House in Cashel / Thinking about Dublin

[brabus_47]

Hi folks,

looking for advice please.

I own (no loan) a 3bed semi in cashel (around corner from main street) as investment, which has risen from from 187k to 240k (latest bid) in under 9 months. It rented before that for 6 mths at 750 per month.

The reason I am thinking of selling is to buy in dublin, as even though value of cashel house is rising and will continue to beyond 300 k in a year or so, so will dublin too, and as i am working (and currently renting in dublin) and from the area I thought it might be better to try get in on ladder up there.

there is no mortgage on cashel.

Any advice? I was thinking of 2 options:
a) borrow ~250/260k (approved in principle for this based on my salary) and get a 1bed apt in dublin somewhere and keep renting cashel,
or
b) sell cashel and buy a new house in dublin for ~400k, renting a room or two?

Anybody got any advice?

Thanks.

B

 

[Guest107]

you can put €240k (ish) on the table in cash towards a place in Dublin , decide where you want to live first and who you would live with and for how long.

 

[Anjinson]

Ok;

 

[Anjinson]

Ok;
You have 250k capital, rising in value at, say 10% p.a. (in current climate).
This equates to 25k per annum.

If you leverage up to 500k at, say 5% interest rate, you now yield 37.5k from your capital.

If the market continues to rise.......
Make your own decision, but if you decide to go, you'ld be advised to give the deeds only on property 1, with rental income, leaving you with the deeds of no. 2 in hand, should current trends continue and you see something else to purchase in a year or two.