Houses dont come up where you want them often, so just curious on what the charges are, if any for doing this?
Say you got a 50 to 70k mortgage on a €150k house, with the intention of either renting the property out without living there,
OR living there whilst renting out 2 rooms.
House sharing doesn't bother us at all if it's income coming in.
Cheers
Getting a mortgage and leasing or renting rooms.
- spitthedog
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Getting a mortgage and leasing or renting rooms.
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
Not really sure what you’re asking. What charges ? Makes no sense
What you do with a property you own is your concern, whether it’s mortgaged or not.
Any income you make from renting is of course taxable income but that can be minimised by offsetting expenses such as mortgage interest and maintenance costs.
What you do with a property you own is your concern, whether it’s mortgaged or not.
Any income you make from renting is of course taxable income but that can be minimised by offsetting expenses such as mortgage interest and maintenance costs.
"What you do with a property you own is your concern" Nope, if you have a mortgage you got some paperwork. This will most likely state if the object can be rented out while mortgaged. Not sure how that goes with the borey (gated community) loans.
I would be careful to share it with strangers. Better / safer (personal safety) to rent out the whole building but even so you could still have some issues. In the country where I am from it is popular to turn property into a drugs lab (cannabis / meth / xtc). When the police eventually busts the place it is gutted.... On bad days the cooks fuck up and it explodes or they suffocate hehe.
So find some excuse every month to visit the place and give it a quick once over to see everything is fine.
I would be careful to share it with strangers. Better / safer (personal safety) to rent out the whole building but even so you could still have some issues. In the country where I am from it is popular to turn property into a drugs lab (cannabis / meth / xtc). When the police eventually busts the place it is gutted.... On bad days the cooks fuck up and it explodes or they suffocate hehe.
So find some excuse every month to visit the place and give it a quick once over to see everything is fine.
Simply not true. It doesn’t matter if the property is mortgaged or not.administrator wrote: ↑Fri Jun 10, 2022 9:24 pm"What you do with a property you own is your concern" Nope, if you have a mortgage you got some paperwork. This will most likely state if the object can be rented out while mortgaged.
Bloody hell. I can think of numerous posters here who own investment property, much of it mortgaged. They use the rent to repay the loan.
Have you never heard of BtL?
Not sure where you are in Ireland. I've just read a report on Airbnb rentals that mentions Dublin as one of the top cities in Europe to buy a place and airbnb it 6 days/month on average to repay your mortgage.spitthedog wrote: ↑Fri Jun 10, 2022 12:02 amHouses dont come up where you want them often, so just curious on what the charges are, if any for doing this?
Say you got a 50 to 70k mortgage on a €150k house, with the intention of either renting the property out without living there,
OR living there whilst renting out 2 rooms.
House sharing doesn't bother us at all if it's income coming in.
Cheers
- ផោមក្លិនស្អុយ
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Most mortgage companies will have different offerings for residential or buy to let.Guest wrote: ↑Sat Jun 11, 2022 1:02 amSimply not true. It doesn’t matter if the property is mortgaged or not.administrator wrote: ↑Fri Jun 10, 2022 9:24 pm"What you do with a property you own is your concern" Nope, if you have a mortgage you got some paperwork. This will most likely state if the object can be rented out while mortgaged.
Bloody hell. I can think of numerous posters here who own investment property, much of it mortgaged. They use the rent to repay the loan.
Have you never heard of BtL?
Buy to let mortgages are more expensive but pure residential mortgage often have clauses saying that the house cannot be rented out. However if you are also living in the property then it is unlikely to apply to you - it’s still a residential property, not an investment property.
It’s a fairly common occurrence, certainly in Ireland.
ផោមក្លិនស្អុយ wrote: ↑Sat Jun 11, 2022 9:37 amMost mortgage companies will have different offerings for residential or buy to let.Guest wrote: ↑Sat Jun 11, 2022 1:02 amSimply not true. It doesn’t matter if the property is mortgaged or not.administrator wrote: ↑Fri Jun 10, 2022 9:24 pm"What you do with a property you own is your concern" Nope, if you have a mortgage you got some paperwork. This will most likely state if the object can be rented out while mortgaged.
Bloody hell. I can think of numerous posters here who own investment property, much of it mortgaged. They use the rent to repay the loan.
Have you never heard of BtL?
Buy to let mortgages are more expensive but pure residential mortgage often have clauses saying that the house cannot be rented out. However if you are also living in the property then it is unlikely to apply to you - it’s still a residential property, not an investment property.
It’s a fairly common occurrence, certainly in Ireland.
You’re quite right. I was wrong.
Bottom line is that you can rent your mortgaged property but you are contractually obliged to inform your lender and they may or may not adjust the interest rate accordingly.
How many DO inform the lender in practice, however, is another matter.
Forgot it in my previous post. If you have any insurance on the house, and maybe valuables, in case e.g. fire / theft / accidental damages, etc. Check those policies as well regarding subletting. They do anything not to pay out so don't make it easy
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