Genuine query gents.
We are moving out. The landlord has decided to sell up. The cunt. My question for the forum is, should we move back to our own place in kinsealy (3 bed duplex) or look to rent for longer on the fingal riviera, the land of milk and honey. By moving to our own gaff we would save about 6g a year for the deposit. But there will be a lot more stress and early morning drives to crèches and running to work (particularly for Mrs j).
By staying in porto we can continue the savage life we have and are very close to both folks and other family.
Things to consider
Ultimately we will buy a house here and it’s where we want to live.
The kids creche is here. We will not be moving them.
Mrs j is very keen on one of the local schools.
Our own place has tenants in it until the end of march. They are wonderful tenants.
By staying in porto we put ourselves under a bit of strain financially and will have a smaller deposit when buying a gaff here eventually.
Sounds like ye prefer where ye are now. I would not want to be living with a woman pining for the place ye were in and also under extra commuting stress etc. 6k is a drop in the ocean by comparison.
Portmarnock all the way.
I always paid the extra rent for convenience and never regretted it. You can’t put a price on the extra sleep/less hassle a shortened commute gets you or the better lifestyle living in a nicer area.
Which one is closer to Letterkenny?
Yeah, I don’t think these things can be looked at purely in financial terms if you’ve got some financial scope. There’s time value, convenience value, mental health/Bressieness value and so on.
Kinsealy is closer to the M50 so handier for your daily commute to Sligo so it’s a no-brainer here, bud. You should possibly consider somewhere even further west. There are some very reasonable rental prices in the link below.
There is also the occasional conversation you have to have when people ask you where you live, you wouldn’t want to respond Kinsealy to that. Imagine it was a business environment, you’d be seriously embarrassed.
I can’t answer this question without some information around what your new rent will be pal. We need more information.
You’ve asked for financial advice with only one number given to us.
What you’ve really asked here is if we’re ok with you staying in Portmarnock. And we are.
Fair enough. Rent will be about 1550/1600 per month
Rent yield on our own place will be about 1250/1300 pm. There is a tax liability on this also.
Even with the new rent I’d envisage being able to save some money towards a deposit about 5k per year.
Our own place will be much cheaper to heat.
The ultimate plan is to save a few grand (about 20 ) and put whatever lump sum from selling our own gaff there is (about 50 g) towards a deposit.
Also Brian, I’d like you opinion on the following. Would it be better to try and keep the old place and rent it out for good if possible? We’re about 8 years into a 25 year mortgage at a rate of about 4.2%
Are we better selling it, getting the lump sum for a deposit and getting a new mortgage at the fuck me up the ass current rates? Or should I beg, borrow, steal and move back to the old place in order to generate a full seperate deposit this running two mortgages but having a beautifull day in 20 years where my pension is the other gaff?
I’m ok with this. I’ve always done my own thing. And K-town is not so bad.
I[quote=“Bandage, post:3, topic:21524, full:true”]
Portmarnock all the way.
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I know. It’s in my heart. We had a cancellation today so I dropped the kids off and went for a run on the beach. What an absolute winner of a start to the day.
Live where you’ll be happiest. Don’t put yourself under pressure to buy somewhere unless its a no brainer. You’ll find the money when you need it. Rename the thread to Life Advice.
Job done.
With an interest rate like that, I’m surprised you have much of a tax liability on Abbeville considering you can deduct 75% of the mortgage interest (among other things) against the rental income.
Another option to consider/do the maths on, would be to overpay your mortgage rather than saving the €5k. This has two benefits reduces the overall interest liability on the mortgage when you go to sell in a year or two and you get fuck all on deposit these days anyway.
However that only applies in the selling for deposit scenario obviously.
I’d need to know what your after tax income is on the property is pal. My immediate reaction is no seeing as the tax is such a cunt. Anytime I’ve considered investing in a buy to let I’ve always come away thinking it’s not workable due to the tax liability on the rental income.
Can one overpay your mortgage? Does the institution not go, nah you made a deal?
I’ve never heard of a person being refused. Sure the banks would be delighted
Stay where you are, it’s obviously where you want to live.
I have been keeping an eye on the rental market in Dublin 13 & 14 over the past couple of months as I will be looking to move to a new place next Summer and it appears that rents seem to be coming down. 2 bed apartments in Portmarnock which were previous €1400 to €1450 per month last July are now available for € 1300 pm