Lambchops65
Registered User
- Messages
- 79
Hi there,
I'm looking for some advice regarding finances and planning for my future.
Current situation is:
Single, age 46. No kids. Monthly pay (after taxes, medical etc) €2,900.
Car loan €235 mth (paid in full June 2022)
No other loans, just the normal bills!!
Current home (PPR):
4 bed semi - no mortgage (fully paid off 6 years ago)
House worth approx €420,000
Parents home (family home - inherited):
Just gone sale agreed @ €380,000 (no mortgage on this)
New home:
My dream has always been to live in a detached home (allergic to all noise lol)
I've gone sale agreed on a new home €649,000
Mortgage will be €173,000 (the rest will be from savings and sale of parents home)
If I didn't make the move to detached now, I'd never be able to do it so thought why not.
Question:
I plan on renting out my current 4 bed semi after I move into my new home.
Rent should be approx €2,000 pm (before taxes etc)
Is this wise? I'm thinking long term and having a viable asset. Have never been a landlady though...
Would I be better selling and paying off the €173,000 mortgage? putting the remainder in a savings account?
Trying to see what makes best financial sense. Any help appreciated. Thanks.
I'm looking for some advice regarding finances and planning for my future.
Current situation is:
Single, age 46. No kids. Monthly pay (after taxes, medical etc) €2,900.
Car loan €235 mth (paid in full June 2022)
No other loans, just the normal bills!!
Current home (PPR):
4 bed semi - no mortgage (fully paid off 6 years ago)
House worth approx €420,000
Parents home (family home - inherited):
Just gone sale agreed @ €380,000 (no mortgage on this)
New home:
My dream has always been to live in a detached home (allergic to all noise lol)
I've gone sale agreed on a new home €649,000
Mortgage will be €173,000 (the rest will be from savings and sale of parents home)
If I didn't make the move to detached now, I'd never be able to do it so thought why not.
Question:
I plan on renting out my current 4 bed semi after I move into my new home.
Rent should be approx €2,000 pm (before taxes etc)
Is this wise? I'm thinking long term and having a viable asset. Have never been a landlady though...
Would I be better selling and paying off the €173,000 mortgage? putting the remainder in a savings account?
Trying to see what makes best financial sense. Any help appreciated. Thanks.