sure if I should leave them floating or fix them. I normally have them fixed on interest only, also I have my own home with the same lender. Would it be safer to have my home with another lender?
How should we structure our next purchase? We own our property freehold which comprises of a 3-bedroom house and an attached 1 bedroom unit which we rent out at $250 per week including power. We have a registered valuation of $390k for our property, we also have around $75k in shares & savings etc.
I am a sole-trader with a low income and my wife is currently on maternity leave so we have had problems with finding finance to buy an investment or renovation project.
We have found a house that we are interested in renovating and moving into that will cost $300k and an extra $50k to renovate myself. Is our best option to sell our property to an LAQC, borrowing 80% of the value giving us $312k to purchase the new property? We have had a rental appraisal done advising that the main house could rent for $360 per week, and the unit could rent for $200 per week (excluding power as we would have to separate this). We would however like to rent our existing house for the first 2-3 months while renovating the new place. What do you think?
How can I maximise tax deductions? We have an existing home with a mortgage & approx 50% equity, we want to buy a new home & keep the existing as a rental property, how can we do this & get the tax benefits if we did not purchase the property initially for as an investment property?
Broker or bank? Dear Mr Bolton,
I am starting out and would like to build a substantial portfolio and am trying to figure out the differences between a business loan and a mortgage from a mortgage broker? How much financing can a mortgage broker deal with, and when does it become necessary to deal directly with the bank?
How far in advance can I lock in a fixed rate? I have substantial debt rolling off a fixed term in a few months in an LAQC.
How far out from the rollover date do banks generally allow you to fix the rates as I want to protect from future increases in rates?
Should I put all my eggs in one basket? The company NZ Invest has approached us about purchasing properties through them. By using equity from our other properties we can purchase more properties without having too put up any money up front. The amount we would have to put in on a weekly basis is $14/week (this amount increases on a yearly basis)to secure properties worth $995,000. It looks possible to do this on paper, but what are the risks in doing this and what question should we be asking the company?
I would be grateful for your advice.
Upper or lower end? I have $20K to invest in a rental property. Since Feb I have been looking for 3brm homes in the $140-$200K bracket in Levin, Otaki & Paraparaumu. Rents for the quality of house are: Levin max $240/wk, Otaki max $270/wk, Paraparaumu max $300/wk. Clearly all are cash flow neutral or slightly negative but tenanting is easier the further South you go. Should I buy at the top or bottom of my range?
Which strategy should we pursue? We are "newbies" to the property ladder and need your advice.
We have 2 rental properties. One is on P&I (Mortgage $131k) the other is Interest only ($145k). Both are negatively geared.
We have $46k USD that we wish to invest wisely. Are we best to
1. Buy more properties or
2. Put a chunk of money on the existing mortgages or
3. Pay off the principal, and buy another property?
Bearing in mind when we return to NZ we still need to purchase our own home and secondly considering maximising NZ tax laws.
Thanks for your help!
Are early repayment fees tax deductible? If we pay early repayment cost (by cash) to re-fix mortgage on an LAQC property at a lower rate, is this tax deductible as bank fees/interests expense?
Is 30% deposit normal in the current times? I am looking at re-entering the NZ market (from Australia)and buying property in Hawkes' Bay, where I was raised. I have been quite shocked to find that banks there now require 30% as a deposit for homes. Is this across the board and an indication that prices have further to fall?
How much security can a bank reserve to cover their interests? How much security should a bank take from you to protect their interest, and if they have taken substantially more than needed how do you get it released if they say no? I want our family house released as they have 1.5 times more than needed.
Should we break our mortgage now that interest rates are rising? My partner and I bought a house worth $180k with 5% deposit in September 2007 at a 8.99% 2yr interest rate. We have since spent $10k decorating it. The plan was to sell on this Sept and head to the UK for 2 years. However, the economy crashed and prices have dropped a lot. We still want to go to UK but need to rent our house out because we obviously can't afford to sell it now.
Should we break our mortgage now because interest rates seem to be going up again?
What do we need to do to protect ourselves and our investment and make it work while we're away?
Do I have enough equity to branch into commercial? I own a property with a GV of $570,000) and owe a total of $370,000 to the bank. I want advice on utilisation of my equity to start/begin investing in commercial/residential property.
Could you please advise me if I could do it? I am self -employed and my average annual income has dropped from an average of $100K plus(from employment & self employment for last 2-3 years) to approx $55K this financial year ending 31/3/09.
If I sell to my LAQC, is the interest tax deductible? We have been unable to sell the house we live in and so are considering renting it out and purchasing another house. However to do this we will need to increase the mortgage on our current house. I understand that as the purpose of increasing the mortgage will be to finance the new house the interest expense will not be deductible. Is the best way around this to sell the house to an LAQC at market value? Thanks.
How can I cash in on my equity? I own a small apartment in Auckland Central where I am living at the moment but I am planning to purchase my first house soon. I have a cash deposit of $80,000 and would require a bank mortgage of around $320,000.
I paid $180,000 in full for the apartment October 08.
Would I be better off to sell the apartment now and have a small mortgage of $140,000 and get an investment property in a couple of years when the equity on my residential property is good?
Or keep this apartment and get $350pw rental income (before Body Corp and rates) and have a bigger mortgage? I have a combined income with my partner of around $100,000p.a. It is easily possible to manage the mortgage repayments between us but we don’t want to pay too much on home loan interest. I am seeking some advice on the most suitable financial structure, with an eye on future investment properties. Thank you.
How do I transfer a property into an LAQC? My wife and I lived in property with mortgage. We want to buy another house for living and put current property as investment. We want to change mortgage paperwork to minimize mortgage for our new house and maximize it for old house. If we put both house in own name, would IRD query the change of mortgage as tax avoidance or shall we put the old property in LAQC? Also want to know how to transfer the property to LAQC? Our current property also need some repair and maintenance, if owned by personal, can we claim the R&M expense?
Who can I address grievances to regarding lending fees? A couple of months ago I refinanced my house from a finance company to a bank after the fixed term expired. The finance company charged $500 for 'security discharge fee'. After I made enquiries I was informed that in 2007 the discharge fees was increased from $350 to $500, of which I didn't receive any notification. Also the booklet received prior did not mentioned anything about the amount at all($350).
I saw other bank booklet where they mentioned it as $100.
Is there any Authority to whom I can address my grievences?
Thanks
Should I break my mortgage for lower longer fixed terms? I have a $585,000 mortgage with 18 months to run at 8.19% I am considering breaking this at a cost of $20,000 then floating until the next announcement from the RBNZ. The properties are in a LAQC. Would you break this loan for lower long term fixed rates?
Should I pay off my LAQC mortgage? Should I pay off my LAQC mortgage? I currently have a LAQC which makes a small annual loss. A monetary investment has recently matured and thus I have some cash available. Due to the recent changes in interest rates, I am wondering if it makes more sense to pay off the majority of the LAQC mortgage rather than reinvest the cash at a much lower interest rate. This would mean that the LAQC would no longer make a loss.
Will the banks reduce the longer term rates? Hello, do you think if the reserve bank lowers the rate by half a percent again and signals that it is going to keep it down for the moment, that the banks will lower the 3 to 5 year rates or will they just do what they want because they do not take any notice of what the reserve bank says?
Should I decrease mortgage principle or invest elsewhere? I have a rental property which is being looked after by a rental property management company. Every year my accountant does the tax claim for me so I get tax back every month. At the moment the mortgage is $300,000. Should I decrease the mortgage principle once I have some money available or invest the money into somewhere else?
Thanks
How easy is it to get 2 home loans at the same time? I am currently looking to get on the property ladder and have been looking at student rentals in my home town of Dunedin. I have recently found another property that I want to buy which would initially be negatively geared. Provided I also purchase a student rental they should both compensate each other. How easy is it to get 2 home loans at the same time and how do I go about it? Would it be better to get it as 1 Revolving loan for both properties?
Thanks for your time
Can I claim my mortgage 'break fee' back? Hi, I was wondering that if I break a fixed term mortgage on my rental property, can the break fee be claimed as an expense against the property?
Thanks
What can be done about unfair break fees? I recently tried breaking my mortgage to take advantage of the lower interest rates. The bank however decided they wanted to charge me wholesale rates as opposed to retail rates to calculate the break fee. Having disputed that they did not identify any of these in our contract, I contacted the Commerce Commission and the Banking Ombudsman. The Commerce Commission confirmed that since ours was a LAQC, the CCCFA did not apply, as it needs to be a person for the application of this act, not a company. The Banking Ombudsman, sided with the bank and confirmed that the bank had provided me with adequate information to work the break fee. I do not have such document and the only time the bank provided me with any calculation was 2 years after we signed our contract, and only when I requested to break the mortgage.
Who else can I approach to get a fair hearing, and a sensible response? I am happy to pay a reasonable break fee, but what is being claimed is twice what I should be paying.
Tax deduction for costs of breaking a mortgage When we "broke" the loan to refinance at a lower interest rate, the bank charged us a substantial sum. It is not clear whether that charge is a "break fee" or an interest payment. I have read the IRD web site on expenses that are deductible, and am uncertain on whether the charge is deductible. Please advise?
How can I turn negative into positive cash flow? Hello, I currently have two negatively geared rental properties in NZ, both of which have equity which could be released. I have read some articles which suggest releasing some equity to cover the negative cash-flow for a few years. How does this work in practice? If the property income remains constant for a year or two what does the bank consider when determining whether to lend additional funds? Also is this best structured via arranging a revolving credit agreement with my bank? Many thanks
Should I buy a home or a couple of investment properties instead? Rent or buy?
I have enough capital to purchase a house without the need for a mortgage as a home. However I was thinking that purchasing a rental (or two) with a minimal deposit down, staying renting myself and investing the remainder of my capital may be a better option... thoughts?
Is it wise to invest now and what returns can we expect? We have just paid off our mortgage on our home and have very definite plans for the future which we know we can achieve with savings over 15yrs. We have an opportunity to buy a local house at a reasonable price but approximately half of the money we would be saving will be supplementing the mortgage payments on the 2nd property. Our plan is to tenant the property and pay off the mortgage as quickly as possible and then sell to achieve our goals. We hope to have gained some capital gain in that period. Is this wise? Can you advise suitable people to talk to?
Commercial vs residential loans - which is best? We are looking to purchase our first commercial investment & have set up a company to purchase this. Our home is in a family trust and we owe no money on this - the purpose of this was so that this always remain safe.
What advice would you give me with regards to borrowing. Should we use a commercial loan & keep our home totally separate from this investment (but interest rate is higher) or should we use our home as security & receive the lower residential rate. Any advice??
How should I structure my mortgages now they are due for re-fixing? I have one rental property purchased using the equity in the family home. The mortgage is coming off a fixed term later this month, so I have the opportunity to change the security over the mortgage if necessary. I am intending to purchase another rental property later this year, so I am thinking of shifting the mortgage off the family home and onto the existing rental property to free up the equity in the family home to purchase another property.
Should I shift the mortgage security off the family home and onto the rental property, or leave it as is and borrow against the existing rental property for the new purchase?
Confused about what to do; hold, sell, or borrow and buy more? I have recently been diagnosed with cancer, but it's going to be fine. I won't be able to work until the middle of next year and we will need income. We are unsure about whether or not to sell property. The house we live in is freehold, the rental properties have mortgages but are fully tenanted. We're confused about what to do; sell, borrow and buy more, or what? We run the business as a partnership. Thanks, Grant
Are Auckland apartments a good investment? Hi, My husband and I have invested in an apartment in Auckland city central. It seemed like a good idea at the time and to diversify our portfolio. The apartment is 35 square meters and is fully furnished and has guaranteed rent for two years. We are really left wondering if we have done the right thing as there now seems to be an over abundance of apartments in the down town Auckland area. As we are already in business and our accountant has set up an LAQC. We had quite a nice nest egg in two of the failed investment/lending companies that have recently gone under which has left us a bit nervous about investing in anything! I personally would like to invest more in the property market but somewhere like Queenstown or Arrowtown. Do you have any predictions on the Auckland market? My husband and I are first time property market investors and really haven't done any research apart from going to one promotional seminar that was put on by the real estate company.
Where can I learn about rent-to-buy strategies? I see in the December 2007 issue of NZ Property Investor Magazine an article about rent-to-buy. Can you please let me have some contact details of somebody to pursue this further please.
How can I re-finance my 'Homestart' mortgage? My friend has a mortgage with Nationwide home loans, she was hoping to refinance her loan so she can add on a garage and do home improvements. But to her amazement she was told she can't as she has a homestart with Housing Corp and the guy said they don't do refinancing. Is there more to this than we know? Or is she able to refinance with someone else?
Why are mortgagee sales 'buyer beware'? Recently a question was asked of you "where do I find properties for mortgagee sale"
In your reply you stated that they are definitely "buyer beware and that there was an added risk" in buying these properties can you please elaborate on what risks a purchaser faces when buying a property this way
Thanks
Should I borrow from a UK or NZ bank for NZ property investment? I am looking to buy an apartment in Auckland. My budget is only $200k.I have $60k as a deposit and need to borrow $140k.
Would I be best to use a NZ bank to get the money bearing in mind their very high interest rates, or would I be better to try and get the money from a UK bank and save on the lower interest rates. ie is there any problems with using a UK bank like send the money back to the UK every month or any other problems you can for see?
Secondly were do you advise is the best suburb to buy in the Auckland area at the moment and do you for see the interest rates rising to crazy heights like they did in the UK in the 80's?
If I refinance my property can I deduct the interest for tax purposes? I purchased a property 2 years ago using my own money as a deposit 50%. The property cost $400,000. My family has grown and I want to rent out my existing home and buy a bigger property. If I refinance my property with the bank to $400,000 will I be able to deduct the interest for tax purposes? Or is it better to set up a company and sell the property to a LAQC?
How do I set up an overseas mortgage? I own a house with my brother which is worth 575k and have 170k loan we want to start investing in Australia but how do I set my mortgage up? Do we raise the money from our equity and with a little help of NZ banks or what? Please help.
Borrowing in foreign currency for property investing Is there any opportunity in New Zealand to borrow money from overseas?
Some countries have a significantly lower interest rate and even if there are increased fee structures involved it could be advantageous.
I imagine that many overseas banks would not want to be involved unless the amounts are quite high.
Is property investing a wise option in the current economic climate? With recent developments in interest rates and the governments war house price increases claim, is it still wise to invest into a rental property. I am looking at a min two year investment that is very dependant on the capital gains over this period. My calculations show I would need at least a 6% capital gains on the house price for it to be viable. The area I am looking at is currently presenting a 10% capital gains in 12 months. Big question, are we expecting a slowing down in house prices and to what level.
How do I buy a house without selling my rentals? I own two rental properties, and live in a rental, subsidised by my employer.
Work is sending me to the North Shore, Auckland where I will need to buy a house.
What is the best way to buy a house in Auckland, without having to sell my two rentals to do so?
Rent to Buy risks to consider We are looking at buying property for investment in Taupo on a rent to buy agreement through vendor.
Property $170,000.
5% deposit = $8,500.
Weekly payments calculated on balance owing.(ie sales price less any deposit pd)(currently 8.2%) + rates, insurance, $30 towards principle every payment. Total $313.00 pw over 3yrs.
Options of lump sums principal reduction without being penalised! Must pay remaining balance in 3yrs of signed agreement!
Please give me advice on this information..Thanks.
How does the bank calculate loans for multiple investments? I am just curious how people manage to get say 20 or 30 rental properties and all with mortgages? Surely what the bank can loan is based on your income? I cant imagine many people would have an income able to service a million worth of mortgages, so if I was wanting say 10 properties, how would the bank assess this?
Partnership agreements We would like to purchase a house 50/50 with a family member. They have cash sitting in the bank not earning a great deal and thus want to get into property investing. We already own our own house and 3 rentals. They will not need to borrow for their half but we will and are looking to get an interest only loan. The question is when the rent comes in do we pay the mortgage and then split whats left 50/50 or do we split it 1st and then we pay our mortgage and use our own personal money to top up. Seems very simple but we need to consider the fact that they would not be able to buy unless we put our share in and are using the equity in our own home to fund this. Would like to have some ideas on how best to structure this. They do not want to set up a company as they already have 3 companies and run them at a loss.
How to be careful with banks My brother and myself are planning to buy a house. We both earn around $70k per annum combined. Please advise which bank offers the lowest mortgage rates and how to be careful with the banks. What is your suggestion for low income earners like me who want to invest into a house?
Subdivision costs I am thinking of purchasing a house with a substantial amount of excess land. I am wondering about the costs involved in subdividing the excess land off - would make either 2 or 3 new sections. Can you advise the kinds of costs involved and average amounts involved? It is city rather than rural land. Thanks so much for any help.
Deposit or 100% mortgage? We’re looking at buying a house and renting it out (while we continue to rent). This will be our first house purchase. We’re trying to decide whether to get into the market now with a 100% loan, or wait until we have a deposit saved. Our broker has advised that only one bank will give us this type of loan and it won’t be “Interest Only”. Do you think it would be better to wait until we have a deposit, so that we have more options? As our first home is a rental property, is the best type of loan to get a “fixed interest, interest only” loan? Are there any other problems that you see in having a rental as your first house?
Removing a vendor from a mortgagee sale Hi there
If we purchase a "mortgagee sale" property how do we remove the vendor if they don't want to go? Under the auction agreement it can not be via "vacant possession" due to it being a mortgagee sale. Thanks
Investing strategies to own multiple properties We have no mortgage on our house, however it is linked to 2 mortgages on rentals. With the appreciation of property over the last few years it could be released.
If we sell our house we could loan the funds to our LAQC and buy 2 rentals. Amount owing would be around $300K and rental income potentially $800/w. Of-course we would have to rent for the next 10 yrs or less. The sums actually work out about even. The result is potential capital gain on 2 properties instead of one. What am I missing, do you recommend this strategy?
'Beta' in the housing industry Do you know about CAPM? the expected return for an asset is based on the Beta of an industry.
Can you please tell me what is the Beta for the housing industry?? so I can work out the expected returns.
Or can you tell me what the expected returns in the rental investment industry is demanding these days but ultimately I would like to know the beta so that I can calculate it myself
A urgent response would be much appreciated, I am in the middle of trying to reconfigure my captial structure
Relocating, single income, should we withdraw investment funds for new business? Our current total mortgage $150,000(home $50k, rental $100k), fixed until end of this year; rental assesment for both properties @ $600 pw.
We are relocating to a new city next year; single income @ $45K, we plan to rent for a while. Partner wants to withdraw funds to start/buy business.
What should we do in term of strategies and structure? Should we do it before we leave or until partner has an income?
Tips to maximise your profits when considering development I am an architectural student working on a development project where we need to investigate a possible development for site on Taranaki St, Wellington. I was hoping you would be able to provide some insight as to how we could maximise our profits when developing a commercial/ residential building. Would apartments within a commercial building be advantageous in an investor’s eye? Any other advice you think is relevant would be very much appreciated.
Thanks
Peter Marment
How much real estate taxes for properties $350-450k.. I am a US citizen thinking of buying a home in Manurewa in Auckland to escape winters. I have seen homes around NZ$350,000 to NZ$450,000 range. I wish to know what the real estate taxes for this property would be. Under current rates of interest, what will be my mortgage for 15 years assuming zero downpayment.
Strategies to accumulate wealth and expand my portfolio.. I own a house and have bought an investment property last month. I am keen to invest in further properties and build wealth but the banks would not approve due to my income level. Please suggest the strategies to accumulate wealth and expand my portfolio.
Can I break a fixed term loan? I am intending selling one of my properties to help me with my financial commitments but the property I wish to sell is on a 3 year fixed term loan which will expiry in 2008. If I manage to sell it I may have to pay the bank some penalty for early re-payment. Do you have any suggestions for me.
Should I invest with a friend? A good friend and I are wanting to invest in property together. By ourselves we could not do much but together could make a reasonable start. What is the best way to go about this? Do we for a company? What are some of the advantages and disadvantages? Your advice would be most appreciated.
Should I set up a registered company? I am looking to enter into business buying and then selling real estate after making renovations / improvements to the properties. Please could you give me some advice on whether I should set up a registered (limited) company and also do the banks offer different loans to people doing this rather than using the property as their only / main residence? Thank you
Can I claim costs against rental income? Hi I have lived in my house for a number of years. It is currently being fully renovated. There is no mortgage on the property. My question is: If I now rent it out can I claim any costs or expenses against the income? Can I have a chattel valuation done on all the renovations to claim depreciation?
