Second homes
Posted: Thu Apr 18, 2013 4:53 pm
I have asked and looked around but keep coming up with different answers, so here goes...
We are looking at purchasing a new house, but ours needs so much work before we want to put it on the market, but its not ideal living in the house at the same time. For the right house, my dad may pay for it for us so we can move out before selling this place, but what I want to know is, are there extra costs/fees/taxes when you own two homes? My dad owns his house too, so whether it goes in my name or his, one of us will still own 2 homes. If there are extra costs involved, either at the time of owning, or when it comes to selling one of them, what are those costs?
Also, we bought our property at the peak of house prices, so we'd like to get as much back as possible even if it means holding onto it for a couple of years and renting out. Are there different extra costs for renting out?
I hope that was all understandable and not too much waffle.
Claire
We are looking at purchasing a new house, but ours needs so much work before we want to put it on the market, but its not ideal living in the house at the same time. For the right house, my dad may pay for it for us so we can move out before selling this place, but what I want to know is, are there extra costs/fees/taxes when you own two homes? My dad owns his house too, so whether it goes in my name or his, one of us will still own 2 homes. If there are extra costs involved, either at the time of owning, or when it comes to selling one of them, what are those costs?
Also, we bought our property at the peak of house prices, so we'd like to get as much back as possible even if it means holding onto it for a couple of years and renting out. Are there different extra costs for renting out?
I hope that was all understandable and not too much waffle.
Claire