H
highbury
Guest
Hi,
I’m currently in the process of buying a site down the country at a cost of 45K. I have saved the money to pay for this. I intend to save around 20-30K over the 18 months to start the house. My brother is a builder. The site/house should be built for €160K. I should be able to rent out the house for around €500/600 a month. When built it should be worth about 280K . I also have SSIA €254 put in since I started in April 2002. I currently have a house in Dublin which I rent out a room and mortgage is not to high. I also pay 400 a month into a Directors pension. I’m a IT contractor and have been lucky so far in having continuous work but as a contractor I know there will be times I will be out of work!. I will be keeping the house as its in my home town. Hopefully move back some day. So my question is should I borrow for the site/house or use my savings. If I use my savings I can build it over a few years and have a small mortgage (50K). If I borrow I can keep my savings and do something else with it. Don’t know which is best…Great website by the way.
Thanks,
Highbury
I’m currently in the process of buying a site down the country at a cost of 45K. I have saved the money to pay for this. I intend to save around 20-30K over the 18 months to start the house. My brother is a builder. The site/house should be built for €160K. I should be able to rent out the house for around €500/600 a month. When built it should be worth about 280K . I also have SSIA €254 put in since I started in April 2002. I currently have a house in Dublin which I rent out a room and mortgage is not to high. I also pay 400 a month into a Directors pension. I’m a IT contractor and have been lucky so far in having continuous work but as a contractor I know there will be times I will be out of work!. I will be keeping the house as its in my home town. Hopefully move back some day. So my question is should I borrow for the site/house or use my savings. If I use my savings I can build it over a few years and have a small mortgage (50K). If I borrow I can keep my savings and do something else with it. Don’t know which is best…Great website by the way.
Thanks,
Highbury