Help with selling house decision

Completely agree with Brendan, you've a net worth of nearly half a million, which is far more than most, yet most live far more comfortably than you! Like I said in earlier post, life is too short... Sell up and live comfortably
 
Don’t forget there’s likely to be capital gains tax on some of the rental property once sold. I’d sell the house. An alternative is to sell the rental property, pay off PPR mortgage and ‘invest’ the balance on another rental. Somewhere that might achieve a higher rental yield. But TBH you might need the cash for the foreseeable. The covid payment won’t last forever. Far from it. And the restaurant sector not looking great, neither is the gig scene
 
My opinion is that your jumping the gun, and selling is a keejerk reaction to a situation which is still relatively new to us all. A temporary net income of €550 is not that bad in your situation and you should be able to manage for a certain amount of time.

This is really where you give yourself a time frame and if finances/prospects have not improved, Then sell, but not now . At 40 years of age, and with hunger to get on the employment ladder, he will certainly pick up something.

Finances have changed for a lot of people, there is a lot more on less money, with bigger mortgages who dont have the safety net of a mortgage free property to fall back on. Your cashing in too early.

You should be making this decision next year when the dust should have hopefully settled a bit.
 
Thanks everyone for the advise. It's great hearing other perspectives.

We know how very lucky we are to have the second house. It belonged to my husband and his sister and we bought her out. We saved a lot of our money pre-kids and i was earning a much higher wage than I am now. Also the house is worth a lot more now than it was when we bought it. We rented it out, moved away and got a mortgage for the house we live in which we now have 80,000 left on.
It's just in the last few years we haven't saved anything and just spent the money as it came in.
 
I'm with @LS400 on this.

When you have assets, you have options.

I do think you need to look at ways to increase your income and / or reduce your outgoings

If your partner has more free time, can they start a veg garden, keep chickens, bake bread?

Can you take in a lodger / student?

I understand you've said you don't want to increase your childminding, but if your partner is at home, would that weigh in the balance?

Definitely do up the figures on the rental & bring it up per the RTB calculator.

I think you are in a rough patch, but I'd get creative & work out a plan.
 
Another option is sell the house reduce debts, then buy a cheaper place to rent, and free to set market rent.

But you might be better selling now and buying in a couple of years of the market falls or dips. Assuming you won't burn through the money.

Have you looked at the CGT?
 
LS400 said:
My opinion is that your jumping the gun, and selling is a keejerk reaction to a situation which is still relatively new to us all. ....
Click to expand...

There is that. But perhaps the OP can see a pattern of falling income relative to outgoings that's going back longer than the current crisis. The current crisis is the tipping point for many people and businesses.
 
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