Sell or Rent

thierry14

Hi All

Just wondering what ye would do in my situation

Have a 4 bed semi d that I bought last year for 128k with the intenion of living here for few years with young family

Over christmas doing alot of thinking and decided that living in an estate is not for us

Seemed a good idea, as house is pretty modern at 10 years old and estate is nice, close to everything, but no privacy and small garden is annoying

Life is too short etc

Anyway I bought house for cash no mortgage and property has went up a bit in 18 months, identical house across the way sold for 150k last month and in alot worse condition

Rent would be about 1k a month in the area

House I want to buy in sticks would be about 200k

Is it better to sell now for a small bit of profit and get a small mortgage of 50k or so for forever home

Or take a 200k mortgage and rent house for 1k a month and maybe sell at a later stage and clear mortgage

I love being mortgage free at the moment and not having hassle of being a landord/getting a mortgage, but I like the idea of quiet country living.

Did anyone do similar?

Regret it or worth it

the_syco

Houses will go up until a crash happens. Perhaps advertise your house for €200k, and see if you have any bites?

If you rent for 1k, you may only get 50% back after taxes, and that's only if the tenant doesn't decide to stop paying rent, no complications, and you don't have to replace anything in the house that stops working, etc.

Personally, see how much you can get for the current house, and up sticks and leave.

April 73

Is there another house in the area that would allow you to have more privacy & a bigger garden without moving to the sticks? Even if you ended up with a mortgage to do it (selling your current house would be my advice).

The reason I say this is once out in the country with a young family you will spend a lot of time in the car as they get older - school runs, after school activities, sports clubs, matches, socialising. There’s a lot to be said for having amenities within walking distance.

Just a third option that might be worth considering?

solargain

Sell. By the time you get your 1000 a month , its down to 500 after tax then there is USC to be paid , maintenance , PTSB , general upkeep provided the tenants do not damage the property.Being a landlord is not for the faint heart and under the current regime it is not worth it. I have been there an done it and certainly will not be going back

Mitzy

From experience I would sell. There is no benefit in being a landlord in this day & age. Too much regulation & costs and all rights are in favour of the tenants and it's only going to get worse for the rental sector.
Also factor in the fact that some tenants will not look after a house they are renting. It can be very costly to get the house back in order to sell on at that stage.

Gmaximum

Sell, low mortgage on your forever home is far better than every headache that comes with being a landlord on a single property

wirelessdude01

I'm getting out of renting this summer.

Too much hassle and more coming down the line. No support for the small LL and law and everything else is to support the victim/tenant.

The person who made the comment about having amenities close by as the years goes on has a very valid point. Even when the kids have moved out it is handier to have the shop/village/town close to hand. Estate close to me is full of people/families who moved to be closer to things rather than being in the middle of no where.

the_syco

thierry14 wrote: »

House I want to buy in sticks would be about 200k

One VERY IMPORTANT thing to note; did either you or the missus grow up rural, or in an estate? Grass greener on the other hill, and all of that.

Also, do both of you have cars, or at the very least, both have licenses? If only one has a car, the other should consider a "runabout" for trips to the schools, shops, etc. And it'd need to be small enough to be cheap to run, but big enough to have all the kids in it, and a weeks shopping. Mate had to upgrade his car to fit all the kids, as the current one couldn't fit the car seats needed.

rosmoke

Are the kids too fluffy?

the_syco wrote: »

One VERY IMPORTANT thing to note; did either you or the missus grow up rural, or in an estate? Grass greener on the other hill, and all of that.

Also, do both of you have cars, or at the very least, both have licenses? If only one has a car, the other should consider a "runabout" for trips to the schools, shops, etc. And it'd need to be small enough to be cheap to run, but big enough to have all the kids in it, and a weeks shopping. Mate had to upgrade his car to fit all the kids, as the current one couldn't fit the car seats needed.

Ursus Horribilis

Sell and get a small mortgage. There's no point in sitting in that house of yours wishing you were out in the countryside. If you and your wife grew up in the countryside, having to drive everywhere will be second nature to you anyway.

the_syco

rosmoke wrote: »

Are the kids too fluffy?

No, but kids car seats are fecking massive!