Sounds to me like you're heading in the right direction.Your house, beautifulHi! I asked a smiliar question before. Now I am just about ready to put my period property on the market, after renovations and much hassle with tenants. I expect to get 1.9 to 2.0 million (according to estate agents and my reading of property pages). However, my extended family and friends think I'm mad to sell, especially since the hit on cgt will be around 240k plus solicitors and estate agent fees. I inherited the property in 2001, value 500k punts, lived there until Summer 2002. Although I do love the house, I am selling because the maintenance costs are so high. Currently 50k to repair burst pipes in kitchen. The architect has told me that other remedial repairs - other damp areas - would be around 60k. I find that I am constantly worried about things going wrong in the house, and whether I can afford to repair them. As mentioned in previous posts I am dependent on the income from this and a smaller mews property in Dublin. I am on my own with 2 young children, and work part-time as a nurse. Further, the costs of painting an 1850 square foot period property every second year, and updating or replacing furnishings so that it appeals to those wising to pay E2300 per year is onerous. As also are the costs of insuring the property 2000k per year. I would just like some opinions on this again. I know the location of the property is great. People keep saying that I would never buy that property again. However, they never look at the cost of maintaining a peirod house. The mews house I own is only 20 years old, so these problems don't arise, and it is relatively inexpensive to refurbish. The problem is, I don't have the trophy salary to go with the trophy house!!
My plan is to use the 1.5 million to buy a nice two bed apartment in Ballsbridge area (to maintain my income and easy maintenance), and to buy a house in Lucan village (nearby the children's father), possibly putting it in their names and mine, so that they would eventually have this house if anything happened to me, and be near their father (he is unlikely to be providing them with this security). The house I have looked at is a nice solidly built 1950's semi in Old Lucan.
Any comments really appreciated.
Two quick comments;My plan is to use the 1.5 million to buy a nice two bed apartment in Ballsbridge area (to maintain my income and easy maintenance), and to buy a house in Lucan village (nearby the children's father), possibly putting it in their names and mine, so that they would eventually have this house if anything happened to me, and be near their father (he is unlikely to be providing them with this security). The house I have looked at is a nice solidly built 1950's semi in Old Lucan.
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Not too sure about this one.I am sure you can elect to have the house nominated as your main home and greatly reduce the CGT - make sure you check this with a practising Tax Consultant.
Hi! everyone, thanks a mil for all your replies. I'm definitely going to put it on the market in first week of April when work is done. I don't want the expense and worry of a period house anymore. As I mentioned before I'm hoping to buy a house for my children in Lucan/cellbridge/leixlip area (feel Lucan has gone downhill quite a lot), and another property to get some income for myself. I was thinking of an apartment in Ballsbridge, but a friend has suggested something in Drumcondra, or even a house in Beaumond Woods beside Beaumont Hospital, as the yield would be much better. Any advice, again mcuh appreciated. Thanks. Elaine.
I agree with the first point but definitely not with the second!Most people here (including myself) are only amateurs and only recommend where they have their money so the advice is somewhat tainted.
I think 42k cash from deposit interest is a very good income. Very safe.
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