I have a house which I am about to move out of as I’m moving to a new house. I’m wondering whether I should keep the house to rent or sell it. I have read a lot of the posts on here about becoming a landlord and it’s not a road I’m eager to go down. However, the house I’m thinking of selling has a very low tracker interest rate of 1.25%. It’s also beside the route of proposed Metro. I have 15 years left on the mortgage with a balance of approx 180k. I could rent the house out for about €1800 per month but would need to invest about €10,000 - €15,000 to get it up to standard as it needs some work. Current mortgage repayments are €1100 per month. I would be paying tax on rental income at the higher rate.
So whilst I don’t particularly want to become a landlord it seems a shame to give up a mortgage with such a low interest rate which I would expect to have paid off in full in 15 years all going well and at which point Metro might be up and running. I know the general consensus on here is to avoid becoming a landlord and I agree but given the circumstances I would appreciate comments. I don’t have other properties other than the two referred to here and I will have a mortgage of about 200 k on the other property.
So whilst I don’t particularly want to become a landlord it seems a shame to give up a mortgage with such a low interest rate which I would expect to have paid off in full in 15 years all going well and at which point Metro might be up and running. I know the general consensus on here is to avoid becoming a landlord and I agree but given the circumstances I would appreciate comments. I don’t have other properties other than the two referred to here and I will have a mortgage of about 200 k on the other property.
