Isabella21
New Member
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- 7
I bought a two bed apartment in 2006 for €300k. The property market crashed almost immediately and it was in negative equity for a long time. Now ive been told i may get between €230k and €250k for it if i sell. I think ill probably get €235 maybe.
The mortgage on it is 215k. Mortgage per month is €1336, rent is €1300.
I had to rent it out as i could not afford to pay the mortgage myself. The interest rate is fairly high, 4.3 per cent. I pay around 3k a year in maintenance/accoutancy fees/taxes. I have around 20 years on the mortgage. It has been a very stressful time being an accidental landlord. The property is a fair bit away from where my family live. Im living back home with my parents. If i sell up i probably wont get another mortgage. Im not sure if id want one. Will i regret that though. I wont miss the stress.
The issue i have to decide is do i sell now. Is it a good time to sell for me? Ive been told that it will probably take up to four months to sell. I have good tenants and they have been there three years so i will give them the requisite six months notice. Some might say hang on to it and you will see the investment in the end. Ive hated being a landlord though. Ive had to go to the RTB and Circuit Court in the past over a tenant who played the system.
If i sell with the tenant still in place will that be tricky? Any advice is greatly appreciated. I dont want to make another bad decision in property.
The mortgage on it is 215k. Mortgage per month is €1336, rent is €1300.
I had to rent it out as i could not afford to pay the mortgage myself. The interest rate is fairly high, 4.3 per cent. I pay around 3k a year in maintenance/accoutancy fees/taxes. I have around 20 years on the mortgage. It has been a very stressful time being an accidental landlord. The property is a fair bit away from where my family live. Im living back home with my parents. If i sell up i probably wont get another mortgage. Im not sure if id want one. Will i regret that though. I wont miss the stress.
The issue i have to decide is do i sell now. Is it a good time to sell for me? Ive been told that it will probably take up to four months to sell. I have good tenants and they have been there three years so i will give them the requisite six months notice. Some might say hang on to it and you will see the investment in the end. Ive hated being a landlord though. Ive had to go to the RTB and Circuit Court in the past over a tenant who played the system.
If i sell with the tenant still in place will that be tricky? Any advice is greatly appreciated. I dont want to make another bad decision in property.