Advice on upgrading investment property

[Champions]

I own an investment property in an “all right” part of Cork (Turners Cross), valued at €360k which has rented consistently for the past 10 years. There is a mortgage of €90k outstanding which means I am paying quiet a lot of tax on my rental income. (€2450 paid in 2005.)
I am considering selling this and purchasing a detached house in a “better area” (Rochestown) for €600k as I think that if property prices slow down then it is the lower end of the market which will be hit the hardest. I would really appreciate comments.

Other relevant info;
My home is valued at €600k/ €650, mortgage outstanding €200k
SSIA’s at max level
Pensions well funded.
Available cash €70k

 

[dancarter]

Id say the cross will be alright in a downturn champion coz its so close to city centre (its a fine location anyway)

To avoid paying tax on the rental income you could look at buying a section 23 property, you have excellent equity in existing rental property so wouldnt need to raise any further cash from PPR


I wouldnt be in any rush to sell that property C, if your looking to buy an investment Rochestown mightnt be the best option, very high entry costs, yields low unless you get lucky with a corporate let long term