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Sell house or rent it out moving abroad

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  • 14-05-2011 9:43am
    #1
    Sheller
    Closed Accounts Posts: 3 ✭


    Hi
    Just looking for some opinions on what we should do. We bought a house 5 years ago for just under 300K, if we sell now would probably get approx 200K (I think). Our mortgage is approx 130K.

    So now we're thinking of moving abroad and will most likely stay there permanently. Just looking for advice on what we should do i.e, sell up and cut our losses, or rent our house out here. The rent would just about cover the mortgage repayments as we have a tracker.

    It's so difficult to decide what is best. We will want to eventually buy another house abroad.

    Any advice/opinions appreciated.

    Tks


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    #2
    syklops
    Closed Accounts Posts: 18,966 ✭✭✭✭syklops


    I say rent it out for now. Moving abroad costs so much more than you think it will, so the bit of money coming in may be very welcome.Also, you say you probably going to move permanently. I wouldn't go counting your chickens just yet. You or your partner may not like it abroad. After a year or two you might decide to return. It might sound unlikely now, but moving abroad changes you and changes your perspective on things.

    As you say the rent will probably cover the mortgage, so it will be self sufficient. Let it pay for itself. Then when you go to buy a house in the foreign country, and the bank ask you do you have any assets you can say yes we own a house in Ireland.

    Where are you thinking of moving to?


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    #3
    Sheller
    Closed Accounts Posts: 3 ✭Sheller


    We'll be moving to Holland, my other half is dutch. So if/when we go, we won't end up moving back here again.
    We actually moved back here a few years ago from NL. Now the way things are we think we may (and our kids) have a better future back in Holland.


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    #4
    mari2222
    Registered Users Posts: 568 ✭✭✭mari2222


    Your tracker is likely to be cancelled if you are not occupying it as your residence - check your terms and conditions.

    In your shoes, I would sell it now.


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    #5
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    You'll be doing very well indeed if a property bought in 2005/6 has only dropped 33% in value.

    But if your valuation is correct, I'd sell and pocket the 70k equity to help with starting over abroad.

    As a matter of interest, how is your LTV so low? Did you have a very large deposit or did you overpay the mortgage in the last 5 years?


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    #6
    Sheller
    Closed Accounts Posts: 3 ✭Sheller


    large deposit. Won't be much of it left though if we sell the house. :(


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