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Good time to downsize?

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  • 04-06-2021 12:50pm
    #1
    Irish_rat
    Registered Users Posts: 2,555 ✭✭✭


    I've had a house for a good few years now semi-d with noisy neighbours, it's in a good area that will get good money if I sold today.

    Thinking then of buying a bungalow or apartment out of it. Is this a recipe for disaster or a good move to make?

    I could sell for near 300k in limerick, how much in fees you reckon? Will just about be mortgage free by then in a appt.

    What are peoples thought on this and is there similar minded folk like me? I've no kids and work in a mnc where I wouldn't mind dropping for a less stressful job in time.


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    #2
    Naos
    Registered Users Posts: 4,738 ✭✭✭Naos


    Irish_rat wrote: »
    I've had a house for a good few years now semi-d with noisy neighbours, it's in a good area that will get good money if I sold today.

    Thinking then of buying a bungalow or apartment out of it. Is this a recipe for disaster or a good move to make?

    I could sell for near 300k in limerick, how much in fees you reckon? Will just about be mortgage free by then in a appt.

    What are peoples thought on this and is there similar minded folk like me? I've no kids and work in a mnc where I wouldn't mind dropping for a less stressful job in time.

    Just wondering, because you called out the noisy neighbours in the semi-d and then mentioned you'd buy an apartment, do you think there would be less noise in the apartment?


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    #3
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Generally, the time to trade up is in a recession and the time to trade down is in a boom.


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    #4
    Irish_rat
    Registered Users Posts: 2,555 ✭✭✭Irish_rat


    Naos wrote: »
    Just wondering, because you called out the noisy neighbours in the semi-d and then mentioned you'd buy an apartment, do you think there would be less noise in the apartment?

    I lived in an apartment before and I had much better sleep. Neighbours are up before 6am every morning. Depends on the build quality too


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    #5
    L'prof
    Registered Users Posts: 12,032 ✭✭✭✭L'prof


    Naos wrote: »
    Just wondering, because you called out the noisy neighbours in the semi-d and then mentioned you'd buy an apartment, do you think there would be less noise in the apartment?

    This was my thinking too. If you get the wrong neighbours in an apartment you’re in bother. Bungalow would definitely be my preference of the two


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    #6
    Irish_rat
    Registered Users Posts: 2,555 ✭✭✭Irish_rat


    Claw Hammer wrote: »
    Generally, the time to trade up is in a recession and the time to trade down is in a boom.

    That's my thinking, I'm way up right now vs my remaining mortgage.


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    #7
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Irish_rat wrote: »
    That's my thinking, I'm way up right now vs my remaining mortgage.

    It isn't really connected to your mortgage. In a boom the gap when trading up is wide and so the converse holds when trading down. In a recession the gap when trading up is narrow and conversely the gap when trading down is narrow.
    When trading down you want as wide a gap as possible.


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