Hi all,
Trying to decide what to do, any advice/comments would be appreciated.
We bought in Dublin 7 in 2008 for €390k. Bad timing as we almost immediately went into negative equity. Our mortgage was with First Active initially, then UB, fixed for 5 years and now a tracker.
For the last while we have had an arrangement with friends whereby we are renting/housesitting their larger house elsewhere in Dublin at a very good rate while they are temporarily abroad for work. Meanwhile we are renting our house to another friend who is paying us just enough to cover the mortgage. We *could* get a lot more (probably 50%) on the open market but obv would have to go thru all the usual hassles and formalities. Also I'm concerned we could lose the tracker with UB.
Now our friends are considering coming back home and we're trying to decide what to do:
- We could probably sell now and get what we paid. After all expenses we'd make >€40k. We have the option of staying with my parents to save money, but realistically we'd have to wait for a fall in the market to buy in Dublin again. We would consider buying a cheaper house in Wexford/Wicklow.
- We could move back in to our own house and wait to see if the market climbs further before selling (we don't want to live there long-term).
- We could live with my parents and continue to rent out the house, either at the mate's rate as currently, or on the open market.
We're a married couple, no kids, both around 40, no real savings for various reasons. I suppose the big question is what will happen in the property market, we very much feel like we got burned before!! Thanks for any advice.
Trying to decide what to do, any advice/comments would be appreciated.
We bought in Dublin 7 in 2008 for €390k. Bad timing as we almost immediately went into negative equity. Our mortgage was with First Active initially, then UB, fixed for 5 years and now a tracker.
For the last while we have had an arrangement with friends whereby we are renting/housesitting their larger house elsewhere in Dublin at a very good rate while they are temporarily abroad for work. Meanwhile we are renting our house to another friend who is paying us just enough to cover the mortgage. We *could* get a lot more (probably 50%) on the open market but obv would have to go thru all the usual hassles and formalities. Also I'm concerned we could lose the tracker with UB.
Now our friends are considering coming back home and we're trying to decide what to do:
- We could probably sell now and get what we paid. After all expenses we'd make >€40k. We have the option of staying with my parents to save money, but realistically we'd have to wait for a fall in the market to buy in Dublin again. We would consider buying a cheaper house in Wexford/Wicklow.
- We could move back in to our own house and wait to see if the market climbs further before selling (we don't want to live there long-term).
- We could live with my parents and continue to rent out the house, either at the mate's rate as currently, or on the open market.
We're a married couple, no kids, both around 40, no real savings for various reasons. I suppose the big question is what will happen in the property market, we very much feel like we got burned before!! Thanks for any advice.