Is this worth my while?

M

mo3art

Registered User
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PPR value - €250K
Mortgage - €175K
We propose to let out our current PPR (rent €1200 per month), and purchase another house as a PPR - value of €250K. For a number of reasons;
1. Current home doesn't suit our needs at present, but is extremely rentable
2. While very rentable and in demand, it is not suitable to sell, as there are 5 other properties in our development for sale, but very reluctant to shift at the moment.
3. Both in mid-20s but dh has no pension fund, is an investment a better option?
Our combined income would come to €70K per year approx
Any thoughts?
 
i can;t find it at the moment but there is a very detailed psot in relation to your situation

There are tax and otehr issues that will arise when reting out a former PPR and all of these are a covered in the thread

While very rentable and in demand, it is not suitable to sell, as there are 5 other properties in our development for sale, but very reluctant to shift at the moment.
Click to expand...

Have you considered renting for a short period and then selling, if you rented it out for less than 12 months the amount of houses for sale may have redced in the area but you would not be liable for ang CGT on the sale

Anything longer than 12 months and you will start to pay somthing, amount growing each year

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Thanks Stuart & Rainyday for the prompt replies. It's still in the pipeline as of yet, but definitely something we are considering.
If anybody has any other comments they would be appreciated
Mo
 
The other 5 must be asking too high a selling price. Find out what they are asking and advertise yours at a lower selling price for a quick sale
 
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