this post was submitted on 28 Jun 2024
1 points (100.0% liked)
Ask Lemmygrad
771 readers
9 users here now
A place to ask questions of Lemmygrad's best and brightest
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I'm really interested in the answers because I'm about to inherit an apartment that I don't plan to live in. Looking at the market, I'm hesitant to sell, as I would have to pay hefty taxes. Letting it stand empty does not make sense.
I did not purposefully purchase this apartment to make money on it, I'd much rather have grandma around, and I'm planning to sell it in about 5 years when we're gonna be looking for a new place with my parents.
My best bet is renting it out below market price and being a kind and understanding landlord, which sounds like an oxymoron to me too...
Any thoughts on my situation?
I'd say live in it or sell it. Sure, you may have to pay taxes on that money you make, but it's money you wouldn't have had otherwise (that, and you would have to pay property tax if you held onto it). I don't see why the concern about taxes would push you into being a landlord.
It would be really unfortunate for me to sell the apartment financially, due to local regulations and having bought and sold real estate recently (sold our cottage and moved in with parents) so I'd rather hold onto it for now. We're talking about money that wouldn't get me a year's worth of rent in another country, so nothing fancy but i want to make smart decisions and just having a big sum of money sitting in the bank is not that. I'd rather rent it to a company (the local factory has lots of foreign workers and they pay for their rent)