Sean Bateman
Registered User
- Messages
- 39
Just on this point, and bear with me please.
The apartment is not that fantastic an investment. You've rent of 1750 on a market value of 350k. That's a gross yield, before expenses, of exactly 6%.
The thing that's valuable is the tiny margin tracker mortgage.
If your dad wanted to invest in property, he can get 6% yield any day of the week.
But if I give it up, I’ll never get sonething like it again. Just playing Devils Advocate.
Just on this point, and bear with me please.
The apartment is not that fantastic an investment. You've rent of 1750 on a market value of 350k. That's a gross yield, before expenses, of exactly 6%.
The thing that's valuable is the tiny margin tracker mortgage.
If your dad wanted to invest in property, he can get 6% yield any day of the week.
Quite possibly. Or you could have cash in 10 years, when interest rates and yields are higher and get a 10% yield with no debt.But if I give it up, I’ll never get sonething like it again. Just playing Devils Advocate.
The life insurance side of things is covered completely.
All of those bank/credit union loans have 8 years remaining; 7.5% on the bank ones and 8.5% on the credit union ones.
.
It's a nightmare going back into all the posts ! Much easier if he'd just copy pasted mine and filled in the blanks !home is worth an extra 800k bronte 1.8m
Those Credit Union loans are all net of savings.
- We owe €700,000 on our home. The interest rate is 2.75% Variable with AIB.
We had saved €350,000 to purchase our new home. €250,000 went on the deposit and we had €100,000 set aside for renovations and furniture. We ended up spending about €350,000, wild I know, although that did include an element of being shafted by a builder). We had it valued at €1.8M recently.
Employment is very secure (more than 12 years in the same place). Not impacted by Brexit and get headhunted reasonably regularly.
I can wholeheartedly recommend a magical place called Efteling in the Netherlands. Fly into Eindhoven and stay in the hotel directly on sight. Two nights and you will never regret it.
We bought the house circa 3 years ago and it wasn't in great shape. We've transformed it, & modernised it completely in terms of BER, solar, etc. It stands us €1.35m and two estate agents have advised €1.75m and €1.9m.
Well done - first step towards reducing your debt profile and enabling you to sleep a little bit better at nightBy the way, the €80,000 came through and two expensive loans have been cleared plus €20,000 of the family loan.
I sat down and worked out a plan to be debt free other than the two mortgages and to have €75,000 of emergency cash by Christmas 2020.I sat down and worked out a plan to be debt free other than the two mortgages and to have €75,000 of emergency cash by Christmas 2020.
I like the fact you use the word "we" here, but I do caution that that may have to be flexible. Its difficult to plan 12 years into the future, and in particular the impact of rising interest rates etc. That is one of the reasons you should want to reduce your debt profile.I also set out a plan to be mortgage free by age 52 which we think is reasonable.
This may be easier said than done, and you might find it difficult to get a role you are 'overqualified' for. Again, if that is the aim, you need to consider how you want to go about it and I suggest a few potential moves between companies to show flexibility and adaptability to different organisations and ways of working.I want to be flexible in my early to mid 50s in terms of moving to a less stressful job.
We can respectfully agree to disagree here. I am not sure where you are getting 40% increase from, but of course you are entitled to your opinion.I hate to disagree with you but prices in Dublin are up 40% since we bought AND we put €350,000 into the property AND we feel that we got decent bang for our buck irrespective of the problem with the builder.
With all due respect, I cannot see someone purchasing a house for ~2 million euro and then renting a studio for 14k a year in tax free earnings. It does not really go with the lifestyle of someone who can afford a 2 million euro house. They might use it for an au-pair, or some hired help. Would it be handy for guests, family and young adults - absolutely, but in terms of a rental option it does seem a bizarre proposal (unless it has its own access and is completely isolated from the rest of the property).I also built a one bed studio for guests which could easily generate €14,000 a year tax free if needs be, an aspect that greatly interested the two estate agents.
Correct - both of us do not know unless you put the house on the market and see what price it actually goes for. We are both entitled to our different opinions here.They also looked at it based on a per square foot basis relative to our neighbours houses which sold recently and weren't as well specc'd. But who knows I suppose.
I also built a one bed studio for guests which could easily generate €14,000 a year tax free if needs be
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