Sell or Rent my home??

S

Stressed_1

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Hi all,

First time posting here, but hoping for some advice and guidance please.
I own my home and am lucky enough to be mortgage free. It would be valued at €350,000.00 approx.
However, I am planning on moving into my family home, as my Father is now resident in a Nursing Home, and the family home is sitting empty. As far as I am aware, the family home is being left to me, and my only other sibling lives abroad anyway.
So, I am debating as to whether I should sell my own home, or rent it for a couple of years? I have never been a Landlord before, so this would be a new venture for me.
Any advice would be greatly appreciated.
 
You might find some useful info here:


It would seem odd to sell up without knowing for sure that the family home was eventually coming to you though?

There are also lots of existing threads about the travails of people acting as small time/accidental landlords. And a few where it has gone well for people.
 
Stressed_1 said:
However, I am planning on moving into my family home, as my Father is now resident in a Nursing Home, and the family home is sitting empty. As far as I am aware, the family home is being left to me, and my only other sibling lives abroad anyway.
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It's difficult to advise in the absence of much detail but on the basis of information provided think about:

  1. Keep the house as your main residence, but take in a tenant under the rent-a-room scheme and earn up to €14k a year tax-free under the rent-a-room scheme;
  2. Spend a minority of your time in your father's house acting as a caretaker;
Benefits of 1) are that you have no tax liability and your tenant has the status of a licensee and is there at your pleasure. You also don't start building up a CGT liability if you ever go to sell your own house as it remains your PPR.

Benefit of 2) is that value of father's home (your inheritance) is preserved.
 
I'd go with this - you can cheerfully spend your weekends at the other house, similar to a holiday home.
 
House insurance might need to be reviewed if the property is only occupied a couple of days a week. Most regular home insurance policies specify a maximum annual vacancy period.
 
First things first, you mention in your post "as far as I am aware". Find out for definite that the house is being left to you. Don't assume or guess.

Secondly, what is left for your other sibling or are thing being split in 2 In effect, would the house need to be sold for you to fund this or could you raise the funds yourself?

Thirdly, as another poster has called out, is there a Fair Deal implication here.

lastly, do you really want to be a landlord with all the hassle that brings?
 
thedaddyman said:
Find out for definite that the house is being left to you.
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until the (unlooked for) event of parent passing away, nothing is definite.

in any event, I don't see that it matters hugely for the OP at this point; so long as they don't sell their current home.
 
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