Buying a 2nd Home

[Bodd]

I'm pretty much mortgage free now. I'm exploring how to now do Somthing with my money to have a comfortable pension.

One thing I'm thinking of is buying a house that needs renovation... While living in my existing home...

My question is will I have to pay Stamp duty on the 2nd home.... If I were to sell the 1st home once we move into number 2.

 

[charliegolf]

Yes, but depending on how long before you move in to home no 2 and sell no 1, you might be able to reclaim it.

 

[Bodd]

So I would need to pay the Stamp duty regardless. ?

My guess would be 6 months from buying new house to moving in and putting old house on the market

 

[Notch7]

Are going to name your new home:

Bodd Towers

 

[Bodd]

Are going to name your new home:

Bodd Towers

Now that's just Silly....

 

[algas]

You will have to pay stamp duty, then you have 3 years to claim it back.

 

[Bodd]

You will have to pay stamp duty, then you have 3 years to claim it back.

Would thst be routine... easy to do

 

[algas]

Yep Daughter did it last year, no probs that I'm aware of

 

[Mottie]

You might want to check it out properly but I think if you sell house number 1 after moving into house number 2, you may have to pay capital gains tax on the sale of house 1 as it’s not your primary residence. I think if you sell house number 1 and then move into house number 2 you will be okay.

 

[algas]

Daughter sold her house about 9 months after buying the other one which she was living in didn't have to pay C/G