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Bruce
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Wollongong, Australia
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17-09-2020, 10:57 PM
11

Re: house price estimates By Z**pla

House prices are a furphy, totally meaningless (unless you inherit it or at the beginning of a mortgage) because it will cost you roughly the same to buy another one.
spitfire
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17-09-2020, 11:03 PM
12

Re: house price estimates By Z**pla

Correct Bruce, but time is more important, within the market, the ability to move quickly is of the essence when one choses to.
reg
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17-09-2020, 11:17 PM
13

Re: house price estimates By Z**pla

Originally Posted by Bruce ->
House prices are a furphy, totally meaningless (unless you inherit it or at the beginning of a mortgage) because it will cost you roughly the same to buy another one.
Unless you are downsizing.

Putting money into a property will yield far more than almost all other investments.
Bruce's Avatar
Bruce
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17-09-2020, 11:25 PM
14

Re: house price estimates By Z**pla

Originally Posted by reg ->
Unless you are downsizing.

Putting money into a property will yield far more than almost all other investments.
This is only true as long as you don't live in it. I certainly made money out of all the investment properties I owned. Negative gearing was a wonderful thing as was the 50% discount on capital gains tax. Buying a second or third house has lenders falling over themselves to throw money at you (don't know if that is true these days)

However whether this was a good thing for society as a whole, I have my doubts
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18-09-2020, 07:45 AM
15

Re: house price estimates By Z**pla

In the U.K. a second home attracts an extra 3% stamp dusty .
Capital gains tax on second properties is 28%

Everyone has a CGT allowance of 11k
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18-09-2020, 08:36 AM
16

Re: house price estimates By Z**pla

Originally Posted by Muddy ->
In the U.K. a second home attracts an extra 3% stamp dusty .
Capital gains tax on second properties is 28%

Everyone has a CGT allowance of 11k
Muddy, but if you get a good accountant, you can offset a lot of it, like l did about 8 years ago when l sold a second property l owned.
It was the best £350, l ever spent as l thought l would have to pay loads.
I even got a small tax refund as the accountant found l had paid tax on something, l hadn’t needed to.
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18-09-2020, 08:54 AM
17

Re: house price estimates By Z**pla

Originally Posted by Artangel ->
Muddy, but if you get a good accountant, you can offset a lot of it, like l did about 8 years ago when l sold a second property l owned.
It was the best £350, l ever spent as l thought l would have to pay loads.
I even got a small tax refund as the accountant found l had paid tax on something, l hadn’t needed to.
You absolutely need an accountant I agree, money well spent.

They can shuffle things that you might think are a capital expense into repairs for example changing a depreciation over time into a one off deduction. Mine was very compliant is writing off expenses on my own home to sharing it between investment properties as well as vehicle, phone and internet expenses and things which never occurred to me. Record keeping is important but a good accountant is a cheap investment.

It really is a rort but who pays more tax than they need to?
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Percy Vere
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18-09-2020, 04:06 PM
18

Re: house price estimates By Z**pla

Our apartment is currently "sold subject to contract". Our estate agent wanted to market it at offers over £200k but we said no, offers around £195k please. 4 viewings in 2 weeks and we have a couple that agreed on our valuation proceeding. Now we're sitting on our hands waiting for the legal eagles to do their thing.
 
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