I
irelandproperty
Guest
Hi hoping someone can give me some advice!
At the minute living in Sligo, have a 2 bed house which purchased for 120k a year ago. We have gutted the place and are nearly done with the renovations. Similar houses have been selling for about 170k in the last few weeks. Its close to the IT and town centre.
Problem is my partners father isn’t well so we want to finish the house, sell or rent it out and move back home to Galway.
At present we both have jobs – earning 300/350 each per week; our outgoing are below :
Mortgage (EBS 115,200 over 30 yrs) 434 p/m
Loan (Credit Union 10150) 340 p/m
Loan (Ulster bank 6500) 179 p/m
Car Insurance (Quinn Direct) 165 p/m
Grocery 500
Car Running costs 80
Other 200
Total : 1898
Bal (1200+1400=2600-1898=702)
The remainder seems to disappear! – Between birthdays, presents, travelling each w/end back to Galway etc. and other living expenses.
Now that we want to sell/rent out the property we are in a bit of bother. To complete all the work on it would cost about 7,000 – this would include 1 month’s wages for myself (1200) – this would save us about 4k in labour costs.
I have a job lined up in Galway that starts in November so the timing would be ok. My partner also has a job in Galway starting in November/December – both of us would be on better money in these jobs.
1)
We have no idea how to go about raising the 7k? Should we/would we be able to get another loan? We have never missed any payments on any bills/DD etc., but have gone over our 320euro overdraft with the Ulster bank on a few occasions? -Does this count against you? And we gather it wouldnt help that I am leaving a job for a month ?
Any help would be VERY much appreciated. It’s difficult, trying to get our head around these when there is so much going on.
2)
Also would you think we should sell the property and clear our loans or rent it out for a time till the loans are paid off more and then sell? (when we move to Galway we will be moving back with our parents so there is no rent to pay )
Thanks
At the minute living in Sligo, have a 2 bed house which purchased for 120k a year ago. We have gutted the place and are nearly done with the renovations. Similar houses have been selling for about 170k in the last few weeks. Its close to the IT and town centre.
Problem is my partners father isn’t well so we want to finish the house, sell or rent it out and move back home to Galway.
At present we both have jobs – earning 300/350 each per week; our outgoing are below :
Mortgage (EBS 115,200 over 30 yrs) 434 p/m
Loan (Credit Union 10150) 340 p/m
Loan (Ulster bank 6500) 179 p/m
Car Insurance (Quinn Direct) 165 p/m
Grocery 500
Car Running costs 80
Other 200
Total : 1898
Bal (1200+1400=2600-1898=702)
The remainder seems to disappear! – Between birthdays, presents, travelling each w/end back to Galway etc. and other living expenses.
Now that we want to sell/rent out the property we are in a bit of bother. To complete all the work on it would cost about 7,000 – this would include 1 month’s wages for myself (1200) – this would save us about 4k in labour costs.
I have a job lined up in Galway that starts in November so the timing would be ok. My partner also has a job in Galway starting in November/December – both of us would be on better money in these jobs.
1)
We have no idea how to go about raising the 7k? Should we/would we be able to get another loan? We have never missed any payments on any bills/DD etc., but have gone over our 320euro overdraft with the Ulster bank on a few occasions? -Does this count against you? And we gather it wouldnt help that I am leaving a job for a month ?
Any help would be VERY much appreciated. It’s difficult, trying to get our head around these when there is so much going on.
2)
Also would you think we should sell the property and clear our loans or rent it out for a time till the loans are paid off more and then sell? (when we move to Galway we will be moving back with our parents so there is no rent to pay )
Thanks