pearlroscoe
Registered User
- Messages
- 5
I have inherited half my mother's estate, which amounts to a semi-d in South Dublin, and given current housing market in the area it's bound to get a decent price when we sell in the next few months.
I expect this to give me a sum of money safely under the threshold for inheritance tax for the year of her death.
I am in temporary employment and my OH works for himself, between us we do not earn very much and our income is very unpredictable but it's enough to live on and we live a simple life. We have no loans as such, but we nearly always use our overdraft and credit card totalling €2000, so apart from our mortgage that's all we owe.
We would not qualify for a new negative equity mortgage. We have a two bed apartment (not in south Dublin) in significant negative equity, but it rents out very well and costs us about a month's rent each year to maintain it or switchover tenants etc.
The proceeds of the sale of my mother's house would probably clear our tracker mortgage on the apartment but there would be nothing left.
We think that we should buy a house outright, with the proceeds of the sale of my mother's house, and continue to rent out our apartment until such a time as we can afford to sell it without making a loss or continue to treat it as an investment property for our retirement. We have thoroughly researched the market in the area that we want to live in (rural, outside Dublin) and should comfortably buy the kind of house we want and have funds left over to invest for our kids or unforeseen circumstances.
What do people think about our plans? I really want to settle down in my own place now and get on with raising my kids, but I would also love to be free of the apartment because it's such a hassle at times, but I think we stand to lose too much financially by selling it.
Would love to hear some opinions. TIA
I expect this to give me a sum of money safely under the threshold for inheritance tax for the year of her death.
I am in temporary employment and my OH works for himself, between us we do not earn very much and our income is very unpredictable but it's enough to live on and we live a simple life. We have no loans as such, but we nearly always use our overdraft and credit card totalling €2000, so apart from our mortgage that's all we owe.
We would not qualify for a new negative equity mortgage. We have a two bed apartment (not in south Dublin) in significant negative equity, but it rents out very well and costs us about a month's rent each year to maintain it or switchover tenants etc.
The proceeds of the sale of my mother's house would probably clear our tracker mortgage on the apartment but there would be nothing left.
We think that we should buy a house outright, with the proceeds of the sale of my mother's house, and continue to rent out our apartment until such a time as we can afford to sell it without making a loss or continue to treat it as an investment property for our retirement. We have thoroughly researched the market in the area that we want to live in (rural, outside Dublin) and should comfortably buy the kind of house we want and have funds left over to invest for our kids or unforeseen circumstances.
What do people think about our plans? I really want to settle down in my own place now and get on with raising my kids, but I would also love to be free of the apartment because it's such a hassle at times, but I think we stand to lose too much financially by selling it.
Would love to hear some opinions. TIA