The NSW Government First Home Owner Grant (FHOG) has provided a great incentive for many to build their new home.
One of the well-known eligibility criteria for receiving the grant was that the owner must "occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months."
Many would-be property investors noted the six month criteria carefully, understanding that to be eligible for the First Home Owner Grant they needed to live in the property themselves for 6 months once it was built. Astute first-time investors saw a future opportunity to turn their new home into a rental property after their required six months of occupancy had finished.
Now, some time on from the grant first being introduced, many owners who took advantage of the First Home Owner Grant are approaching the end of their six months and wondering what happens next. How do they turn the place they currently live in into a rental property?
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.