I have two siblings. One is married with kids and lives in Australia. The other is single, aged 50, lives in Ireland with a modest income (30k), no debts, savings c. 10k.
The sibling in Australia plans to come home to Ireland in 10yrs time possibly may retire/stay a length of time. Australia sibling wants to buy a house in Ireland regardless.
The Irish sibling wants to buy a house, qualifies for a mortgage but house prices are still too dear where they want to live/near work. He would need a deposit of about 30-40k, they only have about 10k.
Is there a way that both can invest in one property, and then in 10-12 years time, agree to sell the house and split the/any profit?
If both jointly buy a house costing 220k. Australian sibling with capital puts in 140k deposit, Irish sibling gets mortgage for 80k remainder.
Irish sibling lives in the house, Australian sibling visits/stays etc. They create an agreement to sell in 12yrs time and split the profit in proportion to investment. What are the problems with this?
Australian sibling is suggesting that they buy a house in Ireland, and Irish sibling can live there at nominal rent.
However, I see a problem with this. Irish sibling is 50. In 15yrs time - yes they have saved on rent, yet they will then be too old to get a mortgage.
Any ideas for both to put the Australian siblings capital to good use - so they get to own a house in Ireland for holidays/retirement trips, yet other sibling can get something out of it to create a long term plan for their old age?
The sibling in Australia plans to come home to Ireland in 10yrs time possibly may retire/stay a length of time. Australia sibling wants to buy a house in Ireland regardless.
The Irish sibling wants to buy a house, qualifies for a mortgage but house prices are still too dear where they want to live/near work. He would need a deposit of about 30-40k, they only have about 10k.
Is there a way that both can invest in one property, and then in 10-12 years time, agree to sell the house and split the/any profit?
If both jointly buy a house costing 220k. Australian sibling with capital puts in 140k deposit, Irish sibling gets mortgage for 80k remainder.
Irish sibling lives in the house, Australian sibling visits/stays etc. They create an agreement to sell in 12yrs time and split the profit in proportion to investment. What are the problems with this?
Australian sibling is suggesting that they buy a house in Ireland, and Irish sibling can live there at nominal rent.
However, I see a problem with this. Irish sibling is 50. In 15yrs time - yes they have saved on rent, yet they will then be too old to get a mortgage.
Any ideas for both to put the Australian siblings capital to good use - so they get to own a house in Ireland for holidays/retirement trips, yet other sibling can get something out of it to create a long term plan for their old age?