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Pulling equity from a property to purchase another

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    #32
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Samuel T. Cogley wrote: »
    Where have you got that idea from? 15K will not increase the value by 60K.

    what the o/p said
    "I'd have to use about €50k hard-saved as a deposit, then spend about €15k refurbishing it (could get a loan). The idea would be to put it's value up from €220k (purchase price) to about €280k,".


    That's where I got the 15k from.


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    #33
    SwordofLight
    Registered Users Posts: 341 ✭✭SwordofLight


    I think he meant me Claw! Tbh maybe i'm talking out of my ass. I'm thinking putting an extension on for another bedroom could bring the value up in addition to new floors etc. But now that i think about it, by the time everyone's had their chink, sales fees, land reg, materials etc. it would be cut down significantly.


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    #34
    Astro127
    Banned (with Prison Access) Posts: 32 ✭Astro127


    Hi myself and parnter are saving for a mortgage for our first house , but our thinking of waiting a year or two as we are not in a rush so to speak.i have a 30k gift from my parents and have 10k saved myself.

    I have been thinking of buying a house now for around 200k or less just to rent If out . I still live at home so I see it as a long term investment which i will be looking into .

    The rent from the house will pay off the mortgage and still make profit each month which can be used for saving for the house we will live in which will most likely be built on family land in kildare .

    I know you need a 20% deposit for a second property
    Again I see it as a long term investment.
    Is it a stupid idea or would it be actually possible?

    Any advice is welcome.


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    #35
    Who2
    Registered Users Posts: 2,058 ✭✭✭Who2


    Astro127 wrote: »
    Hi myself and parnter are saving for a mortgage for our first house , but our thinking of waiting a year or two as we are not in a rush so to speak.i have a 30k gift from my parents and have 10k saved myself.

    I have been thinking of buying a house now for around 200k or less just to rent If out . I still live at home so I see it as a long term investment which i will be looking into .

    The rent from the house will pay off the mortgage and still make profit each month which can be used for saving for the house we will live in which will most likely be built on family land in kildare .

    I know you need a 20% deposit for a second property
    Again I see it as a long term investment.
    Is it a stupid idea or would it be actually possible?

    Any advice is welcome.

    Read up on the tax situation, the interest and charges and all that goes with it, watch what you think is profit turn into another additional expense.


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