Needtomove
Registered User
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- 23
Hi There
so- apartment worth €120k ( based on most recent selling prices on property price register)
owe €91k
interest rate 2.75%
rental income €11k pa ( just recently-use to be 10k)
taxes & expenses circa €3.5k pa
have our own family home- owe €200k worth circa €300k interest rate 4.25%
I have a good tenant in my apartment the last 3 years and pay a letting agent to manage the property , it is "ticking over" more or less - except whatever I must pay for any problems along the way out of my own pocket and the tax bill each year.
We both work- 2 kids-another one on the way-live paycheck to paycheck-no savings- craving a holiday abroad for example!! - or at lest some kind of a contingency fund- just a no go - and can not see any way to start savings!
so now-that i see after mortgage paid-solicitor fees-estate agent fees-advertising costs etc paid- i could POTENTIALLY make €20k -i need that money so much! i am tempted to sell
but........i have only 14.5 years left on my mortgage and cant help thinking would be wiser to keep it to the end as an investment property ( i will be 55 then with 2 college going kids , still 12 year to go on my own mortgage ! and a younger child- just thinking at that point €120k would stretch and help a lot!
for wiser people than I would you mind number crunching and advising me if this seems like a good long term investment?
thank you.
so- apartment worth €120k ( based on most recent selling prices on property price register)
owe €91k
interest rate 2.75%
rental income €11k pa ( just recently-use to be 10k)
taxes & expenses circa €3.5k pa
have our own family home- owe €200k worth circa €300k interest rate 4.25%
I have a good tenant in my apartment the last 3 years and pay a letting agent to manage the property , it is "ticking over" more or less - except whatever I must pay for any problems along the way out of my own pocket and the tax bill each year.
We both work- 2 kids-another one on the way-live paycheck to paycheck-no savings- craving a holiday abroad for example!! - or at lest some kind of a contingency fund- just a no go - and can not see any way to start savings!
so now-that i see after mortgage paid-solicitor fees-estate agent fees-advertising costs etc paid- i could POTENTIALLY make €20k -i need that money so much! i am tempted to sell
but........i have only 14.5 years left on my mortgage and cant help thinking would be wiser to keep it to the end as an investment property ( i will be 55 then with 2 college going kids , still 12 year to go on my own mortgage ! and a younger child- just thinking at that point €120k would stretch and help a lot!
for wiser people than I would you mind number crunching and advising me if this seems like a good long term investment?
thank you.