Brian_R_79
Registered User
- Messages
- 11
I thought of selling but I would see our house as an investment and potential source of Pension. We rented our house before as we moved abroad for a few years and I know all the taxes/troubles involved so I think I can budget for that correctly. It makes more sense to move to parents house and upgrade as it's bigger than ours and we could potentially be mortgage free in about 10 years if I can finance correctly and not fall into any tax issues.Is there a reason you don't want to sell? Or could your parents move to yr house & sell theirs.
I see so many families fall out over these sorts of arrangements.
Don't forget you'll have to pay tax on rental income & all the usual hassle of being a landlord.
Do you have siblings? Simple if you do. Complex if you don't.We want to pay this loan back as the house would be my inheritance.
I don't have any siblings. Why would this make a difference? Could you explain please?Do you have siblings? Simple if you do. Complex if you don't.
I meant it the other way round, sorry.I don't have any siblings.
Thanks for confirming. I am starting to research. Any advice on who i should talk to regarding going over all this and confirming numbers? would and accountant or Money Advisor be best?I meant it the other way round, sorry.
The arrangement is more straightforward if you are the sole heir.
I would sell the house if it was going to give a good cash injection after everything's paid off. Renting one off houses is not the way to go anymore, very few plusses for an owner today, lots of regulations and plenty of other trapdoors for you to fall through too. There's also the possible question of what happens if your parents ever need to move to a nursing home. With the house in their names a largish bill might ensue.I thought of selling but I would see our house as an investment and potential source of Pension. We rented our house before as we moved abroad for a few years and I know all the taxes/troubles involved so I think I can budget for that correctly. It makes more sense to move to parents house and upgrade as it's bigger than ours and we could potentially be mortgage free in about 10 years if I can finance correctly and not fall into any tax issues.
Thanks for the advice. Yes, there are lots of potential issues ahead. At least now, I can look into everything in more detail and way up all the options. I have some calls planned to get more information and think about this properly.I would sell the house if it was going to give a good cash injection after everything's paid off. Renting one off houses is not the way to go anymore, very few plusses for an owner today, lots of regulations and plenty of other trapdoors for you to fall through too. There's also the possible question of what happens if your parents ever need to move to a nursing home. With the house in their names a largish bill might ensue.
Can't see why not unless it's a fixed rate loan which may have early redemption penalty fees.Can you repay a credit union loan of this size 85k early ?
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