We bought a house by online auction in March of this year. We are in Ireland and managed to get it for a bargain price of €61,000. There was only one other bidder but I think the negatives in the legal pack put them off (foreign national tenants who hadn’t paid rent in a long time & no key available upon completion). Prior to the auction my husband visited the house and chatted to the tenants so we decided to go ahead and bid.
Jumping to now - tenants are grand & paying rent weekly. They are staying and paying a reduced rent while we are carrying out the work to update the property (there were no nasty surprises thankfully).
Yesterday my husband got a call from the neighbour asking if we would be interested in selling him the house and wants to meet on Monday.
Another (smaller house but bigger garden) house is listed for sale nearby for €160,000 so I told my husband that’s that’s the least we would accept if we agree to sell.
Not sure though if I want to sell. By the time our loans on the house and the CGT are paid we would make a profit of around €75,000. BUT the reason we bought this project was as a pension income as my husband hasn’t got a pension plan. Im not sure we would find another property to put the profit into that would yield the income this one would give.
What a dilemma- any advice please?..