In January 2025 work will begin on our house. The renovation is pretty extensive with lots of insulation, new central heating, removal of the wall between the kitchen and dining room and new windows and doors. We are also getting a new bathroom suite and a new kitchen..
We will be moving out while the contractors get on with the renovation. Renting a two bedroom property in our area of South Belfast won’t be cheap. It could cost more than £10,000.
Our youngest son suggested that we buy somewhere to stay while the contractors are on the job, then sell it when we move back in, or rent it out. I have viewed an apartment on the 3rd floor of a modern block so we need to have a think before we put an offer in.
Our financial adviser pointed out that if I drew out my entire private pension I would have to pay 45% tax on it. I am not keen to give HMRC nearly half the money I have put away since 1979. I can ‘draw down’ 25% without paying tax on it, so we will use that to pay the extortionate rents being charged in South Belfast.
odespinner 