Recently moved back to Dublin from Midlands to a house left to me and my children. My house in Midlands has gone sale agreed, the purchaser has signed, but I haven't done so yet. Have a tenant for the house for 18 months at 625 p.m. Not sure whether to sell or not. Would be loosing 100k by selling, but at the same time don't want the hassle of renting out property as I am on my own with 2 kids and it wud not always be easy to rent where the house is in midlands. My family are going mad about loosing the money. There is no mortgage on my house in midlands, so it is just whether it is worth taking the hit or not. Also, currently not working due to kids and health issues so I guess this has to be factoried in also. Would appreciate any advice/comments.
To keep home and rent it or not
- Thread starter elainem
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PaddyBloggit
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Are you going to stay in Dublin?
The house in the Midlands has no mortgage on it so any money you make from it will be profit ... if I read your post correctly?
If you don't want the hassle of the commute sorting tenants etc. I'd sell and pocket the cash for a rainy day.
Your family are going mad .... ask them to buy it.
The way I'd look at it .... if my move to Dublin was permanent I'd sell and take the hit.
You're lucky .... house in Midlands has no mortgage and house in Dublin has no nortgage.
Sign the contract .... and look forward.
The house in the Midlands has no mortgage on it so any money you make from it will be profit ... if I read your post correctly?
If you don't want the hassle of the commute sorting tenants etc. I'd sell and pocket the cash for a rainy day.
Your family are going mad .... ask them to buy it.
The way I'd look at it .... if my move to Dublin was permanent I'd sell and take the hit.
You're lucky .... house in Midlands has no mortgage and house in Dublin has no nortgage.
Sign the contract .... and look forward.
Hi! Paddy Bloggit, thanks for your reply. I'm inclined to take the hit. My move to Dublin is permanent. Won't be working again untill my youngest finishes school the same time as my daughter in two years time. Also, have some health issues and not sure how things will pan out there in terms of work. My family thinks I'm mad, but I don't think property prices will ever go up to what they were in that area for at least 8 - 10 years. It's also hard to get decent tenants in that area - have had several friends who have had their places wrecked by tenants in that particular area. My family can't seem to understand that 625 isn't clear profit in renting, that there are decorating and repair costs, and of course, the high cost of a bad tenant. Thanks again.
PaddyBloggit
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Best of luck with it elainem .... 
Should you not have given this issue some more thought before putting the house on the market ?
It is very frustrating for a purchaser deciding on a home, making an offer, having it accepted, signing contracts, getting surveys and having to pay for these services only then to find that the seller does not know whether they want to sell or not.
My opinion on your question from what you have outlined is sell, move on, you have enough to deal with. Who’s to say after a few years and a lot of grief you won’t loose more ? Having a rental property can be very stressful and a lot of work particularly if you don’t live near the rental property.