Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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You seem to know the answer to your question already.
£60 on your mortgage, a £50 fee, tax on the rent, maintenance costs, refurb costs at the end of the rental term.
And you have monies tied up in an asset that will most likely depreciate over the next few years.
I would seriously look at the figures tbh, as I'm not sure that keeping the house for rental will be beneficial financially.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by Jules S
You seem to know the answer to your question already.
£60 on your mortgage, a £50 fee, tax on the rent, maintenance costs, refurb costs at the end of the rental term.
And you have monies tied up in an asset that will most likely depreciate over the next few years.
I would seriously look at the figures tbh, as I'm not sure that keeping the house for rental will be beneficial financially.
Yeah i had spoken to them through the day after the original post.
The house has been recenlty decorated throughout.
The maintence costs would be there regardless if i lived there or rented it out.
Only looking at renting it out for a year so a refurb wouldnt really be required.
So its only really the tax and increased rate for the mortgage.
The house cannot be worth any less than we bought it as it was the peak of the recession but even if it was worth the same in two years time im am paying off chunks of equity - more than i would be able to save if i cut my losses and sold especially due to the fact selling fees will come to £7k minimum
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