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Ideas on selling and renting

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  • 29-03-2010 11:52am
    #1
    cruachan
    Closed Accounts Posts: 1 ✭


    I am sixty, married and with two grown up kids still living with us. We own a small terraced house in Cork city which is in need of decoration and which is too small for our needs.

    I have been considering selling and renting alternative accommodation. If we got 100000 thousand for the property I figure that would pay for at least ten years of rented accommodation in better premises.

    Any ideas or advice?


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    #2
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    How old are your grown up children? When might they move out? Are they working?

    If they moved you, would your house be big enough for yourself and your husband?


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    #3
    pearljamfan
    Banned (with Prison Access) Posts: 616 ✭✭✭pearljamfan


    what would your options be when the money runs out?? will the grown up children be moved out and willing to have you move in with them??!!


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    #4
    shoegirl
    Registered Users Posts: 2,021 ✭✭✭shoegirl


    You'd need to really have enough to rent for 20 years since most people are now living into their late 70s or 80s.

    Rents could suddenly rise and as somebody who has been living in rented accomodation around Cork, you could get a nasty shock if you start looking at the standard of rented accomodation around the city. Some is very nice but a lot is very poor.

    Secondary thought would be if you have savings of up to 100k this could remove you entirely from means testing for various pension related benefits in a few years time as they don't consider the family home but would definitely consider the cash savings even though you are renting. Its unfair, but thats unfortunately the way they look at things.

    Why not consider selling and buying something a little further out? You might get something a bit better for your money, especially if you have any further savings you could add to the 100k you'd get a really nice house a bit further out.


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    #5
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    cruachan wrote: »
    If we got 100000 thousand for the property I figure that would pay for at least ten years of rented accommodation in better premises.
    Surely what you get for a house in the city centre would buy you something bigger and better in the suburbs?


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    #6
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    It might look attractive at the moment but there are a number of variables. When renting one is at the whim of landlords. Some are good and some are bad. It is no fun having to move when something goes wrong.
    There is no knowing what way rents might move over a 10 year period. When the current oversupply eases rents might start going up and up! It is now very difficult for new landlords to enter the market. There are lending and conveyancing restrictions on them. There may well be a long lag between the emergence of a shortage of rental units and the provision of sufficient units to stabilise rents.
    When the money runs out you would be dependent on the local authority for accommodation.
    You would be bringing a lot of stress into your life. If your current house is too small, tell your adult children to provide their own accommodation.


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