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To sell or not to sell?

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  • 05-03-2017 8:02pm
    #1
    jayjay2010
    Registered Users Posts: 505 ✭✭✭


    My friend is looking to buy an apartment and hes expressed an interest in purchasing mine, if I were to sell it to him.

    I only have this apartment 2 years. If I sold it to my friend for the price that he has offered, after the mortgage is paid off I would be left with approx 100k less expenses.

    I would move home for several months (free of rent) while saving money also and I would look to buying another apartment in an area that I would prefer.

    I know that second time buyers have a higher rate of interest and also I know about the 20% rule for second time buyers.

    Any ideas of what to do? My friend is offering a good price, I would get approx 20k less if I was to put it on the open market.
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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    jayjay2010 wrote: »
    My friend is looking to buy an apartment and hes expressed an interest in purchasing mine, if I were to sell it to him.

    Sounds odd. Be careful about mixing business with pleasure.
    I only have this apartment 2 years. If I sold it to my friend for the price that he has offered, after the mortgage is paid off I would be left with approx 100k less expenses.

    Are you happy there? Would you be happier with the nicer apartment? How do you feel about moving home? Would it be weird for your friend to buy your apartment from you and you occasionally go over to his, then return to your parents house?
    I know that second time buyers have a higher rate of interest and also I know about the 20% rule for second time buyers.

    I dont know if there is always a higher rste of interest for second time buyers.
    Any ideas of what to do? My friend is offering a good price, I would get approx 20k less if I was to put it on the open market.

    Thats also quite suspicious. Why would he offer more than the apartment is worth?


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