New house rent or sell

Mary1998

Not sure what to do for the best. Have just finished renovating my home. initially my plan was to stay in the house. Now it is looking so nice, I don't know whether to sell it or rent it. If I rent it, I have the option of renting a granny flat for about half the rent of the house. So my rent expenses would be covered. (nr Dublin city)

I'm inclined to rent but having never done this before I am nervous about all the responsibilities and risks involved, particularly the costs of landlord insurance, tax etc. Basically I'm clueless

StillWaters

Not having seen your figures for both scenarios it's hard to advise. But I'd go for sell. Rent, and there is no guarantee it's going to stay looking so nice and pristine. Being a LL is a big responsibility and if you can take a profit, perhaps buy somewhere nearer where you want to live that needs a bit of work?

PhilMcGee

Depending on figures and number of rooms.

Live in the house and rent two rooms in the house under the rent a room scheme tax free. So you wont be a landlord for revenue purposes. When you need your space go stay in the Granny flat. You could be paying rent on the granny flat, not using it as your PPR and still make a profit, while keeping an eye on your house.

http://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/rent_a_room_scheme.html