Sell House and Rent

[Wonderfish]

Hi,

Currently living about 30min from large town - relatively rural - but as we have started a family our needs have changed and living closer to our own family and friends for support means we want to relocate.

Our plan is to ideally sell our house which is valued at 300k with a current mortgage of about 250k.

We have plan on buying/building but for now we have secured a rental property in the area we want to live and rental repayments are approx the same as our current mortage repayments - €1200

However the problem is our current house has been on the market for 2 months with some interest but not sold and we are going ahead with the rental property.

However we need to address the payment of rent & mortgage (€2400pm) as we couldnt afford to do this over any prolonged period.

The options as we see them:

1. Take our house off the market and rent it out: Not overly keen on becoming landlord

2. Reduce selling price: Not ideal as we would need to take aas much equity as we can for deposit for next property

Are we missing any other option?

Thanks

 

[Wonderfish]

One other option we are thinking of is to approach our bank (AIB) to ask to go interest only until the house is sold?

We have a perfect repayment history on our mortgage (6yrs), no loans, credit cards etc.

Before we head to the bank to put this offer to them, are we likley to be wasting our time!

 

[Sarenco]

Any property will sell if it's priced right. Buyers aren't concerned about how much equity you want to generate from the property.

Ultimately it sounds as though you are going to have to reduce the asking price if you want to sell - why put it off?