Getting out of here

C

canadabound

Guest
Hi there.

Just looking for a bit of advice. My wife and I will soon be moving to Canada, however, we bought a new house two years ago for €335k. I was under the impression that we could rent it after two years without any backlash, tax, stamp duty, that sort of stuff. Ideally we'd sell the house but in our wisdom we got a 100% mortgage and obviously selling now would be a disaster (and probably impossible).

Anyway can someone tell me if I CAN rent my house and what the implications would be.

Thanks in advance
 
I know we were thinking of renting while looking for a property to buy. We are now (hopefully) in the process of buying one so won't need it. However, I have noticed there is a lack of houses to rent out there in certain parts and people do want to rent, especially if located near areas of work. I would check out www.daft.ie for info on renting & what is out there. If it is a good size house, you should do well with renting. Good luck !
 
What's stopping you from renting the house ? You're the owner, you've got your mortgage on the property. Surely as long as you make sure that you keep up your mortgage repayments, you can do what you like with the house ?

You'll have to notify revenue so that your TRS can be stopped. If you then start renting it out, you will be able to offset the mortgage interest against rental income when filing your tax return each year.
 
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