Hi All...
The reason for my post...I have been following all the recent discussion in the news and on AAM about the current landlord exodus and upcoming legislation on lifetime tenancies, rent caps etc. I am concerned that my plan to retain my investment property may not be the best plan anymore, and I am considering an exit. I am trying to get a feel for the worst-case scenario if I keep the property - I have read many of the posts on this forum and this has been very valuable info. My preference would be to retain the property but I am now considering selling (I could use the funds from the sale to reduce interest repayments on Australian mortgage).
Financial Details:
Any advice/input would be appreciated (and apologies in advance for any delayed response to questions, I am on Australian time!) Thank you, Eistigi
- I have been living in Australia for 20 years.
- I purchased a house in Ireland in 2016 as an investment, with a view to possibly moving home to at some stage. It is the only investment property I own.
- Since then I have purchased a house (PPR) with my family in Australia (20 year mortgage). Plans to move home are probably less likely (but never say never).
- My plan has been to retain the investment property in Ireland for the next 5-10+ years, monitor the market and potentially sell.
- I have good tenants (at the moment), never missed the rent in 6 years and keep the house in good condition.
- I have adhered to the RPZ allowances, and to be honest, I have no desire to keep increasing the rent, given the good tenants residing.
- I have outlined the financial details below.
The reason for my post...I have been following all the recent discussion in the news and on AAM about the current landlord exodus and upcoming legislation on lifetime tenancies, rent caps etc. I am concerned that my plan to retain my investment property may not be the best plan anymore, and I am considering an exit. I am trying to get a feel for the worst-case scenario if I keep the property - I have read many of the posts on this forum and this has been very valuable info. My preference would be to retain the property but I am now considering selling (I could use the funds from the sale to reduce interest repayments on Australian mortgage).
Financial Details:
- Jan 2016 - Purchased 3-Bed Semi-D, Wicklow Rathnew area for 240K. 6 years old when purchased.
- Loan Amt 150K / 20 Years. Remaining Loan to date 118K.
- Monthly Rent 1,400. Monthly Mortgage Repayment P+I = 865.
- Additional monthly expenses = 175 (letting agent fee + insurance + misc).
- + Usual expenses (repairs + LPT) + Tax payable each year.
- I usually break even each year in respect to any cashflow profit (LPT, Letting Agency fees, Tax payable, Insurance, Repairs etc).
- Similar houses are currently selling for approx 335K on the same road. Potential buyers would most likely be PPR buyers.
Any advice/input would be appreciated (and apologies in advance for any delayed response to questions, I am on Australian time!) Thank you, Eistigi