Should I stay or Should I go

[Squidward]

Hi,

My girlfriend and I own a property in Citywest but are considering selling up after 13 months as the value of the property has risen quite an amount plus we cannot settle there. We originally wanted to buy in the Drimnage/Crumlin area, but could not afford the stamp duty. We're also getting married next July, so the girlfriend wants to wait until after the wedding, whereas I think that the property in the Crumlin/Drimnagh are will be out of our grasp by then.

Any ideas on what you think I should do?

Cheers.

 

[ClubMan]

Ultimately your question seems to be one of how to time the market and unfortunately there is no way to do this with any accuracy.

 

[RainyDay]

The transaction costs (legal costs, survey costs, stamp duty) associated with property transactions is very high, so buying/selling within 1 year is very costly. If you are going to move, make sure you make a decision that you can live with for 5-7 years.

Why do you think your Citywest property won't rise at the same rate as the Crumlin property?

 

[Squidward]

Re: Should I stay or Should I go?

I just think that most property close to the city centre will rise more steadily than one on the outskirts of dublin. Our property value has risen approx 60k and I'm no expert in this field, but I just think that our property has probably peaked, whereas the ones near the city centre will just keep on rising, thus widening the gap.

Another issue has come up and maybe someone will be able to advise. Should we sell our house first to fund for a deposit on another house as the girlfriend is reluctant to touch the wedding savings!!

Thanks.