Hi All
Great website. Hope that this is in the right forum !
Mrs H and I are expecting our first baby next spring. We currently live in a large apt in D6 but don't think this is suitable with a familiy on the way so we're looking at houses with the aim of buying Summer/Autumn 2008.
I work in Dub city centre and wife does too though she will most likely take a career break for a number of years after baby is born. I don't want to drive to work but want a place on a train/dart/luas line. I will have to drive to work very occasionally however (say 1-2 times per month).
Basically we've been thinking of two options and would like your thoughts, comments etc.
Option 1
Sell up our apt and buy a place in Dublin within 10-15mins walk of dart/luas station for c. 650K max probably Killiney, Raheny, Sutton etc.
Pros.
Stay in Dublin (we're both from Dublin).
Possibly better capital appreciation (??) on PPR.
No CGT issue in future (see option 2).
Hassle free (?)
Cons
Have to sell apt in great area with rent covering mortgage (at present).
Over 50K stamp duty to trade up (absolute disgrace IMO).
Would have large mortgage (but do-able, we have combined income of c140Kpa and equity + savings of c.250K)
Option 2
Keep our apartment and rent it out. Easy to rent and rent will cover mortgage. Buy house in Maynooth/Leixlip close to train station for 450K max.
Pros
Get to keep our great apartment which will pay for itself (we won't have to release equity because savings will cover SD and deposit).
Great value houses.
Much less stamp duty (20-30K).
Smaller mortgage than option 1.
Our families both live in west Dublin so Maynooth/Leixlip reasonably good for them to visit.
Cons
Distance from Dublin.
Capital appreciation possibly not as good as Dublin.
If I ever have to drive to work commute will be a major hassle.
I'll become a landlord, possible hassle here - though I don't think it will be too much of a problem (naive?)
CGT on sale of apartment in future years (most of the capital gain is likely to have taken place while it was our PPR) will hurt.
Integration in Kildare - is this likely to be an issue ? We don't think so.
We will likely want to come back into Dublin in 5-10 years
Any feedback is welcome.
Thanks
H & Mrs H
Great website. Hope that this is in the right forum !
Mrs H and I are expecting our first baby next spring. We currently live in a large apt in D6 but don't think this is suitable with a familiy on the way so we're looking at houses with the aim of buying Summer/Autumn 2008.
I work in Dub city centre and wife does too though she will most likely take a career break for a number of years after baby is born. I don't want to drive to work but want a place on a train/dart/luas line. I will have to drive to work very occasionally however (say 1-2 times per month).
Basically we've been thinking of two options and would like your thoughts, comments etc.
Option 1
Sell up our apt and buy a place in Dublin within 10-15mins walk of dart/luas station for c. 650K max probably Killiney, Raheny, Sutton etc.
Pros.
Stay in Dublin (we're both from Dublin).
Possibly better capital appreciation (??) on PPR.
No CGT issue in future (see option 2).
Hassle free (?)
Cons
Have to sell apt in great area with rent covering mortgage (at present).
Over 50K stamp duty to trade up (absolute disgrace IMO).
Would have large mortgage (but do-able, we have combined income of c140Kpa and equity + savings of c.250K)
Option 2
Keep our apartment and rent it out. Easy to rent and rent will cover mortgage. Buy house in Maynooth/Leixlip close to train station for 450K max.
Pros
Get to keep our great apartment which will pay for itself (we won't have to release equity because savings will cover SD and deposit).
Great value houses.
Much less stamp duty (20-30K).
Smaller mortgage than option 1.
Our families both live in west Dublin so Maynooth/Leixlip reasonably good for them to visit.
Cons
Distance from Dublin.
Capital appreciation possibly not as good as Dublin.
If I ever have to drive to work commute will be a major hassle.
I'll become a landlord, possible hassle here - though I don't think it will be too much of a problem (naive?)
CGT on sale of apartment in future years (most of the capital gain is likely to have taken place while it was our PPR) will hurt.
Integration in Kildare - is this likely to be an issue ? We don't think so.
We will likely want to come back into Dublin in 5-10 years
Any feedback is welcome.
Thanks
H & Mrs H