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Selling a place you are renting out

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  • 28-07-2008 4:19pm
    #1
    MsFifers
    Registered Users Posts: 997 ✭✭✭


    Hi - just looking for opinions on this. I am going to try to sell my apartment (not feeling v. hopeful about my chances but what the hell!).

    Last week one of my relatives has asked me to house sit for them for 18 months as they are leaving the country for a work contract.

    The estate agent I was talking to today, suggested that as I now won't be living there, I should rent out my place for a 6 month lease and put it on the market at the same time. As there are so few viewings happening these days she reckoned it would take at least that long to sell anyway.

    Is this a good idea? Or should I keep it vacant for the next 6 months and try to sell, and then get tenants if nothings doing? Or, should I just forget about selling altogether? If I got enough rent income I might be able to afford my next place without selling the flat! :D


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    #2
    Stephen
    Registered Users Posts: 18,484 ✭✭✭✭Stephen


    Your home insurance will probably be much more expensive if the place is unoccupied too.


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    #3
    Dudess
    Closed Accounts Posts: 37,215 ✭✭✭✭Dudess


    MsFifers wrote: »
    Hi - just looking for opinions on this. I am going to try to sell my apartment (not feeling v. hopeful about my chances but what the hell!).

    Last week one of my relatives has asked me to house sit for them for 18 months as they are leaving the country for a work contract.

    The estate agent I was talking to today, suggested that as I now won't be living there, I should rent out my place for a 6 month lease and put it on the market at the same time. As there are so few viewings happening these days she reckoned it would take at least that long to sell anyway.

    Is this a good idea? Or should I keep it vacant for the next 6 months and try to sell, and then get tenants if nothings doing? Or, should I just forget about selling altogether? If I got enough rent income I might be able to afford my next place without selling the flat! :D
    I don't think you should put it up for sale - it's not a good time. It would make more sense to let it. And you wouldn't find it easy to get tenants if there's a For Sale sign up.


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    #4
    Afuera
    Closed Accounts Posts: 619 ✭✭✭Afuera


    One thing that you should bare in mind if you rent it out is that, should you fail to sell it within 12 months you will be charged CGT at a later date. Personally I think if you have any equity tied up in the property you should try and liquidate it ASAP (even if you have to reduce the price a bit). None of the signs out there point to the market being any better a year from now.


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