Hi All
I have just returned to Ireland to work, my current salary is 45,000. I already have a property in rural Clare worth 300,000 and have been paying a 190,000 mortgage on that for the last 2 years. I am making 400 per month on rental income for this house and live in this house during the weekends. I am 30 yrs old and wondering if I am making a wise move by buying an apartment now in rural Wexford near Ferns where I work. I will live in this apartment during the week and rent out the other room. I am single now but will probably be married, have kids in the next 4-5 yrs.
Apartment cost is 175,000 - I have savings of 35000-40000 so will need 145000 when expenses like stamp duty etc are taken into account. This will cost 422 per month on an interest-only mortgage. I can probably expect to make only 250-300 per month on rental income for the apartment.
My savings are mainly in the form of unit-linked funds. Am I better off cashing them in and buying the apartment, or should I use them now to pay a chunk of the mortgage on my house in Clare and save in the long term. Or should I buy the apartment in Wexford and save having to pay rent myself, and if so should I get a top-up on my current mortgage or get a separate interest-only mortgage.
Any idea would be good - I`m not too sure what is the best move
I have just returned to Ireland to work, my current salary is 45,000. I already have a property in rural Clare worth 300,000 and have been paying a 190,000 mortgage on that for the last 2 years. I am making 400 per month on rental income for this house and live in this house during the weekends. I am 30 yrs old and wondering if I am making a wise move by buying an apartment now in rural Wexford near Ferns where I work. I will live in this apartment during the week and rent out the other room. I am single now but will probably be married, have kids in the next 4-5 yrs.
Apartment cost is 175,000 - I have savings of 35000-40000 so will need 145000 when expenses like stamp duty etc are taken into account. This will cost 422 per month on an interest-only mortgage. I can probably expect to make only 250-300 per month on rental income for the apartment.
My savings are mainly in the form of unit-linked funds. Am I better off cashing them in and buying the apartment, or should I use them now to pay a chunk of the mortgage on my house in Clare and save in the long term. Or should I buy the apartment in Wexford and save having to pay rent myself, and if so should I get a top-up on my current mortgage or get a separate interest-only mortgage.
Any idea would be good - I`m not too sure what is the best move