Hi! I own my own home outright - e420k. I also have two investment properties worth e450k and e300k and an holiday home which I hope to retire to on the South East Coast worth e155k. I have e55k in savings.
Income from public sector job: 57k
Spouse: None
Dependents: 2 children aged 14 and 13.
Loans: Interest free finance on car e200 per month
Credit Card: e800
Rental Income: Property 1 - 1700 per month
Property 2 1450 per month
However, I haven't rented property 1 since last June and property 2 has just become vacant since last month - I find the stress of being a landlord too much. In property 1 - there have been issues with the water pressure in the area and despite adding a pressure booster - the tenants were on to complain about the pressure every couple of weeks - the property is very well maintained otherwise - and had a new boiler and kitchen three years ago.
Property 2 is old - needs new wiring now and plumbing - built 1962 - new fuse board but not new wiring. I love this house and would hope that we could move into it in the next two years or so after renovating it - which I estimate will cost e100k for rewiring, replumbing - installing gas heating, replastering, new kitchen, new bathroom, insulation and all new flooring and painting. Again, the last six weeks I spent every weekend with plumbers and electricians over in the house trying to sort out why the hot water didn't work - in the end it was working but the tenants said it wasn't and gave their notice - which was absolutely fine with me. The last tenants wouldn't let the gardener in to do the garden and it cost e1500 to redo it afterwards. I had letting agents both times - but felt that as soon as there was a problem they backed off and were terrified if tenant even so much as mentioned PRTB. I am a top rate tax payer and so pay top rate tax on all this!
Other income: maintenance of e940 per month from ex for children
Pension: very little - only back working in public sector since 2012. Took two years out before this and then worked part-time for another 8 years - part-time service wasn't pensionable during some of this time. Pension adviser reckons if I work full-time until 60 - started prior to 2004 - I will still only have pension of e5k form employment. I have bought back my UK State Pension and will have 30 years at 65. I have 15 years Irish contributions todate.
Life insurance: 600k with Aviva and 600k with BOI - 300K Inheritance Tax Policy - S.60 policy costs e152 per month - I find it very expensive. I think I am way overinsured. I also have death in service benefit and have income protection - 2/3 salary if I need it.
Health: Poor - autoimmune disorder which means I get very tired at times. Also, I have a strong genetic predisposition to two types of cancer - so may not live long enough for pensions.
Advice needed: 1) Should I sell this property - is finding it stressful managing two investment properties and being a landlord enough of a reason - I'm only going to sell one property and will always have another to rent if needed. Financial adviser has advised to keep both for pension - but for health reasons I feel I need to cut down on stress and I do find it stressful being a landlord probably because I work full-time and have tow children on my own.
2) If I sell property - should I buy back years of public service pension - would be 252k for 20 years and I could retire at 60, but I will have a shortfall as no State Pension until 65 when I can at least get my UK State pension.
3) Other plan - renovate house 100k - and put 120k into 10 year State savings and another 120k in 5 year State savings for my kids education - and buy shares with 50/60k remaining from sale.
Would really welcome advice as trying to destress and also not be so overexposed to property.
Income from public sector job: 57k
Spouse: None
Dependents: 2 children aged 14 and 13.
Loans: Interest free finance on car e200 per month
Credit Card: e800
Rental Income: Property 1 - 1700 per month
Property 2 1450 per month
However, I haven't rented property 1 since last June and property 2 has just become vacant since last month - I find the stress of being a landlord too much. In property 1 - there have been issues with the water pressure in the area and despite adding a pressure booster - the tenants were on to complain about the pressure every couple of weeks - the property is very well maintained otherwise - and had a new boiler and kitchen three years ago.
Property 2 is old - needs new wiring now and plumbing - built 1962 - new fuse board but not new wiring. I love this house and would hope that we could move into it in the next two years or so after renovating it - which I estimate will cost e100k for rewiring, replumbing - installing gas heating, replastering, new kitchen, new bathroom, insulation and all new flooring and painting. Again, the last six weeks I spent every weekend with plumbers and electricians over in the house trying to sort out why the hot water didn't work - in the end it was working but the tenants said it wasn't and gave their notice - which was absolutely fine with me. The last tenants wouldn't let the gardener in to do the garden and it cost e1500 to redo it afterwards. I had letting agents both times - but felt that as soon as there was a problem they backed off and were terrified if tenant even so much as mentioned PRTB. I am a top rate tax payer and so pay top rate tax on all this!
Other income: maintenance of e940 per month from ex for children
Pension: very little - only back working in public sector since 2012. Took two years out before this and then worked part-time for another 8 years - part-time service wasn't pensionable during some of this time. Pension adviser reckons if I work full-time until 60 - started prior to 2004 - I will still only have pension of e5k form employment. I have bought back my UK State Pension and will have 30 years at 65. I have 15 years Irish contributions todate.
Life insurance: 600k with Aviva and 600k with BOI - 300K Inheritance Tax Policy - S.60 policy costs e152 per month - I find it very expensive. I think I am way overinsured. I also have death in service benefit and have income protection - 2/3 salary if I need it.
Health: Poor - autoimmune disorder which means I get very tired at times. Also, I have a strong genetic predisposition to two types of cancer - so may not live long enough for pensions.
Advice needed: 1) Should I sell this property - is finding it stressful managing two investment properties and being a landlord enough of a reason - I'm only going to sell one property and will always have another to rent if needed. Financial adviser has advised to keep both for pension - but for health reasons I feel I need to cut down on stress and I do find it stressful being a landlord probably because I work full-time and have tow children on my own.
2) If I sell property - should I buy back years of public service pension - would be 252k for 20 years and I could retire at 60, but I will have a shortfall as no State Pension until 65 when I can at least get my UK State pension.
3) Other plan - renovate house 100k - and put 120k into 10 year State savings and another 120k in 5 year State savings for my kids education - and buy shares with 50/60k remaining from sale.
Would really welcome advice as trying to destress and also not be so overexposed to property.