Hi there,
I’m looking for some advice. Warning, it’s a long post!
We bought our home 5+ years ago and want to move to another area. It was always a 5 year plan and now we are heading into our 6th year its time to now move on, tbh I hate it where we live now, and just want to get out. Where we are based is our first home, and really it was to get our foot on the ladder but we feel that we really need to move on now. Since we moved in we have remortgaged so we are not in a position financially just at the moment to buy much more than what our current mortgage is:
These are the options that we have come up with:
**1. **Sell our home, rent in our preferred area, bank the money made on our current home which would be approx 120K and when we are ready in approx 1 year to buy, then at that point buy in our preferred area.
**2. **Rent out our current home, and we rent a house in our preferred area
3. Sell our home, and buy another home in a different county (short term 1 yearish), and sell up when we are in a better position financially to purchase a home in our preferred area.
4. Sell our current home, buy land ( ideally we want to build our long term family home ) and rent until we are in a position to start building.
I am reluctant not to get off the property ladder completely but at the moment I am so miserable where we are I feel I could move to the other side of the country to get away. 
In the last five years you are only 120K up in the Irish market?
I don’t think we have the full picture here.
That’s entirely possible. The bullishness of this place astounds me sometimes!
I know of some particular houses that would surprise me if they could fetch their 2003 price + 100K now.
In the last five years you are only 120K up in the Irish market?
I don’t think we have the full picture here.
Because we have remortgaged we reckon that we could take 120k out of the house based on what is owed back on the mortgage and a conservative sale price.
*if this is your ideal position, is it not at least as feasible/desirable as any other option you’ve put forward ? *
You’re probably right, just thought that this option would be the least likely, when in fact it is probably the most suited to us.
*how can you be sure that you’ll shift it ? or that you’ll be up 120K ? *
Can’t be sure of anything but, based on the property prices in our area, and also allowing for property to sell 20K - 30k less than other advertised we reckon we should come out with about 120k but as I said nothing is set in stone in this uncertain market.
If you don’t mind renting for a year then I would sell, put the money made on the house into the highest yield savings account you can find (make sure there are no restrictions on length of time required, etc) and then rent. I’m sure that you’ll find yourself better off in 12 months as property prices will likely drop another 10% over the coming 12 months (obviously no guarantee in this uncertain market but unfortinately a safe bet given the looming recession in the US).
We’re in the process of doing something similar - selling up now & putting the 400k we’ll clear into a high yield savings account. We’ll rent until we think the market has stablilized.