Sell or Rent

markm030

Registered User
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Have an apartment that i have rented out in Ballyogan Road area of Sandyford/Stepaside for the last 2.5 years to teh same tenants. Tenants are now unfortunately moving out at end of October and i am in 2 minds whether to sell or look for new tenants. I manage the place myself and the tenants i have have been great so I feel i have been lucky in that regard in that there has not been much to do.
Also I think I should probably be out of negative equity if I sell. From looking at similar properties in the area i think I would have around 20K after mortgage is paid off.
One part of me is saying to sell and get out of the market now.
Other part of me is saying rent it out again, rents are going up and so are property prices however i guess there is the risk of that not continuing and also having the hassle of dealing with it ongoing.

Any advice would be welcome.
 
sure
Value is 205K roughly, mortgage is 180K
i am getting 1050 in rent at the moment, net rent after tax is about 850. Mortgage is 1200 a month and interest rate is 4.4% at the moment. We got the monthly repayment amount reduced last year by our bank by 300 eur less a month but term was increased to 19 years left on mortgage.

From looking at the market now I think we could easily get 1200/1250 in rent a month if we decided to keep renting it but then there is letting costs, yearly management fee, cleaning and ongoing manitenance.
At the same time you hear that it is a good time to sell and to be honest having a net 20K in the bank after selling and paying off the mortage is tempting also if that actually could happen. However while impossible to know if we kept it on for another year the property prices might kep going up. .
Any advice or thoughts would be great as really don't know what to do. Thanks
 
I like other people are thinking of investing in property at this time. Unsure if I missed the boat in going for the Dublin area. Remember interest rates are poor for depositors.
 
Yes interest rates are low for depositors, true. However I guess if we sold it now and got some money we would invest it in our house as we were looking at getting an extension at some point rather then putting it in the bank. Also as my wife is giving up work soon to look after our 4 children it would be a nice buffer to have in the bank to use for day to day expenses for some time.

Anyone with any advice on what we should do would be great, thanks
 
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