Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Opinions Please

Options
  • 15-01-2020 10:15pm
    #1
    FunkSoulSista
    Registered Users Posts: 409 ✭✭


    Advice welcome please:

    I am about to sign contracts on a new build in a small development in a commuter town. Married with kids and we work in Dublin. I also own another property which is rented out. The mortgage on this property has recently been paid off due to a life insurance pay out.

    My options are:

    1. should I go ahead with new build purchase (80% mortgage) and when sell rental property pay off chunk of new build mortgage leading to minimal repayments or

    2. Go for a larger mortgage >3.5 times for a house nearer to Dublin when sell rental and use the proceeds towards more expensive house in city.

    Opinions welcome. Thanks


Comments

  • Options
    #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    How long is a piece of string?
    So many variables here you have to go through them all. Obviously the tradeoffs are plain to see, live near city and have less money or live in a commuter town and spend hours commuting but have more disposable income. Its all down to circumstance, preference and affordability, plus things like kids, schools, proximity to work, crime in the areas, near clubs you might want to join, amenities you might like to use.... The list is endless.
    I live in a suburb of Dublin, work nearby. 15 minute train into Heuston or a 50 min bus to Merrion Square. Don't have a huge need to go to city often, doesn't have a huge draw for me. Suits me perfectly... So do up a list of must haves and nice to haves and go from there.
    How far is the commuter town from your work? That's a good start in a decision


  • Options
    #3
    dixiefly
    Registered Users Posts: 2,949 ✭✭✭dixiefly


    I think it depends on a. how long you will possibly be commuting into the city and b. how invested in the new area

    Commuting in and out of Dublin is, at best, soul destroying and, at worst, very bad for your health.

    So, if you feel that the new property close to the city will give you a better quality of life then go for that.


  • Options
    #4
    FunkSoulSista
    Registered Users Posts: 409 ✭✭FunkSoulSista


    Yeah commute is a big variable. So for me it's 35 mins on train and 5/10 mins walk either side to work/home. Partner is approx 40 mins drive but does not work peak hours.

    House is 10 mins walk to secondary school. I feel like the town has a good community spirit from my research and the development is small as opposed to a lot of the large new builds. I may get an opportunity to transfer jobs to the county and my partner is open to looking closer if commute is too traumatic.


Advertisement