Myself and a friend purchased a home in 2013 as joint owners (50/50) with a 15year mortgage. We both lived there until 2015 when I moved out. The friend remains living there to today. We have reached a point whereby either I am looking to sell my 50% of the house onto somebody else (somebody we also know and trust) or we look into renting the house out (this option is less favoured by the current friend living there over worries of damage and wear and tear by tenants).
I am essentially looking for advice on my options and thinking long term.
1. If I do sell my 50% am I going to have to pay tax and how much? (since its not my primary residence - I have been renting since I moved out in different parts of the country. although I haven't lived there I do think of it as my primary residence - I have my bills and bank accounts at that address etc. Does that count?)
2. if I do sell, what do we need consider in terms of negotiating the price (remaining mortgage, repairs completed, future repairs)
Thanks for any advice
