I'm a full time mother currently living abroad, and would like to move back to Ireland in 5 years. I get a maintenance payment which is not taxed and also don't have a pension (which worries me). My partner is employed in Ireland, we are not married and he does not seem interested in changing that. I have saved just over 120k which I would like to invest, ideally in a property as I am quite passionate about it and know I would be good a finding the right property and renovating it on a budget.
What are my options?
My partner could take out a mortgage and we would be able to afford a much better property, he could live in it for now and rent out rooms under the rent a room scheme and we could then live in it together when I return to Ireland. I worry however that this could leave me in a vulnerable position as all my money would be tied in property he would own half of. He has also not been very reliable in the past when it comes to finances.
I could also buy a property by myself, right out for cash. This would be a buy to let only as I can't afford to buy in an area I would like to live in. The rent would provide me with an income which would be taxable but since I have no other income my guess is this would be minimal? I could save this income and ad it to the 900€ I save every month with a view to save a deposit to buy another property with my partner when I return to Ireland.
Are there any other option I could look into? Use my money for two 60k deposits and buy a couple of properties with a buy to let mortgage? I am not an Irish citizen and read that makes it more difficult to get a BTL mortgage?
Thanks for any advice!
What are my options?
My partner could take out a mortgage and we would be able to afford a much better property, he could live in it for now and rent out rooms under the rent a room scheme and we could then live in it together when I return to Ireland. I worry however that this could leave me in a vulnerable position as all my money would be tied in property he would own half of. He has also not been very reliable in the past when it comes to finances.
I could also buy a property by myself, right out for cash. This would be a buy to let only as I can't afford to buy in an area I would like to live in. The rent would provide me with an income which would be taxable but since I have no other income my guess is this would be minimal? I could save this income and ad it to the 900€ I save every month with a view to save a deposit to buy another property with my partner when I return to Ireland.
Are there any other option I could look into? Use my money for two 60k deposits and buy a couple of properties with a buy to let mortgage? I am not an Irish citizen and read that makes it more difficult to get a BTL mortgage?
Thanks for any advice!
Last edited: