confused12
Registered User
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- 41
Age: 32
Annual gross income from employment or profession: 100k
Monthly take-home pay: 5k
Type of employment: doctor, contractor
In general are you:
(a) spending more than you earn, or
(b) saving?: usually about half my income
Rough estimate of value of home: nil current home
Other borrowings – nil
Do you pay off your full credit card balance each month? yes
Savings and investments: 200k, cash
Do you have a pension scheme? no
Do you own any investment or other property? No
Ages of children: Nil
Life insurance: Nil
My specific question is about housing. I have 200k and am ready to buy in Dublin. I want to buy a PPOR, with a plan to buy a place with 2-3 bedrooms, renting one of them under the rent a room scheme.
What are the issues with going big - eg buying a place worth 500k? I assume the more I borrow the bigger the repayment and the longer the period of indentured servitude. I also wonder about the lack of freedom of having a large mortgage if I want to travel etc – and I will want to travel
I'm assuming also that I'll be able to cover a lot of the mortgage with rental income alone. And if I change my mind I can always sell the house (provided no massive drop) and dispose of the mortgage.
The other option is buying a place for 200-300k, maybe a small 2 bedroom in a remoteish location. This would mean little to no borrowing but also very little stress and could rent a room also to help with the mortgage.
What are the thoughts?
Annual gross income from employment or profession: 100k
Monthly take-home pay: 5k
Type of employment: doctor, contractor
In general are you:
(a) spending more than you earn, or
(b) saving?: usually about half my income
Rough estimate of value of home: nil current home
Other borrowings – nil
Do you pay off your full credit card balance each month? yes
Savings and investments: 200k, cash
Do you have a pension scheme? no
Do you own any investment or other property? No
Ages of children: Nil
Life insurance: Nil
My specific question is about housing. I have 200k and am ready to buy in Dublin. I want to buy a PPOR, with a plan to buy a place with 2-3 bedrooms, renting one of them under the rent a room scheme.
What are the issues with going big - eg buying a place worth 500k? I assume the more I borrow the bigger the repayment and the longer the period of indentured servitude. I also wonder about the lack of freedom of having a large mortgage if I want to travel etc – and I will want to travel
I'm assuming also that I'll be able to cover a lot of the mortgage with rental income alone. And if I change my mind I can always sell the house (provided no massive drop) and dispose of the mortgage.
The other option is buying a place for 200-300k, maybe a small 2 bedroom in a remoteish location. This would mean little to no borrowing but also very little stress and could rent a room also to help with the mortgage.
What are the thoughts?