Hi,
Dragging up an old thread here as I'm in a similar positive regarding the need to move from my affordable apt to a house (growing family).
Some background:
We bought an affordable apt back in 2008 for €300,000, which, was valued at €520,000 at the time - down from €580,000 after arguing the valuation with the council. Seemed like an unbelievable deal at the time until the value slipped to €225,000 at the bottom of the market - this is going by sale prices for similar apts in the complex. However, since then, they have rocketed back up and are now going for as high as €425,000.
My dilemma:
My understanding is, if we sell the apt now for €425,000, we are going to be handing €125,000 back to the council. €125,000 is a big chunk of change to give up like that so I'm trying to figure out if there is anyway I get my hands on that, or, hold on to the apt by renting it and eventually selling it down the line after 20 years.
My options:
Option 1: Sell it now, lose the €125,000, and cry a little, or a lot!
Option 2: Rent it out, don't tell the council and hope for the best. Our mortgage at the moment after TRS (which ends next month) is around €1,000 + €190 mgt fees and we can rent the apt for €1,800. That leaves €600 left over for other costs like income tax, property tax, mgt company etc etc. We're trying to understand the income tax implications and whether we can cover most of it with the €600 left over from the rent?
Option 3: Approach the council, explain our situation, that we need need a bigger place but can't afford anything for €300,000 so unless we can get the full sale price, we can't move anywhere. I'm sure I read somewhere that the council are willing to look at these sort of situations on a case by case basis.
Any advice anyone has on option 2 or 3 would be greatly appreciated.
Thanks