U
Uctoshocked
Guest
Hi
I find myself in a bit of a dilemma and would be grateful for some feedback.
I purchased an apartment on the southside of Dublin (275k + 25k parking space) in December 2007 as a first time buyer with the intention of having it as my PPR. Since then my job has transferred to the northside of Dublin and I have become engaged and moved in with my fiancée , who also lives on the northside.
My own apartment is therefore sitting vacant at the moment. It is unlikely I would find a buyer for it at what I would consider a reasonable price in the current climate so I am looking at renting it out.
I am aware that I would be liable to stamp duty clawback seeing as it is just over a year since I bought the property.
My question is would it be financially more prudent for me to just let the property sit vacant for a year and pay the mortgage (would be approx 12k for the year) or declare myself a landlord, rent the property out and face the ensuing stamp duty bill.
Either way it looks like a painful hit, unless I’m missing something!
Any thoughts greatly appreciated...
I find myself in a bit of a dilemma and would be grateful for some feedback.
I purchased an apartment on the southside of Dublin (275k + 25k parking space) in December 2007 as a first time buyer with the intention of having it as my PPR. Since then my job has transferred to the northside of Dublin and I have become engaged and moved in with my fiancée , who also lives on the northside.
My own apartment is therefore sitting vacant at the moment. It is unlikely I would find a buyer for it at what I would consider a reasonable price in the current climate so I am looking at renting it out.
I am aware that I would be liable to stamp duty clawback seeing as it is just over a year since I bought the property.
My question is would it be financially more prudent for me to just let the property sit vacant for a year and pay the mortgage (would be approx 12k for the year) or declare myself a landlord, rent the property out and face the ensuing stamp duty bill.
Either way it looks like a painful hit, unless I’m missing something!
Any thoughts greatly appreciated...