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Does this make me a millionaire or not?
yummycheese
Posts: 7 Forumite
My parents have given me 2 houses. They live aboard. They is no mortgages . The 1st house is worth 800k but could get 850k depending on market. The rental figure is 3000 a month around 36k a year. The second house is worth 500k and has a rent around 1500 from a tennant at the moment. I get around 18k a year . So I make 54k a year. If I return home aboard after 10 years I should get 500k plus I can sell the houses . Should I keep the houses or leave them on rent thanks.
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Comments
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I pay the council bills and taxes for house so get little bit less then 54k0
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I looking to get a job and earn around 36k a year. So I would make 80k a year if I stay in uk0
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Obviously if you sell the houses you will liable to capital gains tax from valuation at time they were gifted to you and point at which sale takes place.
Do you also have a third property you own and live in ?0 -
That's fine I have an accountant so all taxes will be paid. I own my own flat I live in. I was told to use them a rental income and then I can still sell them in future .0
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Unless the houses are in multiple occupation, the tenants are liable for council tax, not you.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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yummycheese wrote: »That's fine I have an accountant so all taxes will be paid. I own my own flat I live in. I was told to use them a rental income and then I can still sell them in future .
All comes down to risk ;
- Will property prices in the area they are located continue to rise ?
If we could answer that question with certainty we would all be millionaires.
- Do you need the capital now that you would gain from selling.
What return would you get on that cash from sales if invested ?0 -
Thanks lincroft I didn't know about that. The second house Is rented out to a family.0
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yummycheese wrote: »Thanks lincroft I didn't know about that. The second house Is rented out to a family.
Then they should be paying the CT.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
They are in London. I think better to have rental income.0
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I will notify them about ct. Thanks.0
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