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How to select advisor for house sale/rent decision

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  • 26-08-2004 11:52am
    #1
    ifconfig
    Registered Users Posts: 880 ✭✭✭


    Given that Estate Agents have a vested interested in making a quick
    profit on the sale of a house -- who or what profession etc might be
    a good sounding board on the dilemma of whether to sell a house or
    retain it for rental income ? My situation is we are plannning a relocation
    from North Kildare to West of Ireland in the coming months and I/we
    would like to make a balanced judgement on whether to dismiss the
    possibility of retaining our existing property, putting portion of rental income
    towards paying off mortgage and rental management fees with the
    eventual option of being able to keep property as investment for kids
    when they go to college,etc. To flesh that out I'd need to get a good
    handle on the current rental income taxation issues, property management
    fees and hassles and general pitfalls given our personal circumstances,etc.

    So my question really is.. accountant ? solicitor ? some property
    savvy online forum ?

    The property has good rental potential because of location (close
    to Maynooth Univ, Intel, HP, etc).

    And aside from my question about who professionally might assist us
    in making such a decision does anyone on this forum have any
    experiences in the pitfalls of retaining property for rental versus
    making a quick sale and be done with it ?

    --ifconfig


Comments

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    #2
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    This question comes up fairly frequently over on Askaboutmoney.com. See this thread for some pros & cons, though you really need to run the numbers yourself for your own case. One major issue to keep in mind is Capital Gains Tax. If you sell the property now without renting it out, you have no CGT liability. If you rent the property for more than 12 months, the CGT liability will start to kick in.

    Ask yourself 'If I didn't own the 2nd property now, would I go out & invest in that property?'.


  • Options
    #3
    Victor
    Registered Users Posts: 78,371 ✭✭✭✭Victor


    An accountant, solictor or an estate agent / management agent should be able to offer advice. As RainyDay says, tax is as important as the rent.


  • Options
    #4
    ifconfig
    Registered Users Posts: 880 ✭✭✭ifconfig


    Rainyday (and Victor for resonating RDs post) - Many thanks for the
    pointer to the other site/thread(s). This is just what I wanted. Enough
    background info to let me sensibly start to understand at least some
    of the issues involved.

    Owe you virtual beers or coffee or whatever your poison is !

    --ifconfig


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