Hi
Ok this is could be long and rambling, Ill give some background
I bought a house in 2007 in North,Co Dublin. 3 Bed Semi D. Solely in my name. Have got married since and this is our family home currently, We have 3 kids now under 2
1 child 2
Twins
The house has become very cramped with the new arrivals and we where considering selling up and maybe taking the hit on negative equity and rent for a while or move down the country closer to home.
While looking at what the house would go for I came across a house in our estate that has just had pyrite remediation work carried out.
I always had a worry that the houses would have pyrite when the whole debacle came to light. I've spoken to people in the estate and the word is that 50% of houses have pyrite low level amber.
I'm trying to find some one who will carry out the core sampling tests for me which I will pay for, this will give me a better idea of what to do next.
If it comes back amber the PRB won't touch it as it's not structurally impaired. The other side of this is that no one would purchase it, as bank won't issue a mortgage against it and in fairness who would want to live in a pyrite affected house.
So the house if it was non pyrite I reckon I'd get around 200K for it mortgage outstanding is 245K
Pyrite remediation work ie removing hardcore and all that it entails seems to be around 35-60K but don't have definite figure on that yet.
So that could potentially put me 100K in negative equity if I wanted to move.
Other option is to rent the house out and see what I could get in rent.
Our childcare costs are as you imagine going to be very high as we both work.
My wife also owns a house solely in her name too that is in positive equity and is in the ras scheme 10 year rental with 8 years remaining on it.
She also has a mortgage with a familly member on a holiday home in Cork that is in serious negative equity with no income from it.
Any suggestions on this would be greatly appreciated.
Ok this is could be long and rambling, Ill give some background
I bought a house in 2007 in North,Co Dublin. 3 Bed Semi D. Solely in my name. Have got married since and this is our family home currently, We have 3 kids now under 2
1 child 2
Twins
The house has become very cramped with the new arrivals and we where considering selling up and maybe taking the hit on negative equity and rent for a while or move down the country closer to home.
While looking at what the house would go for I came across a house in our estate that has just had pyrite remediation work carried out.
I always had a worry that the houses would have pyrite when the whole debacle came to light. I've spoken to people in the estate and the word is that 50% of houses have pyrite low level amber.
I'm trying to find some one who will carry out the core sampling tests for me which I will pay for, this will give me a better idea of what to do next.
If it comes back amber the PRB won't touch it as it's not structurally impaired. The other side of this is that no one would purchase it, as bank won't issue a mortgage against it and in fairness who would want to live in a pyrite affected house.
So the house if it was non pyrite I reckon I'd get around 200K for it mortgage outstanding is 245K
Pyrite remediation work ie removing hardcore and all that it entails seems to be around 35-60K but don't have definite figure on that yet.
So that could potentially put me 100K in negative equity if I wanted to move.
Other option is to rent the house out and see what I could get in rent.
Our childcare costs are as you imagine going to be very high as we both work.
My wife also owns a house solely in her name too that is in positive equity and is in the ras scheme 10 year rental with 8 years remaining on it.
She also has a mortgage with a familly member on a holiday home in Cork that is in serious negative equity with no income from it.
Any suggestions on this would be greatly appreciated.
