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Renting out my house
SteveyJC
Posts: 346 Forumite
At the minute this is a hypothetical question, but I'd be interested in the answer.
I currently own my own house, but am considering moving to a different country to get a job. I would like to keep my house, as I may return one day (that is if I can afford it). I was thinking of renting my house out while I was away, and maybe that would pay for the mortgage.
Other than tax payable for the rent I receive, do I have to pay tax on what the house goes up in value by, and if so, wouldnt it be better keeping it empty, assuming the house prices keep going the way they are (and that I can still afford it??)
Thanks
I currently own my own house, but am considering moving to a different country to get a job. I would like to keep my house, as I may return one day (that is if I can afford it). I was thinking of renting my house out while I was away, and maybe that would pay for the mortgage.
Other than tax payable for the rent I receive, do I have to pay tax on what the house goes up in value by, and if so, wouldnt it be better keeping it empty, assuming the house prices keep going the way they are (and that I can still afford it??)
Thanks
if i had known then what i know now
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Comments
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Is it me or could this be a section 48 disaster waiting to happen?
IE no address = no section 48 possible = no rent payed (legally) until section 48 is served?0 -
That'll be another reason why you have to have a UK based agent then.abaxas wrote:Is it me or could this be a section 48 disaster waiting to happen?
IE no address = no section 48 possible = no rent payed (legally) until section 48 is served?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
if prices do go up (which seems more and more unlikely by the day) then as it's not your primary residence anymore, when you sell it you'll be subject to capital gains tax. Keeping it empty would mean paying the mortgage yourself - it's doable but not unlikely that either squatters will move in or the goverment will change the rules soon and allow councils to use unlived in houses for social housing.0
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thanks. Firstly what is this section 48 thing? And my parents live nearby, so i guess they could keep an eye on it. Just a thought....if i had known then what i know now0
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