Do you have an apartment that you are paying a mortgage on, but you don’t live in it? I don’t know if you know you could rent it. Yes, that’s right, you could rent it and make a profit on this property that is in disuse. Be an owner and manage the rental of a home It is not easy at all, therefore, it is always best that you put this process in the hands of experts, since this way you will not have to worry about a process that can become complicated and take a lot of time from the property owner. If you do not know if it is possible to rent an apartment with a current mortgage, we will explain everything you need to know below.
Is it possible to carry out the procedure?
If you wonder if it is possible to carry out the procedure, the answer is yes. You can carry out the leasing activity even if you continue to pay the mortgage with your bank. In this case, if what you are going to rent is your usual home, this will not bring you a series of tax benefits that those who pay a mortgage have and that we will explain later and you will have to know that not in all cases your apartment with mortgage can be rented.
Rental of the habitual residence
As we said, if you want to rent your usual home, you can do so because the legislation allows it, although, said legislation you must take it into account if you are going to start this activity, since it marks a series of nuances that may be an infringement of the herself. For this reason, you can rent your home in case you cannot continue to reside in it due to force majeure, such as moving to another location for work reasons and if you want to make a profit from the rental of your usual home, or if you have to pay the rent in the city where you are transferred.
Thus, as in many other cases, the law that regulates this aspect is the Urban Leasing Law (LAU), which indicates that it is possible to rent said habitual residence, but it is prohibited to rent it for short periods of time. . For example, you could not rent your property to a person to host a vacation with a start and end date.
Does an apartment rented with a mortgage reduce the tax on the rent?
As we anticipated previously, a rented apartment but at the same time you are paying a mortgage entails a loss of the tax advantages that are given to those people who have this type of loan with their bank.
The reason for this restriction is because one of the main reasons to deduct taxes is lost and that is that the condition of habitual residence is lost, since this is indicated by the new rental contract that is made to the tenant. For this reason, it is very important not to rent our home to another person, since it is essential to do so, but without giving said tenant a lease, since that would entail an infringement of the regulations that regulate rents.
Always rent with all the guarantees
Leasing an apartment from the owner’s perspective is not easy at all. Now you know that you have to consider many aspects and some of them are very delicate and that they can be a reason for a fine if an apartment is not legally rented.
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