Am I in Negative Equity?

population

Just wondering what people think on this one as have been toying with selling up and emigrating as work has all but dried up and have a sus on a potential role abroad but am unsure as to whether or not like most folk the house I bought is an albatross around the ol neck.

House is a 3 bd townhouse in Mornington (near bettystown) with three big bedrooms 1380sq mtrs grnd floor loads of parking, near the beach and in fairness it is a great gaf done nicely (christ I sound like an estate agent:D)

Bought it at the arse end of 2003 for 176k and at its peak one sold for 315k. I was looking at a few websites and essentially they are full of lies and top of the market unrealistic prices. I mean understandibley so because Estate agents want as good a price as possible and so does the seller, but obviously all involved need to get real.

It is rented out to a good couple at the mo but I reckon they will move once the lease is up and dont know if I can be arsed trying to be a landlord from abroad.

So yeah just curious......

BendiBus

You'll never really know if you were in negative equity until after you've sold!

However, how much is left on the mortgage? That's what important, not the purchase price.

population

Tons

Johnny Bitte

If you can sell it for what you bought it then your even.
If you can sell it for more then its a profit.
If you sell it for less then its a loss.
If you don't sell it then it s still worth what you bought it for!!!

SoupyNorman

population wrote: »

Tons

If you can give us some figures you'll get a much better response.

jdivision

population wrote: »

House is a 3 bd townhouse in Mornington (near bettystown) with three big bedrooms 1380sq mtrs grnd floor loads of parking, near the beach and in fairness it is a great gaf done nicely (christ I sound like an estate agent:D)

.

I presume you mean square feet? Your house is only worth what somebody's willing to pay for it so until you put it on the market you won't know where you stand

population

jdivision wrote: »

I presume you mean square feet? Your house is only worth what somebody's willing to pay for it so until you put it on the market you won't know where you stand

Indeed it is feet. My mistake.

Mortgage has roughly 169 on it. And I understand all the equations that people have done. eg if i sell it for more then I will make a profit (kinda figured that one out already )

Again in two minds about sticking it up for sale just yet, but have noticed that the estate agents are still being less than honest with figures, so figured I would put this up as a random 'what do normal people think' post y'know

Victor

I don't know they area, other than by map. I presume most people are Dublin-bound commuters.

This is the cheapest property in Mornington - listed @ €250,000. Realisticly, they want €200,000. http://www.daft.ie/searchsale.daft?search=1&s[cc_id]=c2&s[a_id]=3179&s[mnp]=&s[mxp]=&s[bd_no]=3&s[search_type]=sale&s[furn]=&s[refreshmap]=1&limit=10&search_type=sale&id=362282 This would indicate you are reasonably safe.

Drogheda (Meath) - €240,000. Laytown - €230,000. Donacarney or Bettystown is €220,000. Drogheda (Louth) - €160,000. I wonder if the €160,000 is the only honestly priced one.

I imagine you are in a break-even position, but there is always variation out there, so we can't say with certainty. If you do move abroad, I would be careful not to engage in a fire sale. You might want to come back and have somewhere to live.

population

Cheers Victor

All very good points you highlight, that are being considered carefully at the mo

Sound

Climate Expert

population wrote: »

Indeed it is feet. My mistake.

Mortgage has roughly 169 on it. And I understand all the equations that people have done. eg if i sell it for more then I will make a profit (kinda figured that one out already )

Again in two minds about sticking it up for sale just yet, but have noticed that the estate agents are still being less than honest with figures, so figured I would put this up as a random 'what do normal people think' post y'know

So in the 5-6 years since you've bought it you've only cleared 7K off the loan?

What amount did you use as a deposit?

bertie1

If it is rented out he will have to pay capital gains on it as well when he sells

The Minstrel

bertie1 wrote: »

If it is rented out he will have to pay capital gains on it as well when he sells

What if you have to rent your apartment out and move somewhere cheaper, because you can't afford the mortgage; would you be subject to capital gains tax when you sell it?

I thought capital gains would only apply when the seller has another property.