What if it sells for €8/900k (which I believe is quite possible in today's market)? Would you still be interested?A house two streets over has come up for sale for €700k.
Live in the house 10 years and very happy.
While we love our current house, might this be a better investment?
My primary residence is a fully refurbished period property in a sought after area. Worth €700K ish. Live in the house 10 years and very happy.
I have my mortgage with Ulster Bank. 2 yr fixed at 2.3% with fixed period due to end December 2021. Current balance circa €220K with 17 years remaining on the mortgage. Age 41. Live with my partner, no children.
A house two streets over has come up for sale for €700k. Larger house but without the period features. It has a two bed flat attached and is fully planning compliant. If we sold up and bought this property, the two bed flat could be rented for €14K per year under the rent a room relief without incurring any tax. There is a door between the flat and the house. The flat seems well designed and would allow for a good level of privacy between residents in either part. This would mean we would have our mortgage paid pretty much by the flat. Thus, would leave us with a good but of extra money for holidays, etc and possibly allow earlier retirement.
I have previous experience of managing tenants as I own an investment property elsewhere. While we love our current house, might this be a better investment?
Good or bad idea?
Have you gone into the detail of the planning provided for the flat? The majority of such permissions state family use only and no rental allowed.It has a two bed flat attached and is fully planning compliant.
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