how to move house

Hi all,

I'm not "into" property speculation. I have a house worth, I think, alot of money. I think it would sell for €700k.

The house is a 4 bed dormer in County Dublin on .25acre. It is situated right in the middle of a town, 1 minute from the primary school. It has access by car (4-5mins) to 3 supermarkets and is close to the motorway. I think it is a desirable house and it would sell quickly. I have a mortgage of €150k on it so that's equity of €550k.

The issue is that I want more land. A few years back I think it would have been possible to trade the size/location of the house for something farther out of towns/villages, but with more land, more or less a straight swap. But I don't thnk that can be done anymore. Any house in the "countryside" has a premium on it for acreage, even though it is not near a village etc etc.

So I have started looking further afield to Meath/North Kildare etc but I'm not happy going that far out as we would be away from family.


But I have €550k locked up in my house.... there must be SOME way of using this to my advantage???? Is there some combination of my equity/investment mortages/renting that can enable me to get extra money?

Houses like mine are being rented for €1250/month and my mortgage is €550/month.... so surely I could rent it out?

Am I right in thinking the following?
-Rent for €1200 €650 left after mortgage paid
-Combine €650 with €550 of new mortgage giving €1200
-Get a mortgage for €1200/month giving €285000(ish) to buy somewhere else... but this isn't enough

Is there something I should be doing!!??

Thanks!

Not to put too much of a dampener on this but depending on the size of your mortgage you may have a tax liability on your rental income of €1200.

Roy

thanks but I don't have a clue about any of what that entails!

Just wondering is there a common method for getting another property with what I have?

Also considering that I love the house I have now and would like to be able to fall back on it if necessary.