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Interesting opportunity - Moving from Dublin to Cork

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  • 14-01-2015 10:15am
    #1
    Ush1
    Registered Users Posts: 11,472 ✭✭✭✭


    Just looking for some advise from people.

    I have a house in south west Dublin currently with about 140k left on the mortgage and could possibly sell it for 240k.

    A relative of my wife has offered us a house in Ballincollig, Cork for 200k which would be worth probably 300k or more.

    I'm wondering would I be better off selling the house in Dublin or trying to rent the house out? By the looks of rental ads I could make a decent profit on renting. Currently have not much savings but could I leverage the house in Dublin against another mortgage for the house in Cork?

    Thoughts?


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    You're going to have to sit down and do some sums. Remember you have to pay tax on rental income, maybe as high as 52%, and not to mention you'll have to switch your mortgage to a BTL so the overhead will go up also and deal with tenants, repairs, etc. That's not to say it won't be worth it. It could mean you can make a profit as prices go up, but then you're speculating on the market. Talk to the bank also about the affordability of mortgaging the house in Cork with/without the house in Dublin.

    These things should focus your mind, likely into a risky higher profit route (keep both houses) with more work, and a safer lower profit route (sell the Dublin house).


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