rent or sell??

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tilly1

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Just wondering if anyone could give me a bit of advice on this.. My partner and i are moving overseas in november and are at a loss as to what to do with our house?? Do we sell it at a loss and barley break even or rent it and have to lodge money monthly to make up remortgage repayments?? Our initial plan was to buy this house a few years ago and make enough profit to be able to osell it no problem and then buy when we got to Australia, but with the way things went, its not working out that way?? either way, the its gonna cost us... any advice would be greatly appreciated...
 
tilly1 said:
Just wondering if anyone could give me a bit of advice on this.. My partner and i are moving overseas in november and are at a loss as to what to do with our house?? Do we sell it at a loss and barley break even or rent it and have to lodge money monthly to make up remortgage repayments?? Our initial plan was to buy this house a few years ago and make enough profit to be able to osell it no problem and then buy when we got to Australia, but with the way things went, its not working out that way?? either way, the its gonna cost us... any advice would be greatly appreciated...
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Cut your losses and sell it ....if you can. If you leave it and emigrate it will in time be vandalised. If you emigrate you must be prepared to make a fresh start.

Your losses will only increase if you leave a house behind for someone else to look after it.

Sell.
 
I'd advise you to sell as even if you make a small loss on the sale it sounds better than sending back money to ireland to pay for a house that will be still decreasing in value. Unfortunately you may have to cut your price a good bit more than the local competition to sell soon.

Selling at cut price is something I've been advised to do but psychologically I cant'. I'd rather take €50,000 for my flat in 5 years than the €120,000 I would get for it now because all the direct competition at the moment is €180,000. Sounds crazy but a house becomes part of you and it's so hard to let it go at what we perceive to be a loss but what a buyer perceives to be a fair price. I don't mind losing €150,000 or whatever but it's just the feeling that I've been ripped off big time. Quite frankly I'd rather starve.

best of luck....oh yeah and sell (if u can)....or put it on the market and rent it out at the same time. You see some ads on daft.ie saying that there are currently sitting tenants. A landlord is entitled to give a tenant 35 days notice if the house will be sold within 3 months so if you get sale agreed just boot them out. Harsh times and no time for sympathy.
 
Depends on how long you are going for, where the house is and how much you paid for it, there is a scheme you might be able to avail of.
The Rental Accomodation Scheme is a scheme which was set up to provide further good quality homes for people in reciept of rent supplement for more than 18 months. The scheme aims to help with the problem of meeting the need for long-term housing in the city. Under the scheme, the Housing Authority enters into a long-term contract agreement with a landlord to pay full rent of a property on behalf of a tenant , even if the property is vacant. The tenant will then contribute to the rent by paying it to the Housing Authority.
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thanks for the replys everyone... NOELF, just had a look at the site you recommended and im not sure if i can do this.. First of all, i live in Balbriggan, and its a house i have.. Ive never rented it out before so not sure if it means that i have to be renting it out first for 18months??? sorry if this is stupid question!!!
 
It wont hurt to speak to them, but if you can get out and cover your costs etc. then sell, but do explore all your options.

There does seem to be an awefull lot of properties in that area for rent you do seem to have your work cut out for you indeed.
 
Sell. Prices will keep falling for a few years. Try to get out if you can, so offer at good price. House in my estate was advertied at 299k and sold after a few months mid last year when other houses were looking for 360k. Not sure what it went for but heard 290k. The others would bite your hand off for 290k now.
 
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