Landlords not allowed to sell home?

https://www.boards.ie/discussion/comment/122842224#Comment_122842224

The house yes but definitely not the area.

Flinty997

https://www.boards.ie/discussion/comment/122841780#Comment_122841780

I think it's more of a mortgage condition and not universally insisted on. I could be wrong.

That sounds like it alright. And it was a trial but being seriously looked at.

C3PO

Judging by the tone of your posts OP I would guess that you are really not suited to be a landlord - I think you would find it extremely stressful. I would strongly suggest that you sell up and move on!

Red Silurian

Here's a fairly obvious solution, try selling it with tenants in situ?

ebbsy

Or get a management company to deal with it perhaps ?

I did, worked out ok for me.

pc7

If you can sell now after living in it you will not be liable for CGT, if you move out and sell in a few years you will lose that. Also being a landlord can be very difficult, have you means to pay if a tenant over holds? What if you want to sell and they won't move out. I sold up mine and its the best thing I ever did! Walk away if you can.

pc7

https://www.boards.ie/discussion/comment/122841780#Comment_122841780

have a look at bid x1, then tend to sell houses with sitting tenants (and usually cash buyers), one on there atm like that

chicks4free

https://www.boards.ie/discussion/comment/122842574#Comment_122842574

Re CGT - you only pay tax on the increase while you were not living there. There is no tax liable on the increase while it was your home.

https://www.boards.ie/discussion/comment/122840307#Comment_122840307

Yeah they are looking to correct a fairly Irish only thing of temporary landlords causing renters to have feck all security.

You're basically designating your property as a rental property and you would sell to other landlords with the tenants remaining in their home

Thanks for all your comments, advice, suggestions. I really appreciate it!

I will weigh it all up and come to a decision in January. :)

Citizen Six

https://www.boards.ie/discussion/comment/122841551#Comment_122841551

sell now so

Marcusm

https://www.boards.ie/discussion/comment/122840038#Comment_122840038

That’s a bit disingenuous, even the Labour government’s bill in the U.K. proposes to permit a tenancy to end to permit a property to be sold. The restrictions there are starting from a very different point from Ireland. Their assured short hold tenancy regime does not have an equivalent of part 4 even, ie tenancies can easily be ended at each term (generally 12 months).

C3PO

https://www.boards.ie/discussion/comment/122842530#Comment_122842530

Maybe I’ve misunderstood the OP but I don’t think that there are tenants - he is only considering the option of letting his house?

Tork

What's wrong with the area where your house is? If it's not in the best of locations and future buyers have better locations to choose from, it could prove harder to sell.

Red Silurian

https://www.boards.ie/discussion/comment/122843616#Comment_122843616

Yes but he's worried that if he wants to sell after getting tenants in he won't be able to kick them out first

Emblematic

https://www.boards.ie/discussion/comment/122843092#Comment_122843092

Hope it goes well for you whatever you choose.

somenergy

If it's your ppr and you rent it out you could liable for cgt when selling

If you leave it empty, it is an appreciating asset selling with vacant procession will maximise return.

You could rent a room or 2.

Don't try to be a small LL it's to risky tenants can stop paying rent and wreck the place without any liability or stay indefinitely,its a total **** show renting in ireland "but the European model not' just a populist communist model

Sell, buy bitcoin....

SupaCat95

https://www.boards.ie/discussion/comment/122843620#Comment_122843620

Loads of possible reasons: Remote (access to Work, transport, health care), Antisocial (heighten drug abuse levels, crime, treatment clinics, "wet rooms"), Environmental (flood plain, soil erosion, car crash black spot), Demographic. It could be anyone of those but if you feel your investment is in danger from one of those above reasons, sell. Owner knows best.

https://www.boards.ie/discussion/comment/122843620#Comment_122843620

Hi Tork,

It's a tiny town with no public transport and a very 'tight knit' community. It would probably be a specific buyer. Could easily rent it though.

Head melted about this decision but look, good to have choices.

Thanks

SupaCat95

https://www.boards.ie/discussion/comment/122846032#Comment_122846032

Oh God yeah Nothing but grief and strife trying to be an amateur Landlord for 56% tax to come off the top. RTB and solicitors? That is for professional letting agencies with leather necks and brass balls. Boards and Reddit are littered with stories of entrenched tenants who wont pay or move while the bank is looking for mortgage to be paid. I am not saying this is the way it will be be but this is what you are dealing with in the market.

When you are buying, buy the worst house in the best area you can afford. I would not invest in bitcoin as of right now on this day in this hour in this moment. Right now it is at an all time high ($86k 1 pm 16/11/24), I would want to be exiting the market to hold either in cash or gold. "Bulls and Bears make money, pigs get slaughtered". There will be a crash, just a small quick one by the guessing of Elon Musk and quick bounce back. Anyone who has cash or gold on that day is sorted. Anyone deeply indebted to property or force to sell, reconcile with an institution will lost a lot. If Bitcoin hits the floor (<$20k) then consider buying (Robert Kiyosaki).

travist

https://www.boards.ie/discussion/comment/122841414#Comment_122841414

You will need to know what income tax rate you'll pay also, and how to file the annual returns.

Firblog

Can you lease it to the county council for 10 years? Up to them to remove the tenants and the end of the term.

CramCycle

https://www.boards.ie/discussion/comment/122840551#Comment_122840551

But your moving in with your mum for a few years, which should be more than enough to save a humongous deposit on top of the profit you expect to make already.

You are clearly spooked about renting, and all you will hear is the horror stories or worst case scenarios here, so save yourself a pile of stress if moving in with your Mum is what you are gong to do, sell up, pay off the mortgage and start saving again.

Other option is to heavily vet your tenants and take a lower payment for a promising one, there are no guarantees but one with long term employment in a local council or a permanent teacher of 10 years etc is presumably less likely to forego paying rent.

A licensee is a risky one as you will technically be lying, and while unlikely, you could get caught out with it if they are troublesome tenants.

https://www.boards.ie/discussion/comment/122849294#Comment_122849294

That's another possibility. 10 years quite long though. Will look into this too. Thank you

https://www.boards.ie/discussion/comment/122849366#Comment_122849366

I will save a lot for sure either way which will be great. I'm weighing it up in my head and all the possible outcomes over the next few years. Thank you.

CramCycle

https://www.boards.ie/discussion/comment/122850180#Comment_122850180

My only advice would be this in the end, are you a risk taker or not. Sell now, I estimate wherever you are in the country you clear your mortgage and make a small profit. Provided you have somewhere else to live and it costs less than your current mortgage, you are quid's in but there is the other side of you will have to move in with your mother for a few years, and without more details on personal life, what you expect over the next few years, this in of itself may or may not be a good idea.

The other is rent, the majority of landlords have no issues despite what the microcosm of social media may tell you. Heavily vet your tenants, social media stalk, check references (and check them via alternative means to the mobiles provided) and any inkling of uncomfortableness, walk away even if it all adds up. It should be relatively easy to tell who is actually fully employed in a steady and stable job with a good community reputation nowadays. treat them well and the majority of tenants are happy to treat your property well.

https://www.boards.ie/discussion/comment/122850259#Comment_122850259

I am a risk taker, always feel the fear and do it anyway :) when it comes to the house though, not so much. If I sold it now I would make a very good profit and I'd say it will be the same profit in five years' time too due to pent up demand. The house is in the centre of the town and new builds are starting to happen all around it. Living back home is really not ideal but been in worse situations in my life. Now is my chance to save for the next house.

My mortgage is very low which would help if in worst case the tenant stopped paying. My fear is getting reckless tenants who would cause damp, for example, by drying clothes without opening window now and then, or flushing nappies and all sorts down the toilet (builder did a shoddy job on the pipe work it turns out) and of course ultimate fear of the house burning down. Carelessness like the above I find can be caused by any type of tenant, good job or not.

Also, fear of being sued for something. Like what happens if a tenant falls down the stairs or something and breaks leg? Am I liable? I doubt it but I don't trust some people.

Thanks

travist

https://www.boards.ie/discussion/comment/122850310#Comment_122850310

You need to re-insure the house as let out for a tenancy.. and your mortgage rate will also change…

chicks4free

https://www.boards.ie/discussion/comment/122851201#Comment_122851201

I wouldn’t mention that you are renting the house to your mortgage provider.