Grasshopper
Registered User
- Messages
- 14
Hi all.
First time poster, long time user of site as a resource. I have been reading through a lot of posts on this subject, but I still feel well and truly confused as to what my next steps should be.
My fiancee and I just went sale agreed on buying a house together. We secured a joint mortgage which allows me to hang on to my current home (which I purchased alone) and rent it out, or I can sell it either. We are getting married this year which is going to make the next few months tight, and I am confused about what to do.
I have read and heard all about the current climate for LL's and I am not exactly thrilled about the idea of becoming one, but I can also see the long term benefits of holding on to the property as an investment.
The house is in a well sought after area with extremely limited rental properties on the market and plenty of demand. I am sure there will be no issues renting it out. In fact, I am actually considering renting it out unfurnished (if I go down that path) as I believe this will attract longer term tenants. I could be picky about potential tenants. Advice on this approach would be welcome also.
House bought for €300,000 in 2008, just as things started to go south
Current Interest Rate is 2.15% + ECB
Monthly repayments €877
29 years left on mortgage (40 year mortgage sheeesh)
€235,000 outstanding on mortgage
Potential rental income €1850p.m. (€22,200 p.a.)
I would expect to sell for €300,000 on open market.
What can I expect my tax bill to be, assuming €2-3k services and maintenance p.a.?
My fiancee and I have joint income of circa €180,000 p.a., so I know we are in a good place in that respect, but the new house will drain us in the next few months, and mortgage repayments will be in or around €1750. Let's not mention the wedding.
Thanks a lot in advance
I'm really stuck on what
First time poster, long time user of site as a resource. I have been reading through a lot of posts on this subject, but I still feel well and truly confused as to what my next steps should be.
My fiancee and I just went sale agreed on buying a house together. We secured a joint mortgage which allows me to hang on to my current home (which I purchased alone) and rent it out, or I can sell it either. We are getting married this year which is going to make the next few months tight, and I am confused about what to do.
I have read and heard all about the current climate for LL's and I am not exactly thrilled about the idea of becoming one, but I can also see the long term benefits of holding on to the property as an investment.
The house is in a well sought after area with extremely limited rental properties on the market and plenty of demand. I am sure there will be no issues renting it out. In fact, I am actually considering renting it out unfurnished (if I go down that path) as I believe this will attract longer term tenants. I could be picky about potential tenants. Advice on this approach would be welcome also.
House bought for €300,000 in 2008, just as things started to go south
Current Interest Rate is 2.15% + ECB
Monthly repayments €877
29 years left on mortgage (40 year mortgage sheeesh)
€235,000 outstanding on mortgage
Potential rental income €1850p.m. (€22,200 p.a.)
I would expect to sell for €300,000 on open market.
What can I expect my tax bill to be, assuming €2-3k services and maintenance p.a.?
My fiancee and I have joint income of circa €180,000 p.a., so I know we are in a good place in that respect, but the new house will drain us in the next few months, and mortgage repayments will be in or around €1750. Let's not mention the wedding.
Thanks a lot in advance
I'm really stuck on what
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