Sell house or keep

E

ely

Registered User
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69
Hi, This may have been covered already.
I have an apartment worth about €380K with a mortgage of €200K. I want to buy a family home for about €450K - €500k with girlfriend.
We have circa €20K in savings. No personal debt.

Should I sell and buy family home and have a smaller mortgage or refinance and hope rental income will cover the mortgage. I am in Dublin.

Alternatively as the market seems to have risen sharply in the last few months, should I sell,rent for a year and see what the market is like after a few more interest rate hikes.

Your advice would be appreciated.
 
how much higher do you think apartment prices can go given the rental situation? whats your yield?
 
I live in this apartment. Maybe will be able to get €1100 a month. This would not cover mortgage and maintenance fees.
 
you have nearly 50% equity and the rent doesnt cover mortgage? seems like rental yields are terrible,personally i'd sell bank the profits and rent for a few years.
 
ely said:
I have an apartment worth about €380K with a mortgage of €200K. I want to buy a family home for about €450K - €500k with girlfriend.
We have circa €20K in savings. No personal debt.
Click to expand...

Can you afford to buy a house €500k and keep appartment , (that 's €700k to repay)?

Make you life easy... sell your appartment (yield is bad, capital increase is limited, and avoid CGT) and buy familly home.
 
Make you life easy... sell your appartment (yield is bad, capital increase is limited, and avoid CGT) and buy familly home.
Click to expand...
I concur - landlording can be a lot of heartache, there's also no point in being overly exposed to the property market as it now stands (regardless of Sean Dunne's thoughts). Your apartment may well go up another few euro, but by trying to time the market you're being greedy and that can end in tears. BTW I'm in a similar position but can't see anything for less than 600K that would suit me (to stay in long term), as I want my next move to do me for a while, the costs of moving in terms of stamp duty are so high (presently) that I don't want to be moving too often.
 
I agree on the sale of the apt, but also,
on the off chance you might split with your girlfriend at some point,
and you're putting 180k, plus I'm guessing half the 20 against her (guessing)10, I'd recommend get something legal in place to cover yourself. She may not like it now, but it will be a lot easier than sorting it out when she's mad with you after splitting up :)
Obviously this agreement won't mean anything once you're married.

there have been suggestions on %'s each should get here before if you do a search.
 
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