Hi
I am looking for some advice/viewpoints on our situation.
We have recently moved out of Dublin to the North of Ireland having built our own house. The house is fully livable but we would like to spend an additional €10k-€15 k on the property to complete it to a the standard that we want. Current Mortgage on this property is €40,000.
We have a two bed apartment in North County Dublin that we are thinking about selling. It falls under the CGT exemption rules so all profit (say around €80,000) if we sell will be ours.
The biggest reason we are looking to sell is mostly for financial security, my husbands job is in no way secure as he works in construction and I will be going on unpaid maternity leave, other than state payment, in the new year.
We really cant decide whether we should hold the property and cash in in the future or sell now and take the gain..... Thanks in advance for your help!
Age:28
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €40,000
Annual gross income of spouse:€30,000
Monthly take-home pay:€4,400
Type of employment: Permanent-Fulltime private sector, Spouse: Full-Time, Construction, Not secure
In general are you:
(b) saving? Completing our family home at present so all our spare cash is going into this currently which is circa €2500 per month, aim would be to save this going forward.
Rough estimate of value of home: €180,000
Amount outstanding on your mortgage: €40,000
What interest rate are you paying? 2.95%
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €10,000
Do you have a pension scheme? Yes, Employer contributes 10%, Spouse No
Do you own any investment or other property? Yes, 2 Bed Apartment Valued at €215,000, remaining Mortgage €116,000 North County Dublin. Rental Income €1400, Mortgage €560
Ages of children: None Yet
Life insurance: Yes
I am looking for some advice/viewpoints on our situation.
We have recently moved out of Dublin to the North of Ireland having built our own house. The house is fully livable but we would like to spend an additional €10k-€15 k on the property to complete it to a the standard that we want. Current Mortgage on this property is €40,000.
We have a two bed apartment in North County Dublin that we are thinking about selling. It falls under the CGT exemption rules so all profit (say around €80,000) if we sell will be ours.
The biggest reason we are looking to sell is mostly for financial security, my husbands job is in no way secure as he works in construction and I will be going on unpaid maternity leave, other than state payment, in the new year.
We really cant decide whether we should hold the property and cash in in the future or sell now and take the gain..... Thanks in advance for your help!
Age:28
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €40,000
Annual gross income of spouse:€30,000
Monthly take-home pay:€4,400
Type of employment: Permanent-Fulltime private sector, Spouse: Full-Time, Construction, Not secure
In general are you:
(b) saving? Completing our family home at present so all our spare cash is going into this currently which is circa €2500 per month, aim would be to save this going forward.
Rough estimate of value of home: €180,000
Amount outstanding on your mortgage: €40,000
What interest rate are you paying? 2.95%
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €10,000
Do you have a pension scheme? Yes, Employer contributes 10%, Spouse No
Do you own any investment or other property? Yes, 2 Bed Apartment Valued at €215,000, remaining Mortgage €116,000 North County Dublin. Rental Income €1400, Mortgage €560
Ages of children: None Yet
Life insurance: Yes
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