What would you do?
Salary 1 €62,200 full time private sector
Salary 2 €57, 500 full time private sector
After tax about €6500 p/month
Savings €30k
No loans or credit card debt
2 children
Mortgage KBC balance €320k, property worth approx. €200k
Monthly payment €1700 no arrears variable rate
Property is currently rented out for €1200 p/m and we add difference of €500 plus management fees of €125p/m (€625 p/m)
We bought this 3 bed duplex property in 2007, unfortunately the area went completely downhill. Our next door neighbour was dealing drugs, constant parties in the apartment underneath and anti-social behaviour on the estate it hasn't change much since we moved.
We rented the property out and luckily have had no problems with tenants since. We rented another home in a nice estate but landlord looked to up rent from 1300 p/month to 1600 p/month we decided this wasn’t manageable and moved out in July 2014 with a view to buying again.
We have been living rent free with my parents since July in 2 rooms, but the accommodation now is just too small, it’s a small terrace 3 bed house and there just isn’t the room for 2 families anymore.
We have been in a position to clear all loans and credit cards debt and save €30k while we have been here. We have mortgage approval with AIB for a property of €300k. We just can’t seem to get a house we are constantly out bid, our approval will run out in May and we won’t be able to buy if we need a 20% deposit.
We are considering offering our current tenant’s compensation to break lease due to end in October and move back to apartment. Our eldest starts school in Sep and we want to be settled by the time she starts.
We are trying to decide if we should move back to apartment and forget about buying again or rent again?? We have approached KBC about selling the apartment and they will not allow it. We are keen to keep our credit rating. any other suggestions what we can do with this property?
Salary 1 €62,200 full time private sector
Salary 2 €57, 500 full time private sector
After tax about €6500 p/month
Savings €30k
No loans or credit card debt
2 children
Mortgage KBC balance €320k, property worth approx. €200k
Monthly payment €1700 no arrears variable rate
Property is currently rented out for €1200 p/m and we add difference of €500 plus management fees of €125p/m (€625 p/m)
We bought this 3 bed duplex property in 2007, unfortunately the area went completely downhill. Our next door neighbour was dealing drugs, constant parties in the apartment underneath and anti-social behaviour on the estate it hasn't change much since we moved.
We rented the property out and luckily have had no problems with tenants since. We rented another home in a nice estate but landlord looked to up rent from 1300 p/month to 1600 p/month we decided this wasn’t manageable and moved out in July 2014 with a view to buying again.
We have been living rent free with my parents since July in 2 rooms, but the accommodation now is just too small, it’s a small terrace 3 bed house and there just isn’t the room for 2 families anymore.
We have been in a position to clear all loans and credit cards debt and save €30k while we have been here. We have mortgage approval with AIB for a property of €300k. We just can’t seem to get a house we are constantly out bid, our approval will run out in May and we won’t be able to buy if we need a 20% deposit.
We are considering offering our current tenant’s compensation to break lease due to end in October and move back to apartment. Our eldest starts school in Sep and we want to be settled by the time she starts.
We are trying to decide if we should move back to apartment and forget about buying again or rent again?? We have approached KBC about selling the apartment and they will not allow it. We are keen to keep our credit rating. any other suggestions what we can do with this property?