U
/u/Patatas-bra-vas
Guest
Hello!
A little over two years ago I bought my first apartment in a big European capital aged 27 as a single mother. I did not have much savings but I could benefit from a very advantageous mortgage scheme offered by the city for young / low income citizens (I have a 30 years fixed mortgage - now almost 27 years remaining at 1.5% fixed interest - average interest rate at the time was 3.8/4%). I also spent 25k in renovations including heating, new electric, added a room and finishing.
Now I’m in the situation where I decided to move countries and I’m facing the decision weather to sell or rent it out. A few things I’m considering:
•I think this apartment in this city will increase in value •I pay 800 euro mortgage and I could easily rent it out for 1.200. However, I also pay 1.200 a year property tax per year so the profits on rent for now would not be so advantageous - this might change in a few years when princes go up. • rental income is not taxed here highly but it might be where I’m going (I’m not sure) • it will be a huge hassle renting it out from abroad • my neighbours want to buy the place to rent it out themselves (it’s a small two unit building)
I have zero experience in real estate / investing. So I’m looking advice - what would do in my case?
Thank you on advance!
submitted by /u/Patatas-bra-vas
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Selling or renting out after two years?
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A little over two years ago I bought my first apartment in a big European capital aged 27 as a single mother. I did not have much savings but I could benefit from a very advantageous mortgage scheme offered by the city for young / low income citizens (I have a 30 years fixed mortgage - now almost 27 years remaining at 1.5% fixed interest - average interest rate at the time was 3.8/4%). I also spent 25k in renovations including heating, new electric, added a room and finishing.
Now I’m in the situation where I decided to move countries and I’m facing the decision weather to sell or rent it out. A few things I’m considering:
•I think this apartment in this city will increase in value •I pay 800 euro mortgage and I could easily rent it out for 1.200. However, I also pay 1.200 a year property tax per year so the profits on rent for now would not be so advantageous - this might change in a few years when princes go up. • rental income is not taxed here highly but it might be where I’m going (I’m not sure) • it will be a huge hassle renting it out from abroad • my neighbours want to buy the place to rent it out themselves (it’s a small two unit building)
I have zero experience in real estate / investing. So I’m looking advice - what would do in my case?
Thank you on advance!
submitted by /u/Patatas-bra-vas
[link] [comments]
Selling or renting out after two years?
Continue reading...