Selling property

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tickle_me_neenee
tickle_me_neenee Posts: 57 Forumite
in Over 50s MoneySaving
I've just read a message from someone regarding an elderly person selling a £200,000 property and moving somewhere smaller.
I have just inherited a property and was thinking of renting it out.
However, it has been suggested to me that I should sell it, buy TWO smaller properties, and that will generate TWO lots of rental income!
Anyone like to comment or advise me??

Comments

  • TrickyTrotter_2
    TrickyTrotter_2 Posts: 126 Forumite
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    No advice but a couple of comments:

    1. You need to know what the likely rental income is for the types of property your talking about, but I think that you would get more rental income from say two semi's rather than one detached, but ..

    2. You have go the transaction costs and maintenance costs of two properties to factor in to the equation.
  • tickle_me_neenee
    tickle_me_neenee Posts: 57 Forumite
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    VERY fair comment! Thanks for that!
  • silverlady_2
    silverlady_2 Posts: 181 Forumite
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    With the sharp rise in property prices at the moment you may have capital gains tax to pay when you sell the property to buy the two,I don't know all the facts on inherited property but it might be worth taking advice before you make any decision.
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
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    You certainly will not have any capital gians tax to pay on the sale of your home.
    CGT is not paid on a person's home as long as they only have one home.
    ...............................I have put my clock back....... Kcolc ym
  • silverlady_2
    silverlady_2 Posts: 181 Forumite
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    I've just read a message from someone regarding an elderly person selling a £200,000 property and moving somewhere smaller.
    I have just inherited a property and was thinking of renting it out.
    However, it has been suggested to me that I should sell it, buy TWO smaller properties, and that will generate TWO lots of rental income!
    Anyone like to comment or advise me??

    I was under the impression the house to be sold had been inherited and was not tickle-me-neenee's prime home therefore CGT might be payable if sold, I think it might be worth getting some professional advice
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