To sell or not to sell , that is the question ???

M

mashadea

Registered User
Messages
12
Hello,
I would appreciate some advice .
I bought a 2 bedroom house in Dublin 8 in 2006 for 525K ( plus stamp duty 31K)
I am offered 525K 20 years later.
It’s my PPR and only property .
The house is adjacent to the NCH .
Should i sell now or wait for NCH to open ?
I would like to go travelling and rent the house for 2 months ….to get perspective .
However a family member is warning of another serious down turn like the last fiasco ?
 
mashadea said:
would like to go travelling and rent the house for 2 months ….to get perspective .
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Please do not do this. There is a high risk of tenant overholding and it may take years to get them out.

The Irish rental market is bordering on farcical when it comes to regulatory oversight that does not favour the Landlord.

Its just not worth it.I have been a landlord for nearly 30 yrs. I can't understand half of these kafkaesque rules and hoops.I will be selling up once each property comes vacant.

mashadea said:
Should i sell now or wait for NCH to open ?
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This may take a lot longer than you or the Minister for Health expects.

Don't hold your breath.
 
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Thanks,
It’s a tough pull to swallow selling at a loss after 20 yesrs paying a huge mortgage .
However , thanks for a realistic view of short term renting.
 
mashadea said:
I am offered 525K 20 years later.
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Is this just one individual offer/approach?
The only way to maximise the selling price and get a better idea of the fair market value is by putting it on the open market e.g. by listing it with an estate agent.
mashadea said:
….to get perspective .
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On what?

Maybe it would be worth doing a Money Makeover?

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
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mashadea said:
It’s my PPR and only property .
Click to expand...

Can I ask what the plan is after you sell? Buy another house, change to renting, move abroad?
If you are planning to buy another house, you will need to tell us your circumstances and criteria if you want advice. The money makeover suggestion would save us pulling info out post by post.

As said above, definitely do not rent for 2 months; the hassle of getting into RTB registration, setting up a contract, paying tax, etc etc is not worth it for circa €4k, and the potential for a tenant to overstay and leave you renting for the few years it would take to reclaim possession.

Edit: I just recalled forum's the ban house price prognostication - just in case you were hoping for guesses on the likely future value of your house. (Posting guideline: 20 Speculation about the future of house prices is temporarily banned)
 
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If you rent a room in your house are you allowed to not actually be there for a period of time? Let's say, if you were to go on a holiday?
 
It just has to be your normal main residence/home. Holidays are allowed.

What type of residence qualifies?

This page explains what properties are required to benefit from rent a room relief.
www.revenue.ie www.revenue.ie

What type of residence qualifies?​

Sole or main residence​

Your main residence is your home for most of the year and where friends would expect to find you. You do not have to own the property to claim relief.

The room or rooms must be in a residential property that is located in the State. You must use it as your main residence during the tax year.
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The travelling is a red herring.

You are asking if you should sell your house now - because a family member is warning of a serious downturn like the last fiasco.

We do not allow speculation about house prices on askaboutmoney but you should ignore anyone who tells you that house prices are going to rise and you should ignore anyone who tells you that house prices are going to fall. No one knows.

A person's first priority should be to own their own home. So you should not sell your home.

Let's say that in two years, your family member can say "I told you so" because prices fall by 20% over the next two years. Well you also have to call the bottom or near the bottom of the market correctly as well. And where do you invest the proceeds? And where do you live?

The cost of renting is huge and you just might not be able to find a house to rent.

So ignore your family member. Go travelling for two months. It's probably safest not to rent it out.
 
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