dr_octagon
Registered User
- Messages
- 18
This isn't the question you should be asking yourself. You should be asking yourself if putting this property out to rent is the best return you can get for your money. What return will you earn? What would you get if you just sell it and put the money on deposit? How much time will it take you to manage the property, register with the PRTB, look after your tax returns etc.I'm pretty confident that we will be able to rent out our existing home (it's very near to a largish business park) and I'm more than confident that the rent will cover our existing mortgage as well.
It really sounds like you are going into this blind. There are lots of ways of providing a pension. Before you go into this investment, do the maths on the return on the investment, or you'll live to regret it.Our main motivation for keeping the house is as a pension, basically, so unless rental income is less than the mortgage then no, it's probably not worthwhile, the other things you mention not withstanding.
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