what is the point in owning a house and having the rent covering it.

Hi all,

Im a bit disallusioned about the whole house thing..
I have even come to the conclussion, what is the point of the whole thing.

I have a house in Dublin, i had to leave it because of job commitments.
I have the rent covering the mortgage of the house.

Im renting another house in the north of Ireland for 1/3 of what im getting for the gaff in dublin.

Im wondering what is the point in owning the house in dublin of im not living in it....

In the future, i plan on building a house on myland at home and still keep the house in dublin..

Could someone advise on what to do, either to sell up, is it a pointless investment etc...

thanks

Oriel

Certainly dont sell now or in the next 2 years.

The point of buying to let is this....

Your mortgage is paid for a period of time, thus reducing what you owe. While the property hopefully appreciates in value. Many people take this approach to provide security in retirement.

In 20 years you sell the house for more than you paid for it, plus you have substantially smaller mortgage to pay off, hey presto nest egg in the bank.

Of course you will need to weather the current down turn in the property market and hold your nerve.

An example.

I owned a house in wexford which I bought for 60k, sold for 220k, 40k paid off mortgage paid off by rent. Sum total of 190k profit after sales costs.

goodman/woman,

i meant to say (hit wrong button earlier) thanks slinky for the wise advise.
im only 25 and it does get worrying... yes the best thing is to hold off selling in the shirt term.
sometimes i wish i had have been born ten years earlier, things would have been so much easier, i would have bought a cheaper house and job prospects in the tech world were brilliant, unlike now.
people born in the 80's got a raw deal !!

Techwork? interesting PM me depending on what you do we could discuss some potential roles in dublin if you were interested.

Sorry to mods for off topic.

Have a look at this thread

again Slinky thanks for the help. I worked in Intel as an Engineer for 3 years.. i figured out then, an electronic engineers skill set with intel is not very employable the longer ye stay with that company, so i took a job as a Project Manager for a pharmasutical crowd in the north of ireland. have degree in Physics, masters in eng, and now working in a different field altogether. So much for celtic tiger and all these jobs... Being out of dublin, the quaility of life is great.
I definately dont want to return to dublin again!

Oriel, no worries I understand about the whole Dublin scene. I own a Project Management company specialising in Construction, Rennovation and Infrastructure (including IT).

So if you ever fancy coming back, I would be happy to hear from you.

Good luck with the rental investment. Oh to be 25 again. If I knew then what I know now I would be unstoppable.

OP - how lucky to have been born in the eighties, not having to leave Ireland, getting a job after graduating. Sell the house, give up the job and go round the world........... you have options, most of the rest of us have commitments