My wife and I (both in our early sixties) have been renting out our original family home for over ten years now. The house, mortgage-free and located in Dublin, has an approx market value of 220k. Rental income 1200 euro pm., no trouble with tenants. With tax, repairs etc, net income would be region 7k.
The house we live in has approx market value of 250k outstanding mortgage amount of 130k, with about 7 or 8 years left to clear. Tracker, current repayments 1200pm, overpaying about 40 euro pm.
On the face of it, it is costing us about 5k a year to rent out the house. Not under any immediate pressure financially, and, in the event of selling, wary of having any substantial amount of cash on deposit. On the other hand, the rented house is getting older (like us all!) and maintenance costs will likely increase. So should we sell or keep renting? Any opinions greatly valued, thanks.
The house we live in has approx market value of 250k outstanding mortgage amount of 130k, with about 7 or 8 years left to clear. Tracker, current repayments 1200pm, overpaying about 40 euro pm.
On the face of it, it is costing us about 5k a year to rent out the house. Not under any immediate pressure financially, and, in the event of selling, wary of having any substantial amount of cash on deposit. On the other hand, the rented house is getting older (like us all!) and maintenance costs will likely increase. So should we sell or keep renting? Any opinions greatly valued, thanks.