skipper1978
Registered User
- Messages
- 16
Unbelievable. You get a discount of €220,000 to purchase the apt and now want to walk away with €125000 profit? And your neighbour in the same type of apt paid €520,000 so is still in nearly €100,000 neg equity? I hope you are joking that the council is letting people away with this. This "scheme" was so unfair right from the start.
Not the sort of response I was hoping for.
Exactly!what kind of answer were you hoping for? Basically you want to be able to walk away with €125000 profit on an apartment that your received a €220,000 discount.
Thanks BrooklynDepends on the council but some will allow you to rent out on a case-by-case basis, others technically won't allow it but will turn a blind eye as long as the mortgage is being paid. The requirement to pay back all of the profit from a sale below original market value is written in statute so there's no getting away from that.
The craziness of your situation is that any selling price up to 520k will make absolutely no difference to you at all.
If I'm to rent it out for €1,800 a month, I believe I can deduct the mortgage interest, management fees and a few other bits and pieces before tax. Mortgage interest alone is around €800 + Mgt fees $180, let's say another €250 in expenses, total comes to €1,230 meaning tax on €570. If I'm close to correct in what I'm saying, I should be around breaking even after tax.House hunter, rent it out for €1,000 a month, you are allowed rent a room(s) in your property and earn up to €12,000 tax free, you'd just have to cover the management fees and any repairs. Once the mortgage is being paid the council won't give a This post will be deleted if not edited to remove bad language whether you're living there or not.
The tax implications on €1,800 a month rent would be fairly high and I doubt the extra €600 would cover it.
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