Sell or rent rural town west of ireland

[Dudley2021]

Hi everyone.
another sell or rent conundrum. appreciate any advise.

Current house which we live in - 4 bed detached. Bought in 2011 for €135,000. Rural town in County Galway.
Currently valued at approx €190,000. Monthly mortgage €500 a month. Mortgage balance of €75,000.
Could achieve a rent of 750 a month. Strong rental demand as little or no supply locally. Decent interest from buyers due to same issue.

Currently building a new house. Mortgage for self build is 330,000. Monthly repayment 1400 a month over 27 years. New home expected to be completed by September.

Wife and I are both mid 30s. Two stable pensionable jobs. Gross salary 140,000 per annum combined. One child and another on the way. No other major debts/loans.

Big attraction to selling as proceeds will be used to finish self build house and pay down mortgage amount for new home. Would also be first time landlords if deciding to rent current house and concerned re issues with tenants etc.

Leaning towards testing the market and trying to sell. But is it the wrong the decision financially in the long term.

Any advice greatly appreciated.

Regards
Martin

 

[Sarenco]

I’d sell in your shoes.

€750pm seems a fairly low rent on a property worth around €190k.

The framework in this post might help with the decision -

Key Post - Keep property as Rental or Sell?

Updated May 2020 The question regularly comes up on AAM whether somebody should keep an apartment that their family has outgrown as a rental or whether they should just sell up. Borrowers often run projections on the anticipated rental income from an apartment with a cheap tracker and conclude...

www.askaboutmoney.com

 

[Dudley2021]

I’d sell in your shoes.

€750pm seems a fairly low rent on a property worth around €190k.

thanks Sarenco. much appreciated