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Help Me Navigate My Housing Puzzle!
Property Market Dreams vs Reality
Here’s my housing head-scratcher.
I’ve got a cozy 3-bed duplex in Drogheda, Ireland. But then, London called – my dream job in my dream city. Now, I’m renting this character-filled 1-bed in Mudchute, right in the heart of London’s vibe.
Back in Drogheda, my place nets me €1600 a month from tenants, chipping away at my hefty £1950 London rent. So, what’s my move?
Option A: Stick it out, save up, buy in London. But here’s the rub: we’re talking about a 7-year grind to cobble together a deposit. And let’s not forget, house prices won’t be napping.
Option B: Sell Drogheda for a cool €205k, clear my €137k mortgage, and plunge into London’s property market. But this means waving goodbye to that sweet rental income. Plus, I’m staring down the barrel of a £2200+ monthly mortgage.
Option C: Play the waiting game. Hold out for an offer over €230k on my Irish nest, go big in London – a spacious 3-bed setup. Sure, it means forking out nearly £3k a month, but it’s a long-term play for the fam.
Each route’s got its own flavor of tough. But here’s my bottom line: no long-term renting, our kids growing up in a home we own, and Zone 2's the limit.
As I stew over this, I’m all ears for your take.
What would you do?
