millertime
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My brother has a house which he bought for €300K & is now worth probably €200K at best. His mortgage is €280K. He is moving in with his girlfriend who luckily has her own house and much lower mortgage ( no negative equity)
He's at a crossroads:
Sell and realise a loss carrying the debt fwd ( est €70-80K)
Keep and rent( & all that involves) and hope for some uplift (but in the meantime incurring the interest costs on the €280K.
The house is in a fairly desirable area of Cork city but the same area has significant over-supply so selling not very attractive at the moment.
Does anyone have a spreadsheet that captures all the opportunity costs of options A/ B. I'd like to advise him but don't want to forget anything in the calculations. Obviously assumptions on rent and value are entirely subjective!
He's at a crossroads:
Sell and realise a loss carrying the debt fwd ( est €70-80K)
Keep and rent( & all that involves) and hope for some uplift (but in the meantime incurring the interest costs on the €280K.
The house is in a fairly desirable area of Cork city but the same area has significant over-supply so selling not very attractive at the moment.
Does anyone have a spreadsheet that captures all the opportunity costs of options A/ B. I'd like to advise him but don't want to forget anything in the calculations. Obviously assumptions on rent and value are entirely subjective!