Looking at buying into a retirement property and renting my house out. Will this be classified as a investment property as we will be putting my husbands name only on the retirement property as the house is in my name only. Nothing is owed on my house. We live in NSW.?
If your house becomes an income (rent) producing property then it becomes an investment property.I'm not a financial planner or an accountant who may advise you further on your personal circumstances about how this may affect your financial position e.g. your pension or retirement finances,tax,superannuation etc.I do provide a top leasing and property management service Sydney wide.Happy to talk further about renting your house out when the time comes.
Best of luck.
If Centrelink (eg age pension) is your worry they will count your old house (the one you intend to rent out) as an investment asset regardless if it is rented out our not - it will impact your asset test assessment.
If you rent the house out the income will count towards the income test.
Regardless if one house is in your name and one in your husband’s, Centrelink count your total assets a couple.
Best you seek some advice so you don’t inadvertently end up in a worse position than you should be.