We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Renting my House
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Forumite


Hello everyone
I'm considering renting our my 3 bedroom detached property for maybe a year or 2 or perhaps until there is some stabilisation in the property market. Would this be a good time to rent rather than sell? Also, I'm new to the renting market and I don't know what costs I would incur, such as agents fees, income tax and CGT. Can anyone advise what costs I would need to deduct from the rental income. I'm trying to decide whether the rental option would be financially viable. I'm not totally sure!! Any advise would be appreciated.
I'm considering renting our my 3 bedroom detached property for maybe a year or 2 or perhaps until there is some stabilisation in the property market. Would this be a good time to rent rather than sell? Also, I'm new to the renting market and I don't know what costs I would incur, such as agents fees, income tax and CGT. Can anyone advise what costs I would need to deduct from the rental income. I'm trying to decide whether the rental option would be financially viable. I'm not totally sure!! Any advise would be appreciated.
0
Comments
-
no this is not a good time to rent. rent's are low but house prices are high. you'd probably earn more by selling and banking the cash in a high interest account and without all the hassle as well.0
-
Deffo sell rather than rent it out - house prices will only go down.poppy100
-
No CGT if you have lived in the home and sell within 3 years of moving out.
Allow agents fees of 10% (finding tenants only) or 15% (full management).
You will be taxed on the rental income less allowable expenses (expenses include maintenance, gas safety check, mortgage interest).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
expenses include maintenance, gas safety check, mortgage interest......
........cleaning costs, plumber/electrician charges (including emergency call out if tenants heating breaks at the weekend!), landlords insurance, buildings insurance, professional fees if their services are needed e.g. solicitor, accountant, emergency funds incase of tenants not paying rent/trashing furniture etc; any additional mortgage interest or fees (a BTL mortgage or permission to let is needed); cash to get the property up to regulations e.g. smoke alarms, fire blankets as appropriate, fire retardant furniture, possibly fire escapes and special doors if it's going to be a HMO; if you aren't going through an agent you'll also need to pay for credit checks, tenancy agreements + possession notices, membership of a landlords association, TDS scheme; inventory clerk...
these are just off the top of my head, i'm a tenant not a landlord!0 -
No CGT if you have lived in the home and sell within 3 years of moving out.
Allow agents fees of 10% (finding tenants only) or 15% (full management).
You will be taxed on the rental income less allowable expenses (expenses include maintenance, gas safety check, mortgage interest).
Fees will be plus VAT, too.0 -
Let me get this right. You are thinking of renting out your house, incurring all the expenses mentioned above and paying income tax on any profit you make?
Presumably you are going to need somewhere to live yourself so you will need to pay about the same rent as your tenants if you want somewhere comparable.
Doesn't seem like a very good idea to me.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards