Age:
41
Spouse’s/Partner's age:
29
Annual gross income from employment or profession:
approx E20,000
Annual gross income spouse:
E0
Type of employment:
freelance creative - unstable!
Expenditure pattern:
Prioritise the essentials, no saving.
Rough estimate of value of home
E1,000,000
Mortgage on home
0 - inherited.
Other borrowings – car loans/personal loans etc
None
Savings and investments:
£175k STG in UK Managed Share portfolio, all income currently reinvested
Do you have a pension scheme?
No.
Do you own any investment or other property?
No.
Ages of children:
1 + trying for another
Life insurance:
None
What specific question do you have or what issues are of concern to you?
Income is low and sporadic, which is currently manageable as we don't have high housing costs or a champagne lifestyle. But longer term we cannot afford to have €1m in an asset which is earning nothing.
My income not likely to grow significantly anytime soon, neither is my partners as she is keen to remain a full time mum.
Property value is approx €850k house on 1 acre + €150k remaining land; the 850k is subject to Dwelling House relief restrictions meaning if I sell it I have to reinvest the entire proceeds in a replacement PPR. These restrictions expire in 2021.
Currently considering selling property + land and replacing it with something I can earn from, eg something with a basement/self contained unit to rent for Airbnb or rent a room relief. The land has reasonably strong capital appreciation prospects in medium term. Breaking up house and land, eg sell a couple of acres I think will harm the prospects.
I realise these are golden worries, but just wondering what other folk would do in this situation?
41
Spouse’s/Partner's age:
29
Annual gross income from employment or profession:
approx E20,000
Annual gross income spouse:
E0
Type of employment:
freelance creative - unstable!
Expenditure pattern:
Prioritise the essentials, no saving.
Rough estimate of value of home
E1,000,000
Mortgage on home
0 - inherited.
Other borrowings – car loans/personal loans etc
None
Savings and investments:
£175k STG in UK Managed Share portfolio, all income currently reinvested
Do you have a pension scheme?
No.
Do you own any investment or other property?
No.
Ages of children:
1 + trying for another
Life insurance:
None
What specific question do you have or what issues are of concern to you?
Income is low and sporadic, which is currently manageable as we don't have high housing costs or a champagne lifestyle. But longer term we cannot afford to have €1m in an asset which is earning nothing.
My income not likely to grow significantly anytime soon, neither is my partners as she is keen to remain a full time mum.
Property value is approx €850k house on 1 acre + €150k remaining land; the 850k is subject to Dwelling House relief restrictions meaning if I sell it I have to reinvest the entire proceeds in a replacement PPR. These restrictions expire in 2021.
Currently considering selling property + land and replacing it with something I can earn from, eg something with a basement/self contained unit to rent for Airbnb or rent a room relief. The land has reasonably strong capital appreciation prospects in medium term. Breaking up house and land, eg sell a couple of acres I think will harm the prospects.
I realise these are golden worries, but just wondering what other folk would do in this situation?