Buying Second Home

S

Shirs

Guest
Looking for any advice....
I currently own a rental property with my sister and we are considering buying another home for us to move into.
Rental Property is valued at 195k and bought for 170k
New House is valued at 317,500k in which we plan to rent out one room.

Both of us earn just under the 30k, both salaries due to go over this mark during the year, and I'm just concerned that if we keep the rental propterty we could be putting ourselves under a lot of pressure or am I being too cautious?

Any advice appreciated
 
I'd say you could be, but that depends on whether or not the income on the rental property covers the cost? Are you confident that you will continue to have tenants in place for the forseeable future?
 
The rental property tenancy agreement will be renewed for another year at the end of the month and the rental income is in excess of the mortgage by €75 per month
 
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