First Time Buyer To Rent House?

R

RedStix

Registered User
Messages
195
Hi There

I have been looking through various threads on AAM and i'm still not sure what to do. Basically i am a first time buyer. Just bought a house towards the end of last year down the country for €198,000. When i put down the deposit, my OH and i decided it would be a good idea for me to move in with him for the time being, in order for me to save money in rent. My OH was also a first time buyer two years ago.

The house is now built and should be furnished and ready to live in, in about 4 weeks. The problem we're having, is that my OH and i managed to live together for the last six months (without killing each other) and have decided we'd like to continue living together indefinately. This would mean that i would have to rent out my house to assist paying my own personal mortgage.

Could someone please explain to me, in the simplest dumbest terms possible (because i really don't have a clue about property / investments) what the implications of renting out my house would be.

Thanks a million
 
You would have to pay the stamp duty on the property that an investor would have paid. This is payable from the date you start renting the property and interest is charged on a daily basis after this. This = mucho mula.

You will NOT be eligable for tax relief at source. This = mucho mula.

You would have to pay CGT at 20% on any gains that your property may make before you sell it. This = mucho mula.

You will have to pay income tax at 41% on any rental income greater than the interest on your mortgage. This = mucho mula.

You will have to register all your tenancies with the
 
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