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(Australia) I inherited a huge expensive house (well worth about

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Thread replies: 19
Thread images: 2

(Australia) I inherited a huge expensive house (well worth about a million at least) as well as 200k after tax. I calculated and based on living costs and cash i could comfortably live there for 10 years without doing anything. However my question is whats the best thing to do with this anyway? Its in another state and im a student in 3rd year of university (gonna do masters after). Should i rent it and invest the money or what? Living there is kind of unlikely for at least another 4 years or so if i choose to keep it and im not sure about the risks of renting, especially when its in the other side of the country.
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let me live there and I'll manage your money for free :D
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>>17914105
best thing for you to do would be get a rental agency: the rental agency vets the tenants etc and works for you, rent it out and live off the income untill you are ready to move in but put some money aside in case tenants damage property (yes it happens) and insure the house too. (yes it happens)
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>>17914119
They arent liable for property damage? Id be making and losing nothing total if i use a rental agency right? Its fully furnished with decent stuff so i think i could possibly make a small profit.

Im not sure if i even want to move it, but i dont particularly want to sell it
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>>17914105
Rent it out. Where is it? Sydney?
Save the money if you're getting by at the moment. You never know what'll happen.
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>>17914136
Queensland so its in probably the second worse state for property? Im in wa too so its not exactly close. I plan to fly over soon to sort this stuff out.
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>>17914148
Gee, what a choice eh, WA or Queensland.

I really would recommend renting it though. Can't hurt to make a bit of money while you're a poor student.
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I hope you're aware that owning a property includes maintenance, and a house worth at least $1m will need a significant amount of maintenance. That $200k will go to maintenance alone in that 10 years. There's also other things to consider like insurance and council costs. Apart from having the security of owning a home, you really haven't gained a windfall
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>>17914152
What sort of maintenance costs are we talking here? I didnt realise houses were that expensive to maintain.

>>17914151
Definitely not poor anymore lol, but this is more stressful than exciting.
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>>17914165
>What sort of maintenance costs are we talking here? I didnt realise houses were that expensive to maintain.
Well if you rent it out, you still have to pay for things to be fixed unless it was clearly the tenant's fault. There's also things like painting (interior and exterior) and general wear and tear, and if you're living there yourself and you don't have time to garden and clean, that's something else you'd have to pay for.
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>>17914105

>>Hire a tax / inheritance attorney using the cash.
>>Secure ownership rights and documentation.
>>Take out a reasonable insurance policy on the house.
>>Take out an insurance policy on the items in said house.
>>Get non-local rent permits.
>>Fill out compliance policies with HOA / city.
>>Hire a property manager.
>>Rent the property out full course.
>>Complete masters & continue with life.
>>Treat the house as if it didn't exist, build equity and use it as a retirement home.
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>>17914192
^this
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>>17914192
What do i need the inheritance attorney for? I dont think its going to be challenged, or is he just to do the legal work of transferring ownership?

I like your ultra long term plan, i was thinking way too short sighted, 10 years tops.
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>>17914105
If its in Melbourne can I crash there.
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>>17914505
Lol, I was thinking that too but he said it's in Queensland. I ain't going to Pauline land.
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>>17914105
wow dude ur house looks super nice
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>>17914514
Sorry but this is a random image, looks similar but a little smaller.

>>17914507
>>17914505
I would probs let you guys rent a room, theres 4 rooms but the master is fuck huge, like 50m2 plus an additional ensuite
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>>17914105
Depends on how business minded you are. You could self and invest in commercial property or a business. Something which will give you a good return. You could sell the house, put it in trust and when you're ready/mature invest it in a new house or business. Plenty of options. You can also give it a to a real estate agency to take care of it but you will need to pay them a fee.
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>>17914105

sell it

renting is a total hassle even if you use a mgmt company they will take like 40% of the rent for dealing with it
Thread posts: 19
Thread images: 2


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