I am 66 yrs of age, on a pension, I live in a semi, my wife is now having trouble climbing the stairs; we need a house on one level and possibly move to a different area of Cork.
We were thinking of selling our house and renting because;
a/ We cannot afford the stamp duty for another house, and it will possible be more expensive
b/ This will give funds for the rest of our days, eg. a decent car, private health treatment etc.
From my sums, (I purchase for €300,000) if I sell for €230,000 I do not think there is capital gains tax, this would give us a decent rent for over 20years, of course the amount will be diminishing, but the interest at first will pay a decent rent of about €150 a week. I am DIRT exempt as a pensioner.
Possibly we will have a better standard, Do you think this a good idea? any snags?
We were thinking of selling our house and renting because;
a/ We cannot afford the stamp duty for another house, and it will possible be more expensive
b/ This will give funds for the rest of our days, eg. a decent car, private health treatment etc.
From my sums, (I purchase for €300,000) if I sell for €230,000 I do not think there is capital gains tax, this would give us a decent rent for over 20years, of course the amount will be diminishing, but the interest at first will pay a decent rent of about €150 a week. I am DIRT exempt as a pensioner.
Possibly we will have a better standard, Do you think this a good idea? any snags?