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Sell or keep existing apartment?

LongfordMB · 2020-10-20 21:06:56

Here's our situation. We currently own an apartment in dublin docklands worth 350k with a 150k mortgage attached. Want to buy home worth 800k. Question is, should we sell existing home and use that equity as deposit on new home, or should we instead save up 150k in cash and use that to buy new home while keeping existing…

Comments

#32 27-10-2020 10:22am

carrickbawn

Registered Users Posts: 286 ✭✭

Join Date: May 2015

Posts: 284

bmm wrote: »

If you rent an apartment for 24k a year. Your mgt. fees. are maybe 3k . other maintenance maybe 1k. Now your rent is 20k ! Next pay your taxes and PRSI and if you are working you can take it at 40% tax , PRSI is 4% . So your net rent is 20k minus 44% . And you still have to service your loan !

Also USC.

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