Hi guys
I have 2 properties rented below market rate due to me having been a nice guy back in the day
House 1- dublin 3 bed - €1475 pcm
Market rate €2400+
Mortgage free
House 2 - Country location- 3 bed- rent €830
Market rate €1400
Mortgage interest only- was €150 pcm now almost €500
I’m unsure if I should sell one or hold on
My concerns are
1- these will never achieve a normal market rate as I can only increase by 2% anually
2- I’m concerned about reports Sinn Fein will bar evictions and possibly prevent sales in favour of long tenancies
Related information- I’m based in UK so I will not get full mortgage interest relief against my rental income like Ireland - I get a 20 % credit against tax
Secondly selling first will result in 60 k capital gains tax- the second perhaps 10k
Thanks in advance
Nbc
I have 2 properties rented below market rate due to me having been a nice guy back in the day
House 1- dublin 3 bed - €1475 pcm
Market rate €2400+
Mortgage free
House 2 - Country location- 3 bed- rent €830
Market rate €1400
Mortgage interest only- was €150 pcm now almost €500
I’m unsure if I should sell one or hold on
My concerns are
1- these will never achieve a normal market rate as I can only increase by 2% anually
2- I’m concerned about reports Sinn Fein will bar evictions and possibly prevent sales in favour of long tenancies
Related information- I’m based in UK so I will not get full mortgage interest relief against my rental income like Ireland - I get a 20 % credit against tax
Secondly selling first will result in 60 k capital gains tax- the second perhaps 10k
Thanks in advance
Nbc