Sell or Keep house in Dublin

[Boris1234]

Hello there,

Looking for opinions on this particular scenario.

Currently own a house in Dublin with my wife. Only a few years into the mortgage.

Stand to inherit a house from parents down the country which we plan to move to eventually. No mortgage on this.

Debating whether or not to keep the house in Dublin. I will likely still be working in Dublin a couple of days a week post pandemic so would still use the house.

What would others do in this situation?

My thought was to rent out rooms.

Cant rent a room relief still apply if one of us is still living in the house?

Thanks

 

[RedOnion]

Cant rent a room relief still apply if one of us is still living in the house?

No. Rent a room relief only applies to rooms rented in your sole residence. It's the place where people would normal expect to find you.

You need to review decision as part of your full financial circumstances when the time comes to move. While keeping an investment property in Dublin might make sense to you, that doesn't mean the house you already own is the right property.

 

[Brendan Burgess]

Do you have to make this decision now or will you be making it when you inherit a house?

If you are not making it now, don't put too much thought into it. The circumstances and the tax situation may be very different then.

Brendan

 

[Boris1234]

Thanks for the replies.

No I don't need to make this decision now. Just looking for opinions.

I would be inclined to keep the house in Dublin but I really just need to work out if that will make sense financially when the time comes.

 

[Brendan Burgess]

when the time comes.

And that is the key.

Make the decision then based on the circumstances then.

The only thing to avoid now is a very long term fixed rate that might cost you a fee to break out of if you do want to sell your home.

Brendan