Is the projected differential of €3,468 sufficient reward to you for all the risk and hassle of running a property rental business?If I sell up and use the equity to pay off my new mortage I would save 1022 in interest.
If I keep it and rent it out I make a net profit after tax and expenses of 4490
This is a fair point - its a responsibility. Also, with political atmosphere as it is, its hardly going to be sweetness and roses for landlords in the future.Is the projected differential of €3,468 sufficient reward to you for all the risk and hassle of running a property rental business?
One positive point to note is that your apartment could increase in value to €275k without any CGT concerns.
Seeing the rent is 400 a month under market rate it should be possible to select a good tenantI bought an apartment for €275,000 at the height of the boom. They are now selling for around €210,000. There is approx €170,000 left to pay on the mortgage. The property is in a rent pressure zone so the max I can rent it for is €1200 when the market value rent is €1600. Should I rent it out again or just be done with it and sell up?
I'm pretty sure the new owner is tied to the existing rent level (plus pro rata increase where applicable) even with new owner and/or new tenants.Seeing the rent is 400 a month under market rate it should be possible to select a good tenant
The other thing to think about is it may be worth more than 210.000 to a new owner seeing they can start rent at 1600 if renting it out again,
That's true as things stand.I'm pretty sure the new owner is tied to the existing rent level (plus pro rata increase where applicable) even with new owner and/or new tenants.
What price did you get?Just to give an update. I decided to sell the apartment. I decided the gains from being a landlord were not worth the hassle and risks. The sale is in the process of going through. I'm happy enough with the decision. Thanks for all the advice.
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