Kerrygrrrl
Registered User
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Apartment purchased for €475k in 2008, currently worth €360k, outstanding mortgage €295k. Occupied as PPR for 3 years. We have had the same tenants in the property since 2011 and they have recently vacated due to purchasing themselves. Question is do we sell now or retain the property?
Expected rent is €1900 pm, tracker mortgage at 2.25%. Net rents are taxable at 52%. Property is in Dublin and is easy to rent out.
Have mortgage of €50k remaining on PPR which is worth circa €1m. 10 years remaining on the mortgage but would hope that it will be paid back in 2/3 years. Have joint income of circa €300k. Have maximised pension contributions for last few years - there is currently €1.25m in two defined benefit pensions. Based on info noted here over the last number of years we have maximised pension contributions and then overpaid the variable mortgage on PPR which is at 3% with KBC just keeping 4-6 months of outgoings on hand at any one time.
Three children who are 12,10 and 7. Our ages are 46 and 55.
Nervous about getting new tenants - we were very lucky with the last ones! And also apprehensive about our rights as property owner if the property is tenanted and we need to sell / use for our children. What to do?
Thank you
Expected rent is €1900 pm, tracker mortgage at 2.25%. Net rents are taxable at 52%. Property is in Dublin and is easy to rent out.
Have mortgage of €50k remaining on PPR which is worth circa €1m. 10 years remaining on the mortgage but would hope that it will be paid back in 2/3 years. Have joint income of circa €300k. Have maximised pension contributions for last few years - there is currently €1.25m in two defined benefit pensions. Based on info noted here over the last number of years we have maximised pension contributions and then overpaid the variable mortgage on PPR which is at 3% with KBC just keeping 4-6 months of outgoings on hand at any one time.
Three children who are 12,10 and 7. Our ages are 46 and 55.
Nervous about getting new tenants - we were very lucky with the last ones! And also apprehensive about our rights as property owner if the property is tenanted and we need to sell / use for our children. What to do?
Thank you