Hi,
1st post here, and would appreciate any feedback from people with experience. Wife and 3 young kids are moving into larger second home. We are wondering if we should rent out our current home or sell, to use this money against mortgage of second home?
1st home;
Cost: 210k
Current valuation: 305k
Mortgage: €140k remaining @3%, €1.1k p/m (14yrs remaining)
Rental valuation: 1.5k p/m
2nd home:
Cost: 390k
Mortgage: €310k remaining @3%, €1.2k p/m (25yrs remaining)
We have never rented out before so we would definitely be using a property Mgmt service at the start anyway. Tax on any profit would be at higher rate and if we were to rent, and found it positive, we would continue to rent, at least 5yrs. We have 30k in savings, and have pension.
Considering, all of your experience with renting, is it worth it or should we sell? Any advice is greatly appreciated
1st post here, and would appreciate any feedback from people with experience. Wife and 3 young kids are moving into larger second home. We are wondering if we should rent out our current home or sell, to use this money against mortgage of second home?
1st home;
Cost: 210k
Current valuation: 305k
Mortgage: €140k remaining @3%, €1.1k p/m (14yrs remaining)
Rental valuation: 1.5k p/m
2nd home:
Cost: 390k
Mortgage: €310k remaining @3%, €1.2k p/m (25yrs remaining)
We have never rented out before so we would definitely be using a property Mgmt service at the start anyway. Tax on any profit would be at higher rate and if we were to rent, and found it positive, we would continue to rent, at least 5yrs. We have 30k in savings, and have pension.
Considering, all of your experience with renting, is it worth it or should we sell? Any advice is greatly appreciated