itsonlymoney
Registered User
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- 10
Note.. apolgies for startin off a tad on de shaky side everyone.. just got carried away wanting to get your opinions on the following..
Hi askaboutmoney,
Okay, first thing, first, can I just say this is without doubt the best website I have ever come across and it's just really great to see people happy to help out each other.
Now, if you have time and you happen to stumble across this tonight or tomorrow or over the weekend, feel free to sit back read it at your leisure and any views/comments you may have will be very much appreciated. As, I’m so new to the site, don’t hesitate to tell me off, if I’ve posted this the wrong way and I’ll try and rectify my mistakes next time. I just want to learn and hopefully, I’ll be able to help out in return. Granted this is probably longer than most threads, but if you can get through it and want to give me your views, I’d love to hear them. You’ll probably note the key question’s as you go through it...
So, here goes: I'm 31 and in full time employment as a Operations Manager with a medical supply company, working 4 years. I bought an apt. 3 years ago, in Kilmainham with help from my parents, Cost of apt. €300k plus €10k car space. My mortgage is €279k over 35 years, parents provided the deposit element etc.
My initial first time buyer intro rate was 3.25 and this year was 3.69, which is up in December, so will be up for review. I recently had it valued and have been advised it would sell for between €480k - €510k.
I'm basically trying to decide on the following:
Next summer going away with my girlfriend to travel for a year. Which would mean, packing in my current job and selling my apartment. I'm trying to figure out would it be a good idea to sell my apt. and with the money I make, try and get some solid return on it. Before I sell it, I need to assess my mortgage rate at the end of this year and am considering switching my lender, I have someone assessing this for me currently.
Based on the value assessment, I’d like to up it so I can get the €30k my parents gave me and give it back to them, so my brother and sisters coming through can get the same chance I had to buy. I may seek an additional €5/10k also. So the question here is would be okay to switch do all of the above now and then sell in 6 – 7 months time or would I be better staying put with my current lender, perhaps get the €5/10k I want now in a top up loan format and then give my parents the €30k when I sell?
So if I do sell, this would mean I would come home to a return on my earnings and allow me to buy again with the profit I made. If I do say make €200k for arguments sake, and take €20k to go traveling, leaving me with €180k approx, what could I do with that sort of money, to keep it secure and perhaps make some return on it ( stocks, savings accounts. )
Relating to selling, what do people think of the buyer market currently, I keep hearing rumours of it about to slow down, level out etc. so would now be a good time to sell, as it’s a really spanking apartment with huge potential for adding on a mezzanine level, its got 18ft floor to ceiling, 750ft all in. My plan would be to sell after Xmas to travel in the Summer. If anyone wants to view it, let me know!!!
If I do go down this road, the way I see it, it'd be nice to make some money now versus just keeping my apt and then if I do sell I'll only be transferring that money immediately into a newer mortgage. Plus I'd be able to take some money out of the profit from my sale which I can use to travel. Greedy I know, but I’ve earned it and it’s my investment so why not get something out of it!
It boils down to the fact that with the whole rat race and pressure of having a mortgage, I just wonder if I could get more out of my selling my apartment and doing something with it and also having the opportunity to travel, experience more to life than my current job and living month to month and listening day in day out about the M50 etc. No one ever seems to discuss this as an option, as everyone seems deadest on playing it safe, but I think it’d be no harm, to maybe have a time out, see what’s going on and maybe come back, wiser for it and hungry to make a fresh go of it.
Or.
Trying to rent out my apt, if that makes more financial sense, getting a top up loan so I can afford to travel and then at least I come home to still having my own place to live in and which may have gained in value where I could still sell if I wanted too!
Basically, I know I'll get a job easily enough when I return and I'll have learnt a great deal from my experience. I actually would love to set up my own business, ( Conference Organising/Event Management.) so again the funds made from my sale, would help with this also.
Basically, I'm asking your advice to see if any of the above is possible and whether I can make some money out of my investment be it through stock shares, investing in property etc. and getting the chance to travel in my lifetime and taking a chance! Or am I just being crazy and if I don't go well, I'll probably keep my apt. get a good rate fixed rate on my apt. but run the risk of losing my girlfriend, a year is a long time!! Sure I’ll secure my job and immediate future if I stay but that doesn't appeal to me.
So if you were in my shoes what would you do? Just want to know what's possible and if I can get ahead in this world without having to go with the flow and be tied to my mortgage bank like some court sentence dished out for just being a good citizen and succumbing to the big property beast.
I hope this makes sense and feel free to revert with any thoughts comments. If anyone has read through all this, thanks and if you want to tell me what you think, I’d be happy to know. God I feel like the Guy in the Diet Coke ad!!!!!!!
thanks
itsonlymoney
Hi askaboutmoney,
Okay, first thing, first, can I just say this is without doubt the best website I have ever come across and it's just really great to see people happy to help out each other.
Now, if you have time and you happen to stumble across this tonight or tomorrow or over the weekend, feel free to sit back read it at your leisure and any views/comments you may have will be very much appreciated. As, I’m so new to the site, don’t hesitate to tell me off, if I’ve posted this the wrong way and I’ll try and rectify my mistakes next time. I just want to learn and hopefully, I’ll be able to help out in return. Granted this is probably longer than most threads, but if you can get through it and want to give me your views, I’d love to hear them. You’ll probably note the key question’s as you go through it...
So, here goes: I'm 31 and in full time employment as a Operations Manager with a medical supply company, working 4 years. I bought an apt. 3 years ago, in Kilmainham with help from my parents, Cost of apt. €300k plus €10k car space. My mortgage is €279k over 35 years, parents provided the deposit element etc.
My initial first time buyer intro rate was 3.25 and this year was 3.69, which is up in December, so will be up for review. I recently had it valued and have been advised it would sell for between €480k - €510k.
I'm basically trying to decide on the following:
Next summer going away with my girlfriend to travel for a year. Which would mean, packing in my current job and selling my apartment. I'm trying to figure out would it be a good idea to sell my apt. and with the money I make, try and get some solid return on it. Before I sell it, I need to assess my mortgage rate at the end of this year and am considering switching my lender, I have someone assessing this for me currently.
Based on the value assessment, I’d like to up it so I can get the €30k my parents gave me and give it back to them, so my brother and sisters coming through can get the same chance I had to buy. I may seek an additional €5/10k also. So the question here is would be okay to switch do all of the above now and then sell in 6 – 7 months time or would I be better staying put with my current lender, perhaps get the €5/10k I want now in a top up loan format and then give my parents the €30k when I sell?
So if I do sell, this would mean I would come home to a return on my earnings and allow me to buy again with the profit I made. If I do say make €200k for arguments sake, and take €20k to go traveling, leaving me with €180k approx, what could I do with that sort of money, to keep it secure and perhaps make some return on it ( stocks, savings accounts. )
Relating to selling, what do people think of the buyer market currently, I keep hearing rumours of it about to slow down, level out etc. so would now be a good time to sell, as it’s a really spanking apartment with huge potential for adding on a mezzanine level, its got 18ft floor to ceiling, 750ft all in. My plan would be to sell after Xmas to travel in the Summer. If anyone wants to view it, let me know!!!
If I do go down this road, the way I see it, it'd be nice to make some money now versus just keeping my apt and then if I do sell I'll only be transferring that money immediately into a newer mortgage. Plus I'd be able to take some money out of the profit from my sale which I can use to travel. Greedy I know, but I’ve earned it and it’s my investment so why not get something out of it!
It boils down to the fact that with the whole rat race and pressure of having a mortgage, I just wonder if I could get more out of my selling my apartment and doing something with it and also having the opportunity to travel, experience more to life than my current job and living month to month and listening day in day out about the M50 etc. No one ever seems to discuss this as an option, as everyone seems deadest on playing it safe, but I think it’d be no harm, to maybe have a time out, see what’s going on and maybe come back, wiser for it and hungry to make a fresh go of it.
Or.
Trying to rent out my apt, if that makes more financial sense, getting a top up loan so I can afford to travel and then at least I come home to still having my own place to live in and which may have gained in value where I could still sell if I wanted too!
Basically, I know I'll get a job easily enough when I return and I'll have learnt a great deal from my experience. I actually would love to set up my own business, ( Conference Organising/Event Management.) so again the funds made from my sale, would help with this also.
Basically, I'm asking your advice to see if any of the above is possible and whether I can make some money out of my investment be it through stock shares, investing in property etc. and getting the chance to travel in my lifetime and taking a chance! Or am I just being crazy and if I don't go well, I'll probably keep my apt. get a good rate fixed rate on my apt. but run the risk of losing my girlfriend, a year is a long time!! Sure I’ll secure my job and immediate future if I stay but that doesn't appeal to me.
So if you were in my shoes what would you do? Just want to know what's possible and if I can get ahead in this world without having to go with the flow and be tied to my mortgage bank like some court sentence dished out for just being a good citizen and succumbing to the big property beast.
I hope this makes sense and feel free to revert with any thoughts comments. If anyone has read through all this, thanks and if you want to tell me what you think, I’d be happy to know. God I feel like the Guy in the Diet Coke ad!!!!!!!
thanks
itsonlymoney