34 year old, married - wants to buy in 2017 house or apartment

Discussion in 'Money makeover' started by Merowig, Dec 5, 2016.

  1. Merowig

    Merowig Frequent Poster

    Last edited: Dec 5, 2016
    Age: 34
    Spouse’s/Partner's age: 35

    Annual gross income from employment or profession:
    Base 34k
    Target Bonus 21k

    But I overachieve year after year my targets

    e.g. last year I made 64k
    2014 63k
    2013 61k
    2012 60k

    this year it will be over 72k (though this was an exceptionally good year for me)

    Annual gross income of spouse: ~24k

    Monthly take-home pay: Just considering my base salary (minus pension contribution and contribution to companys share plan) plus the salary of the wife its ~3900
    I receive my bonus every quarter - every three month I get around 3-5k net on top of my base salary

    Type of employment:
    working for a multinational

    In general are you:
    (a) spending more than you earn, or
    (b) saving?


    We are renting (sharing a house with others - paying in total 500 Euro rent plus bills)

    No loans/ debts - credit card balance is cleared monthly

    Savings and investments:
    17k in savings account opened in October (adding since than monthly 1k to it)

    18k in company shares (from where I can access right now 11k - next year I can access ~13k)
    increased by ~400 euro a month with contributions of myself and the company
    These new contributions to the share plan I can access immediately

    Do you have a pension scheme?
    worth 8k - company and myself add monthly ~500 euro

    getting an appartement or a house
    we want kid(s)

    Issue: I pay for a house in my home country - monthly 500 Euro - my mother lives in the house and the mortgage is in her name. I didn't change it to my name yet as it would remove my first time buyer status.
    Can I buy here in Ireland and would I still be able to continue paying for the house in my home country? Even with my wife stopping working at some point for a period of time?
    Last edited: Dec 5, 2016