Should we sell?

This country is insane. A home is not a commodity to be speculatively bought and sold.

I haven't a clue what way house prices are going to go but I've come to one realisation and that is that the majority of people trying to make a fast buck will get caught out.
 
mf1 said:
Now I would advise clients to be very careful- to the extent that they do not sign contracts for either a sale or a purchase until the last possible moment to minimise the risk of liquidation/bankruptcy etc.,etc.
mf
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In what cases can liquidation/bankruptcy occur - vendor, buyer...?

This thread is very interesting read for any trader uppers...

Trackers and stamp duty -With the loss of a .75 tracker and stamp duty moving for me it is not a decision I could take lightly.

I'd have the area and roads picked out, prices fully researched and sales in that area monitored for 6 months. I'd have analysed what the lowest I could go on my own house to get the house taking into account any renovation work and stamp duty.

I always factor in the following:

Nice rental properties are thin on the ground - quality of furniture is poor - will you put your own furniture into storage?

Is there much equity (if any) in the sale if you do sell at x? Will this cover stamp duty and if not is stamp duty low?

Are you mortgage approved for a new property? Will your repayments be less, more on what type of mortgage?

Figures for: Moving company, solicitor's fees, work on new property etc.

An excel sheet and number crunching taking into account answers to all the above is a must using Karl Jeacle's mortgage calculator - http://www.drcalculator.com/mortgage/ie/

And finally I always consider, is there a management company in your current housing estate and is it solvent? Because if there is a chance it becomes insolvent, it will be difficult to sell...

Best of luck whatever you decide!
 

I understood the OP was trying to trade up with as little loss as possible, this is entirely different to speculation.
 
Bronte said:
I understood the OP was trying to trade up with as little loss as possible, this is entirely different to speculation.
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I know we're on a new page but the post immediately prior to mine was advocating selling up and holding off buying a new place in anticipation of falling prices.

Two earlier posts also alluded to the potential advantages of selling up but not buying for a while in anticipation of falling prices, I have tried to balance the arguement with the potential negatives of this course of action
 
Thanks for very balanced views!

We are going ahead with progressing the sale and revisiting properties that were on a "potential" list to see if any suit our needs or price.

We are actually quite clear on the area - just need to find THE house.

We do need to move - space is an issue and we do not wish to extend - would make garden tiny and we wish to move location also due to work.
We are currently on a fixed mortgage for another 18 months - at 3.9%.
Selling at this price will give us a gain of about 75K (not a lot I know) but we are mortgage approved for the next house.

It has been very insightful reading people's thoughts.
Thankyou.
 
Chris said:
Make sure that there are no penalties for breaking out of a fixed rate contract with the bank.
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We are looking at costs of about 4k to break out of fixed rate and move to a slightly lower rate with AIB.

Definitely all adds up!
 
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