We have a 2bed investment apartment in a local town that we purchased a year ago. We purchased for 81K, and put approx 5K into renovations (new kitchen counters and tops, appliances, flooring and paint work throughout). The outstanding mortgage is just under 55K. Its currently rented out for 800p/m, easily pays the mortgage, management fees, tax man etc. and we make just about 95 euros a month on it. No issues so far as we replaced everything before renting out.
We've moved into our dream home and it needs extensive work - plastering, proper ventilation etc. We had planned to do it job by job, and its been fine. Total bill for it all will be in the 50K region. I do not want to take out a loan.
Lately I'm getting itchy feet - its partly due to me expecting and wanting the house done before baby arrives. The management company aren't the best and owner occupiers want to drop the management company and go it alone if everyone agrees to it (i.e. self-manage). I'm debating whether it might be a good option to sell the apartment now. Currently there is nothing for sale in this suburb town at all, not even 3 bed semis etc. The price register shows that an apartment in the building (same size, 2 bed also and a little bit worse for wear than ours) sold 10 months ago (2 months after we bought) for 97k. I'm estimating we would sell for just over 100K reasonably, maybe a little more.
i'd appreciate opinions - what do you think? Are we better off to sell the apartment and finish our home, or leave things as they are? I'm unsure how to calculate what the profit (if any) would be from the sale. It was bought as a long term investment as our son has special needs, we wanted to ensure if he could ever live independently it was there for him and close to home. He has improved dramatically and I don't feel we have as much need anymore to worry.
We've moved into our dream home and it needs extensive work - plastering, proper ventilation etc. We had planned to do it job by job, and its been fine. Total bill for it all will be in the 50K region. I do not want to take out a loan.
Lately I'm getting itchy feet - its partly due to me expecting and wanting the house done before baby arrives. The management company aren't the best and owner occupiers want to drop the management company and go it alone if everyone agrees to it (i.e. self-manage). I'm debating whether it might be a good option to sell the apartment now. Currently there is nothing for sale in this suburb town at all, not even 3 bed semis etc. The price register shows that an apartment in the building (same size, 2 bed also and a little bit worse for wear than ours) sold 10 months ago (2 months after we bought) for 97k. I'm estimating we would sell for just over 100K reasonably, maybe a little more.
i'd appreciate opinions - what do you think? Are we better off to sell the apartment and finish our home, or leave things as they are? I'm unsure how to calculate what the profit (if any) would be from the sale. It was bought as a long term investment as our son has special needs, we wanted to ensure if he could ever live independently it was there for him and close to home. He has improved dramatically and I don't feel we have as much need anymore to worry.