House Moving
Apr 23rd 2008 | 8:51 pm
#16
Living the dream :)
Joined: Jun 2006
Posts: 1,262
From: Little Mountain, Sunshine Coast
Re: House Moving
Just a tip... if your mortgage is interest only, all of the interest is tax deductable. Plus alot of your other costs too. So if you balance it out approx. with your rental pcm then you'll pay little to no tax, although you must account for it with self assessment and apply for the Non Res Landlord Scheme (so your agent pays you gross and does not deduct tax for you).
If you make a profit, you pay tax on it. Voids is just a term for your empty periods between tenants.
If you make a profit, you pay tax on it. Voids is just a term for your empty periods between tenants.
LOL, didn't realise what voids was. We have thought about that too but we would just leave all money in a separate account and hopefully any extra would pay for the voids. The trouble will be selling it from afar. We are hoping that it won't go that far and that we sell but..... We also have various trades that can be called on should there be a problem as OH is a builder.
Fingers crossed it will sell instead.
Nicky xx
Apr 23rd 2008 | 9:26 pm
#17
BE Enthusiast
Joined: Feb 2008
Posts: 313
From: Spain/Wales
Re: House Moving
Ya, good luck. It is very different letting out an investment property which you're not attached to, to letting out your home. There's emotional issues at stake and to sell probably is best, but you don't want to give it away either! '08's gonna be flat for sales, but '09 financial markets will hopefully be more settled and possible better for the housing market. But then even in a 'bad' housing market, high end sales can still surprise you. So you never know.
Apr 23rd 2008 | 9:56 pm
#18
Living the dream :)
Joined: Jun 2006
Posts: 1,262
From: Little Mountain, Sunshine Coast
Re: House Moving
Ya, good luck. It is very different letting out an investment property which you're not attached to, to letting out your home. There's emotional issues at stake and to sell probably is best, but you don't want to give it away either! '08's gonna be flat for sales, but '09 financial markets will hopefully be more settled and possible better for the housing market. But then even in a 'bad' housing market, high end sales can still surprise you. So you never know.
Nicky xx
Apr 25th 2008 | 12:18 am
#19
Thread Starter
Da bing bing!
Joined: Nov 2007
Posts: 2,202
From: Kreissknows!!!
Re: House Moving
I think we're really getting it 
I've been into the agent this morning with a big fat cheque for the deposit & our references.... we'll be on eggshells over the weekend while they process it, but fingers crossed it goes through okay.
The girls are so excited about the prospect of having a proper house with a real garden again. Best of all, it's really near where we are now, so they can still call for their friends, go to the corner shop, etc.
See "Cr*p News" for the bad stuff
I've been into the agent this morning with a big fat cheque for the deposit & our references.... we'll be on eggshells over the weekend while they process it, but fingers crossed it goes through okay.
The girls are so excited about the prospect of having a proper house with a real garden again. Best of all, it's really near where we are now, so they can still call for their friends, go to the corner shop, etc.
See "Cr*p News" for the bad stuff
