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27-07-2023, 10:30 AM
Hi all,
we are considering buying a property for our "forever home" on the island, but it would be another 18-36 months before we could move full time. Is it realistic or wise to rent the property out long term for this period? Is there an issue with removing tenants at the end of the term even if you've notified them from the outset that the rental period will be less than three years? Does anyone have any insight into the taxation process for the resulting income?
I really don't want to do short-term lets because of the hassle, but if a long-term rental would prove complicated to end, perhaps it is the better option. I'd appreciate any insight anyone has on that, too.
Open to any and all thoughts or experience you kind folks have!
we are considering buying a property for our "forever home" on the island, but it would be another 18-36 months before we could move full time. Is it realistic or wise to rent the property out long term for this period? Is there an issue with removing tenants at the end of the term even if you've notified them from the outset that the rental period will be less than three years? Does anyone have any insight into the taxation process for the resulting income?
I really don't want to do short-term lets because of the hassle, but if a long-term rental would prove complicated to end, perhaps it is the better option. I'd appreciate any insight anyone has on that, too.
Open to any and all thoughts or experience you kind folks have!