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Sell home or rent it out

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  • 11-05-2016 12:12pm
    #1
    gargargar
    Registered Users Posts: 249 ✭✭


    Hi,

    I am looking for some advice on whether to sell my house or rent it out. Background, I bought a small house when I was single close to city center. In the meantime I married and had two kids. We built an extension and have the house in great condition, however there is no back garden or children near us. At the moment I could not afford to move house, but should be able to in a couple of years. We are thinking we could sell or rent our own house and we could rent for a couple of years where we want to live.

    So I am faced with a choice:

    1) Stick where we are - quality of life would not be what we want. We could be in the house for another four years with kids just getting bigger.

    2) Sell house - would make a good profit with no CGT. Invest money somewhere and rent for few years. Negative here is that it may not be the best time to sell as there is a site near us which is about may be about was sold to builders. Would probably make sense to sell after the building complete (year or two).

    3) Rent house - Easily could rent house. Concerned that the house is in very good condition, would it be wrecked? Also when we go to sell it the CGT would be pro-rata between PPR time and rent (I could be wrong here). Would probably clear about 300k profit so that could be a pain. I would also be giving up a tracker mortgage which is worth something I think! Also I may not actually need the money in a few years, so I could rent this out long term.

    I've never been a landlord so I'm not sure if it will be pain.

    I would appreciate any input from persons with good financial brains (not me)

    Thanks


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