Any use?Should we rent the house?
Yes. Obviously the rent a room scheme only applies to owner occupiers where the rented room(s) bring in €10K p.a. or less in rental income.can you rent a box room?!!!
Why? Have you crunched the numbers to compare the renting versus selling (presumably at a loss) scenarios?I think we should just finish furnishing the spare rooms and rent the whole place out.
Ho hum, you are still liable for any short-fall on the bank sale versus the mortgage, the banks selling fees, their legal fees to take repossession etc. These will be a lot larger than taking a loss on the house and getting a personal loan to cover them. Plus you will be declared bankrupt and be unable to get standard credit for 12 years.Perhaps, you should leave it altogether; let the bank take it back!
Thta's what's going to happen soon on a much larger scale anyway
Not wanting to stray off topic but it is possible that the house gained value from 2006 up to €360k or €370k in early/mid 2007 and has now dropped to €300k. That's a 16%/17% drop over the last 12 months. My point being, a 10% drop from 2006 levels does not seem unbelievable....
I would ask where you got the value of 300k as if you bought in 2006 at 325k it has fallen less then 10%?
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Ho hum, you are still liable for any short-fall on the bank sale versus the mortgage, the banks selling fees, their legal fees to take repossession etc. These will be a lot larger than taking a loss on the house and getting a personal loan to cover them. Plus you will be declared bankrupt and be unable to get standard credit for 12 years.
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