Selling Investment Property in D6?

Hannaho

I have a 2 bedrommed house in Ranelagh. It has been rented out for ten years for e1400 per month.

In December, the unbidder of the two bedroomed house three doors away approached me to ask if I would sell my property. The two bedroomed hosue which had sold a few doors away had an attic conversion and made e425,000.

My house has no attic conversion, after refusing 350,000 and 380,000, the underbidder has offered me 400,000. He is buyig it for his son. He is putting down deposit for 200,000 and son is mortgage approved for the remainder of the money.

The house is currently unlet, as it needs about 7/8k work, new kitchen, new sofa, new curtains and painting - the kitchen is 20 years old, and the house has not been touched in 10 years, except for painting.

I was thinking of putting in an attic conversion, which would cost 19,500k, and would give me an extra 250 per month in rent - no second bathroom or reception room, so an attic conversion would not generate any more income.

I never intended to sell the property - it was my pension as I have been in and out of work due to childrearing.

I have another property also which I let out, but do not enjoy being a landlord - all the costs, NPPR, Local Property Tax, PRTB and now PRSI and USC, mean that there is a large chunk of money gone bedore I put anything aside for maintenance, and there is also the letting agent fees as I don't have the time, with two youngish chidlren, to chase around for tradesmen, should I need them.

However, there are also costs of selling, including legal fees and captial gains tax. Not much captial gains though, as the property was valued at the equivalent of e350,000 euro when I inherited it in 2001.

If I sold the property I would invest the money in National Solidarity Bonds.

I would really welcome some advice. This property also holds huge sentimental value for me, as I inherited from my mother - so this makes it difficult to part with from an emotional point of view.

Thanks.

Skr4wny

Faced with circa 30k to do it up to get it back on the market, you would be better of selling it and buying a two bed apartment around Smithfield which would rent for 1200 a month and would cost in under 200k. You would have 200k left over and could invest that in bonds.

It might seem a bit heartless but I would avoid bringing sentimentality into what is essentially a business decision

green_beret

Hannaho wrote: »

I have a 2 bedrommed house in Ranelagh. It has been rented out for ten years for e1400 per month.

In December, the unbidder of the two bedroomed house three doors away approached me to ask if I would sell my property. The two bedroomed hosue which had sold a few doors away had an attic conversion and made e425,000.

My house has no attic conversion, after refusing 350,000 and 380,000, the underbidder has offered me 400,000. He is buyig it for his son. He is putting down deposit for 200,000 and son is mortgage approved for the remainder of the money.

The house is currently unlet, as it needs about 7/8k work, new kitchen, new sofa, new curtains and painting - the kitchen is 20 years old, and the house has not been touched in 10 years, except for painting.

I was thinking of putting in an attic conversion, which would cost 19,500k, and would give me an extra 250 per month in rent - no second bathroom or reception room, so an attic conversion would not generate any more income.

I never intended to sell the property - it was my pension as I have been in and out of work due to childrearing.

I have another property also which I let out, but do not enjoy being a landlord - all the costs, NPPR, Local Property Tax, PRTB and now PRSI and USC, mean that there is a large chunk of money gone bedore I put anything aside for maintenance, and there is also the letting agent fees as I don't have the time, with two youngish chidlren, to chase around for tradesmen, should I need them.

However, there are also costs of selling, including legal fees and captial gains tax. Not much captial gains though, as the property was valued at the equivalent of e350,000 euro when I inherited it in 2001.

If I sold the property I would invest the money in National Solidarity Bonds.

I would really welcome some advice. This property also holds huge sentimental value for me, as I inherited from my mother - so this makes it difficult to part with from an emotional point of view.

Thanks.

why sell now when property is recovering

Skr4wny

green_beret wrote: »

why sell now when property is recovering

What!? It's stabilising, recovering gives the impressions prices will rise again soon which bar the odd location will not be happening anytime soon.