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Making your main residence an investment property

It’s not unusual for a homeowner to turn their main residence into an investment property. They may do this for various reasons, such as moving for work, travelling overseas for an extended period or they may simply decide to buy another property and rent out their previous home.

Federation-style home in Sydney
There are several benefits to converting your residence into an investment property, but there are also tax implications. Photo: Shutterstock

It’s not unusual for a homeowner to turn their main residence into an investment property. They may do this for various reasons, such as moving for work, travelling overseas for an extended period or they may simply decide to buy another property and rent out their previous home.

Before you turn your home into an investment property, there are several factors to consider.

Tax deductions and additions

Once a main residence turns into an investm…