What would you do??

Ok I’ve been lingering for a while and I have decided to get others opinions on our situation as I’m kind of torn on what to do.
I have an opportunity to move to the U.S. - I own a house (our second home 6-7 years now) at the boom time some of my neighbours paid 650k for the same house (but I know that’s neither here or there) Its a large 4 bed south facing detached house 223sqm. We’ve been on the market now for a few months at 399k ( we are just outside Dublin). I’m talking to the EA about reducing the house for a quick sale to about 335K. We owe the bank just under 150K. I don’t know whether we should take the money and run or rent it out -EA thinks we would get €1200 in rent, but he says the house is like a showhouse and not really a rental property and it wouldn’t be that condition if we return from the U.S to the house, but I would probably gut it either way if that was the case. We have two kids 10 & 13 and I’m 40 and hubby is 43.Should we take the money and run or is it more favourable to rent this house??? Thanks :confused:

Money & run. Renting is a headache, you’ll not be around to look after it, the house could well be trashed.

Who’s to say you’ll return once you settle somewhere else?!?!

At 40 and 43 with kids that age I would sell your house, pay off your debts and have your capital available on the otherside. Your unlikely to move back once your kids get settled in schools with new friends etc. You might regret having your finances tied up in an Irish property.

I would

  1. Sell house for whatever I can get for it.
  2. Move to the US

You have sizeable equity, and a job opportunity in a country run by people who’ll see kids in cloth sack with no healthcare before it hits the middle class with new taxes. As long as you’re happy to turn a blind eye to the inequality of the US, you can have a good time.

I don’t know your history (i.e. have you live there before, and if so how long ago), but establishing a line of credit in the US can be tricky and takes time. It’d be nice to have a wedge moving over, instead of annoying a relative to bring new hoovers to tenants.

If you move to the US and you’re looking to buy, you’re going to have close to $300k in your back pocket. That will get you a house at least as good as the one you have today with no mortgage (assuming you’re not living in Orange County or something).

You can knock 20% off that rent as well if you are not a tax resident in Ireland.

add property tax

I have a friend in the same situation as you (different country, same circumstances) and she has sold up. She dropped the price well below others in her area so she would sell quickly and easily and she can now take the money and go. I advised her this was the best option for her family as I would you, as other posters have said, the cash will be much more useful to you in your new life than a depreciating asset here. And renting it out while you are abroad will be a real pain.

You are so lucky to have this opportunity. If I had the possibility of a working visa in the US I’d be off!! Good luck with the move and the house sale. I hope it sells soon so you can clear it all up before you go.

That’s the plan to be mortgage free-We are moving East coast (So no Orange county)-We’ve already seen houses and we have a realtor stateside who will get us a rental when we get there and will help us find a home when we pinpoint the exact area we want.

I would sell it. Renting out your house is a real pain. And you’ll probably get a better price this year than any other time in the next few years.

BG.

Have you had any offers? As far as I can see, people are generally making offers that are around 60-70% of the asking price at the moment. So if you haven’t had any offers so far, I wouldn’t be at all sure that reducing the price will do anything to help you sell.

Yes we have had at in and around that price- but my husband was a bit reluctant to let it go for that -its a big decision for us as we have kids to consider, but I’m not as concerned my only worry is looking back in 10 years time knowing we passed up the opportunity on a Green card and that our own children may have to emmigrate in a few years time. I’m hoping to show him this thread when he gets in from work to see how foolish we would be to pass it up. We both have good jobs here don’t get me wrong but the way things are going no ones job is safe anymore.

Depends on if you are going to settle in the US or is there a chance you may return in a couple of years and if you do would you like to live where you live now? The US doesn’t suit everybody.

East Coast winters can be harsh if you are not used to them.

Whatver you do remember your kids should still have the right to come here or to Europe to third level for free - will be cheaper than in US.

I dont think they do, i believe there’s a residency requirement to qualify for free fees, I have three years in my head, but could be wrong. It’s something that’s worth looking into before moving so you can plan for it. US college doesn’t have to be as expensive as people think, in state tuition and community college are much cheaper.

As for the house, sell it. Even if you come back youll probably want to live elsewhere. Minding it from that distance is a tie you don’t need. Good luck in the US.

We are going south east(that one one of our considerations :wink: )- so they’re won’t be harsh winters where we are headed. I’m not sure about whether the kids will be entitled to free college back here but we have looked into funds for college in the US.

Sell all the way. Beware though that the kids probably won’t get free college here - it’s based on residency rather than citizenship. That said, Irish fees are (and even after the next round of hikes will be) still substantially cheaper.

I say sell; even if you come back you can simply buy again - most likely for less and possibly closer to your new ‘base’.

I would echo sentiments on colleges in US (vs. free here); then again some are decent value - is Charlotte your name or are you considering going to Charlotte NC?

Best of luck whatever you decide.

Sell and get off this bloody island. Dollar is weak, you’ll get a solid exchange rate on your euros. Your Irish property will devalue for the foreseeable future, there is zero economic good news on the horizon. Mortgage rates in the US are at record lows, and you will get sizeable tax relief on your mortage interest, state and city taxes with a nice check every April. I spent 10 years on the East coast and I regret ever coming back. And harsh winters means snow which means snowboarding. Sounds like that won’t be an issue where you’re moving. Good luck if you move and feel free to PM me with any questions about the move or living in the US.

I would definitely sell the property and put the money safely somewhere. However, I would also put jobs or whatever here on hold for a year if that’s possible, tell the school you are taking the children out for 1 or 2 years and wish to keep their places for their return, and basically leave all your options open for a possible return. I am not saying it isn’t going to work out Stateside - I would love to do what you’re doing, but I would wait for at least 2 years before buying a place there. Moving country is a huge step for you, your kids, even the generations to come! Friends of mine moved to Canada about 4 years ago and bought there, and then liked it for a while. His job was permanent and the intention was to stay for min 10 years. Now they live in Germany. The hassle of buying and selling, immigrating into and emigrating out of Canada, bringing their money etc Ireland to Canada, then to Germany, organising buying and sale of furniture etc was a nightmare. They now live in Munich and rent there for the moment, 3 kids under 6.

You may find you can invest your money at a good rate, then return and buy a palace here! Your children may get a huge culture shock too - lots of support and look out for bullying and all the usual hazards!

Thanks yes it is