Im a long time lurker and find myself needing some some calm heads for advice.
Age: 43
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 65k (private sector)
Annual gross income of spouse: 65k (public sector)
Monthly take-home pay : 6k + after AVCs
In general are you:
Saving approx 500 per month
Home:
Rough estimate of value of home: 400K
Amount outstanding on your mortgage: 140K, 13 years remaining
What interest rate are you paying? ECB plus .75 % tracker
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Savings and investments: around euro 20k cash on deposit in bank, 5k shares
Do you have a pension scheme? Yes, 300K in mine, contribute max every month. Spouse will have public pension plus 20% AVCs every month (60K in there at the moment).
Do you own any investment or other property? Yes, 1 bed apartment North Dublin. Rent €950PM, worth €1250PM, Mortgage €500PM ECB plus 0.5% (13 years left). Apartment worth about 170K today.
Ages of children: 1 child, 6 years old (childminding fees 500/month)
Life insurance: yes
Question:
Im wondering whether to sell the investment property and be done with it.
It makes a profit now but with the rent controls and the even changing landscape and more and more risk of bad tenants overholding, all the extra red tape etc I am seriously thinking of selling it. Especially as the rules seem to change frequently now, adding more red tape and always to the detriment of the owner.
Should we sell it and pay off as much as possible of the PPR mortgage too.
Or are we, as my other half says, still sitting pretty and just let it roll, rent controls and risk and all.
Any help making this decision much appreciated.
Age: 43
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 65k (private sector)
Annual gross income of spouse: 65k (public sector)
Monthly take-home pay : 6k + after AVCs
In general are you:
Saving approx 500 per month
Home:
Rough estimate of value of home: 400K
Amount outstanding on your mortgage: 140K, 13 years remaining
What interest rate are you paying? ECB plus .75 % tracker
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Savings and investments: around euro 20k cash on deposit in bank, 5k shares
Do you have a pension scheme? Yes, 300K in mine, contribute max every month. Spouse will have public pension plus 20% AVCs every month (60K in there at the moment).
Do you own any investment or other property? Yes, 1 bed apartment North Dublin. Rent €950PM, worth €1250PM, Mortgage €500PM ECB plus 0.5% (13 years left). Apartment worth about 170K today.
Ages of children: 1 child, 6 years old (childminding fees 500/month)
Life insurance: yes
Question:
Im wondering whether to sell the investment property and be done with it.
It makes a profit now but with the rent controls and the even changing landscape and more and more risk of bad tenants overholding, all the extra red tape etc I am seriously thinking of selling it. Especially as the rules seem to change frequently now, adding more red tape and always to the detriment of the owner.
Should we sell it and pay off as much as possible of the PPR mortgage too.
Or are we, as my other half says, still sitting pretty and just let it roll, rent controls and risk and all.
Any help making this decision much appreciated.