I'm hoping for some advice. It is about the often posted 'Should I sell or become an accidental landlord?'
I am in the process of getting a job transfer to Galway from Dublin.
I bought an apartment in 2008 under the AHI and paid 270K for it.
I have 210K left to pay on the mortgage. I could sell currently for 255-260K.
I could rent it for considerably more than the curent mortgage repayment ~1K per month when I take out owner interest relief. I could rent it for 1500-1600 a month.
I am relucatant though to become a landlord, with all the other costs to renting it out and hassle of dealing with tenants etc.
Once I get settled out west and find an area I want to live in I would like to buy a place again in approximately 1 year.
Is there any advantage to transfering a mortgage ( I would have to rent out current apt for the year before doing so) over just taking out a new mortgage in a years's time? Granted if prices continue to rise then I would lose out on the extra my apt would sell for whilst having to pay whatever increases a new place in Galway would cost but I'm thinking it might be worth it so I can purchase when I'm ready rather than trying to coincide selling apt whilest buying new place.
Any advice or thought would be appreciated. Thanks
I am in the process of getting a job transfer to Galway from Dublin.
I bought an apartment in 2008 under the AHI and paid 270K for it.
I have 210K left to pay on the mortgage. I could sell currently for 255-260K.
I could rent it for considerably more than the curent mortgage repayment ~1K per month when I take out owner interest relief. I could rent it for 1500-1600 a month.
I am relucatant though to become a landlord, with all the other costs to renting it out and hassle of dealing with tenants etc.
Once I get settled out west and find an area I want to live in I would like to buy a place again in approximately 1 year.
Is there any advantage to transfering a mortgage ( I would have to rent out current apt for the year before doing so) over just taking out a new mortgage in a years's time? Granted if prices continue to rise then I would lose out on the extra my apt would sell for whilst having to pay whatever increases a new place in Galway would cost but I'm thinking it might be worth it so I can purchase when I'm ready rather than trying to coincide selling apt whilest buying new place.
Any advice or thought would be appreciated. Thanks