Just wondering where you came up with the value for the house you own? You say you can't sell your house in Cork and generally speaking if you can't sell your house it is not priced correctly. While I know it is unfair to value a house solely on rental yield, unless it is detached in a leafy suburb / desirable address with a big garden, I don't see a house with a rental income of 1100 as being worth any more than 185k from an investor point of view. Just my opinion.
As requested see one example in attached link:Did I not make provision for similar circumstances to yours in my post when i mentioned about detached houses and big gardens etc. Also, property prices continue to drop outside of Dublin so where they are now may not be an indication of where they end up. However feel free to support your argument further with links to the property price register to show examples of the houses you refer to.
own a house in Cork that we can't sell ...
We are not in negative equity
Why can't you sell ?
We are not in negative equity
Current Mortgage: 295k (tracker)
House Value: 335k (paid 440k in 2002 :-( )
How are you in negative equity if house is worth more than mortgage?
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