Sell House in Galway or rent it out and buy?

A

ASGARD

Guest
Hi,
My current home in Galway City (1 Mile from Eyre Square) has the potential to pull E25000 aprox rent, (5 bed Detached with Granny flat) Granny Flat makes E600 a month Rent alone, I owe about E90000 on it and approx worth is E450000 , I earn approx E25k Salary.

I am Interested in Moving to the country and buying a property Around the E300k price range, the way property in galway city is rising I think I should try and hold onto the house here and maybe rent it out totally.

Any Ideas on what my options are ? , would I be crippled with mortgages? or would I be better off buying for cash with no mortgage?

Cheers for the Advice!
 
Hi Asgard.

Where in Galway is your house? 450k for a 5 bed detached with a gran flat, within 1 mile of Eyre Sq sounds like a low estimate to me when 3 bed ex council houses in Shantalla are now making in excess of 400k.
 
ASGARD said:
I am Interested in Moving to the country and buying a property Around the E300k price range, the way property in galway city is rising I think I should try and hold onto the house here and maybe rent it out totally.
Click to expand...
Have you read this thread?
 
Hi,

House is in Riverside Estate Tuam Rd

Have'nt seen a similar house sell here, but was told anything up to E450k a year ago by O donnellan and joyce.
 
The area you mention is guaranteed rental, considering industrial areas and proximity to city. My own advice would be to get a written valuation and remortgage to as high as the bank will offer, and whose repayments will be covered by the rent, based on 11 months per annum rental, and use that equity to purchase elsewhere.
 
You must log in or register to reply here.
Back
Top