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What would you do

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  • 06-11-2018 11:56pm
    #1
    Wildly Boaring
    Registered Users Posts: 3,647 ✭✭✭


    Looking for other views on current situation. Always good to get proper input.
    In a good position just looking for alternative views.

    Have a house. Bought in recession. Paid for.
    2 problems
    Too small.
    In wrong part of country for family reasons.

    If sold would give a profit.
    In good condition so requires minimal upkeep, relatively cheap to heat.
    I like this house. Have no problem keeping it right.

    Have some savings to purchase next house.
    Could probably get a mortgage in say 12 month.
    Had one and didnt use it, was based on a previous job. New job is rolling 1 year contract, assume will be much harder to get one.

    Ultimately would like to move closer to both of our families in north leinster

    No mad rush but parents not getting younger. Like to be around to help them out as time goes on. Also we have young kids who only see grandparents once a month or so.

    I reckon if we sold today we would need minimal finance to buy again where we want. Maybe 50k.

    I know we have a lot of options.
    Sell and rent in meantime. Even rent where we are for 4 or 5 years.
    Sell and buy almost straight away.
    Buy site with planning (be an expensive site), sell and rent while building.
    Don't sell. Get mortgage and buy 2nd house. Nearly did this last year. But decided didnt want to be landlord at that stage.

    Are there obvious ones I'm missing?

    I'll keep the personal stuff like jobs and schools out of it as I think that's down to us and ultimately may decide everything.


Comments

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    #2
    Baybay
    Registered Users Posts: 1,063 ✭✭✭Baybay


    Consider the viability of rental possibilities. We decided to buy late last year rather than rent, while building on our already secured site, when it became apparent that renting anywhere near where we’d have liked to have been was an impossibility.


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    #3
    RayCun
    Registered Users Posts: 15,704 ✭✭✭✭RayCun


    Wildly Boaring wrote: »
    L
    I like this house. Have no problem keeping it right.

    People always overvalue the things they have. If I asked to buy your coffee table, for example, you would look for a certain price for it. If you were out looking at coffee tables for your house and saw that one, you would be willing to pay less for it.

    My point is, if you are thinking of holding on to your current house as an investment, you should value it as an investment. Would you go out and buy it? Would you choose to be a landlord - and if you would, would you choose to rent out a house in a different part of the country to where you live?

    Or are you just reluctant to let go of something you have?

    My advice is to sell that house.
    Renting for a while or buying the new house immediately depends on what is available and what you think is going to happen in the property market in the next couple of years.
    When all the dust has settled and you have eventually bought the new house, look at your finances again, and decide what you want to invest in. But at that stage, you will be weighing all options equally, not leaning towards one because you feel already committed.


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    #4
    pc7
    Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 14,121 Mod ✭✭✭✭pc7


    My advice is to sell and buy with a small mortgage (you mention 50k). Would leave you in an enviable position, small mortgage, could save and have a good lifestyle (have you kids? they are expensive! in terms of childcare etc going forward), you will be near your families. No one knows whats around the corner, if the house you have was in a main city centre I'd say keep it, but it doesn't sound like it is. Its not easy being a landlord, one bad tenant can sink most small landlords (not all tenants are bad before anyone jumps on this). With government interference in the rental market and who knows what is to come. I really think selling is your best option.


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    #5
    daithi7
    Registered Users Posts: 1,301 ✭✭✭daithi7


    I think you're in the perfect situation tbh. You have a house you like but it's too small, and y you'd like to buy/build a bigger house in an area more suitable to you. So you're upgrading your property in a down market, good for you.

    Find your new house, do the numbers and probably sell your old house around the same time as it doesn't sound like a good renter anyway. Good luck.


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    #6
    Wildly Boaring
    Registered Users Posts: 3,647 ✭✭✭Wildly Boaring


    Baybay wrote: »
    Consider the viability of rental possibilities. We decided to buy late last year rather than rent, while building on our already secured site, when it became apparent that renting anywhere near where we’d have liked to have been was an impossibility.

    Should be ok. I'd be prepared to rent quite rurally depending on work.
    But yeah wont be cheap.
    And right now it's basically free


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    #7
    Wildly Boaring
    Registered Users Posts: 3,647 ✭✭✭Wildly Boaring


    RayCun wrote: »
    People always overvalue the things they have. If I asked to buy your coffee table, for example, you would look for a certain price for it. If you were out looking at coffee tables for your house and saw that one, you would be willing to pay less for it.

    My point is, if you are thinking of holding on to your current house as an investment, you should value it as an investment. Would you go out and buy it? Would you choose to be a landlord - and if you would, would you choose to rent out a house in a different part of the country to where you live?

    Or are you just reluctant to let go of something you have?

    My advice is to sell that house.
    Renting for a while or buying the new house immediately depends on what is available and what you think is going to happen in the property market in the next couple of years.
    When all the dust has settled and you have eventually bought the new house, look at your finances again, and decide what you want to invest in. But at that stage, you will be weighing all options equally, not leaning towards one because you feel already committed.

    Agree and that's pretty much the conclusion i came to last year.

    It's a decent house. But I'm put off renting by the horror stories. And between work, kids and training I'd have no time to devote to it. Especially if we move to the other end of the country in the meantime


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    #8
    Wildly Boaring
    Registered Users Posts: 3,647 ✭✭✭Wildly Boaring


    daithi7 wrote: »
    I think you're in the perfect situation tbh. You have a house you like but it's too small, and y you'd like to buy/build a bigger house in an area more suitable to you. So you're upgrading your property in a down market, good for you.
    .

    By down market you mean falling prices?
    Is it not only Dublin city that's stabilised yet?
    Deffo a good shift on houses round me right now and anything we were looking at is selling well


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