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Mortgage strategy advice

  • 04-05-2018 5:20pm
    #1
    Diceicle
    Registered Users, Registered Users 2 Posts: 1,799 ✭✭✭


    I'm looking to speak to someone (also open to your advice) with a view to selling my current home and buying the next one - and how to best approach things Vis a Vis where the Dublin/Kildare market will be in around 2 years time.
    The half a plan I have in my head goes something like: i have a house, would like to sell in about 2 years time or so to maximize a return. Will have to rent for a time while we cover the new house deposit shortfall.

    Would an estate agent be the best placed person to discuss as something akin to the above?


Comments

  • #2
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    Couple of things.

    1. No one can tell the future. Anyone who says for sure that prices will be higher in 2 years time is spoofing. Absolutely no way to know.
    2. You want to wait 2 years to "maximize return". Presume that means you think the value of your house will increase in that time. Your next house will likely increase at the same rate if it's in the same approximate area.
    3. Renting is currently more expensive than buying. Why move out to rent when you could stay in your house, pay down the mortgage and get a bit more equity.

    Just a couple of thoughts anyway.


  • #3
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭Fol20


    donkeyoaty0099 wrote: »
    Couple of things.

    1. No one can tell the future. Anyone who says for sure that prices will be higher in 2 years time is spoofing. Absolutely no way to know.
    2. You want to wait 2 years to "maximize return". Presume that means you think the value of your house will increase in that time. Your next house will likely increase at the same rate if it's in the same approximate area.
    3. Renting is currently more expensive than buying. Why move out to rent when you could stay in your house, pay down the mortgage and get a bit more equity.

    Just a couple of thoughts anyway.

    Bridging loans are not around at the moment so he would more than likely have to sell before he can starting getting another place. Some places i liked wouldnt even consider a bid unless i can show proof of funds via cash or AIP. Chains sales can be messy and much more likely to fall through


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