D
dcostigan
Guest
hi all
here's my situation. I bought a 2 bed apartment in a well known development in Dublin 12 in 2005 for just under €280k. I took out a mortgage for €250k and at the moment I owe about €235k. I think the value of the apartment now is somewhere around €140k - €150k.
I'm currently renting the apartment out. My mortgage payments are just under €1000 per month (and going up with ECB rate increases) and my rent after management fee is €750. After the various managment fees, NPPR, upkeep of the property, taxes etc I reckon I'm paying around €400 a month.
While I'm not struggling too badly at the moment I do have the option of selling the apartment and my bank say they will continue the mortgage at the current tracker rate. So my question is should I sell the apartment say for €140k, leaving an outstanding balance of around €95k which would give a monthly repayment of around €400 (so pretty much the different between my current rent and mortgage/taxes)
(house price speculation removed - Brendan)
it removes the hassle of being a landlord
Any advice is much appreciated
here's my situation. I bought a 2 bed apartment in a well known development in Dublin 12 in 2005 for just under €280k. I took out a mortgage for €250k and at the moment I owe about €235k. I think the value of the apartment now is somewhere around €140k - €150k.
I'm currently renting the apartment out. My mortgage payments are just under €1000 per month (and going up with ECB rate increases) and my rent after management fee is €750. After the various managment fees, NPPR, upkeep of the property, taxes etc I reckon I'm paying around €400 a month.
While I'm not struggling too badly at the moment I do have the option of selling the apartment and my bank say they will continue the mortgage at the current tracker rate. So my question is should I sell the apartment say for €140k, leaving an outstanding balance of around €95k which would give a monthly repayment of around €400 (so pretty much the different between my current rent and mortgage/taxes)
(house price speculation removed - Brendan)
it removes the hassle of being a landlord
Any advice is much appreciated