Where do you live? If in Dublin Cork or Galway, then college can almost be paid as you go. No accommodation living costs etc.
Can we afford to move?
- Thread starter Amelie2024
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Savings 304K.
House purchase 900K - equity in current home (650- mortgage 180 - costs 20K = 450K. ) Let's be ungenerous and say you've 420K.
900 - 420 = 480 K. Use 200K savings = 280K mortgage. Which is about 70% equity to loan of 30% (+/-). That's very very comfortable based on those salaries. (Bank of I says you could get 800K based on salary of 200K !)
A rough 300K mortgage on their calculator on a 4 year fix of 3.1% gives monthly $1700 repayments. Based on 20 years.
You seem to be worried about if your husband loses his job. You've 11K in income, of which 4K is saved each month. So you're spending 7K a month.
You're also worried about college, you hold back 100K in savings for that.
How much after tax is your income and how much after tax is your husbands pension. I put it into Deloitte
Income Tax Calculator | Deloitte Ireland
Use Deloitte’s income tax calculator to estimate your net income based on the provisions announced in the latest budget.
Says on salary of 111K you and 36K him, you'd have + 8K a month. Which is less that the 7K you're spending (I have no clue how much your pension contributions affect this) .
You speak of 'forever' home. Sounds like a home for current needs, based on 4 people. In 5 years one of your children will be in college. In 7 years the other one. I'd go for the perfect family home now as life is too short, plus you can well afford it. You have not said what is wrong with your current home. Bigger houses cost more to run, heating (Iran) and maintenance.
The figures are sound, better than 99% of posts ever put on here. You've one guaranteed income, yours, and a guaranteed pension his. Thats rock solid.
Only words of caution, do you need the better house, interest rates are on the rise, it's a very odd time in the world (wars/borrowings/France/interest rates) I'd prefer to sell before buying, but you can handle it financially.
Brendan Burgess
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This is a real conundrum. There is risk buying before selling and risk selling before buying.
She started looking two years ago and still has not found a house. Given the current market, I think that the risk of selling before buying is higher than the risk of buying before selling.
I know of a couple of cases where they sold first - they had no choice - and they have been outbid on every house and rented for two years before buying a worse house than they started with.
I also know of people who bought first during the last boom and then when the market turned suddenly, they could not sell their home and got into real difficulty. So to minimise the chances of this, once they go purchase agreed on a new home, they should put their own on the market.
Yes, this happened to me - except I was 18 months waiting on a delayed new-build. Renting really decimated our o previous house sale profit. With hindsight I’d have waited til the new house was 100% closed and sold the old one after, but mortgage conditions didn’t allow.
Amelie2024
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Where do you live? If in Dublin Cork or Galway, then college can almost be paid as you go. No accommodation living costs etc.
@Persia yes, living quite near two main universities which will hopefully feature as the preferred choice for both.
Current house is a good house in an excellent location, prospective house is detatched and offers a more functional layout for a family. It also has a downstairs bedroom for elderly parents when/if needed.
Lots of really helpful replies and advice, thank you all. Will take some time to review and digest now. Bids still flying on the property so this may all be academic!
Then you will not need 84k for third level or indeed anything like it.
Daughter just finished degree and paid the fees on my credit card each year and cleared the card at end of the month.
She got a part time job and full time job in summer so was a major change from private school fees.
I'd say we spent 3-4 k a year on college for her max.
Can you flush this out a lot more please. Detached v semi, no of bedrooms, parents moving in?
Brendan Burgess
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And how many toilets?
Amelie2024
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@Bronte
- It's detatched, current is a semi. Very fortunate with adjacent neighbours as noise travels and they are pretty quiet. Conscious that may not always be the case.
- Similar number of bedrooms, possibly larger in current house. It's ground floor living and room to spread out that is the most appealing feature. Also, garden connection and flexible downstairs bedroom.
- Parent not moving in imminently but a distinct probability in the medium term.
Thank you Amelia, I think you should tell us the number of toilets as the men on here are obsessed! (My rule is, parents en suite, not poky, family bathroom (stand alone shower preferred) downstairs loo, if downstairs spare room, serves as duel purpose en suite/ house loo)
So
- Semi v detached, detached always wins, unless very good walls, but you’re not having issues, null points
- same no of bedrooms, null points, “possibly” larger ? This woukd generally be a major reason to move.
- whose parents ? Are you certain? Why? When? What is your medium term? Both parents? …
- the above, parents, might be a disaster. But you’ve clearly enough bedrooms currently. Sounds like justifying to me, this is a money website, but no doubt about it, homes have an emotional aspect to them. I’d better not go down the sex bias either.
- explain garden connection?
- what is better about ground floor living?
- room to spread out? Do you mean extension building ?
Amelie2024
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@Bronte the mens' toilet obsession is reminiscent of Daniel O Donnell in Room to Improve! 
It has all if the above, all en suite plus main family bathroom.
Definitely no extension needed, ground floor living space accounts for a greater proportion of the overall square footage. Separate living area for kids would be a plus.
Potentially my parent (widowed), plenty of space to extend or reconfigure in the event that did happen.
It has all if the above, all en suite plus main family bathroom.
Definitely no extension needed, ground floor living space accounts for a greater proportion of the overall square footage. Separate living area for kids would be a plus.
Potentially my parent (widowed), plenty of space to extend or reconfigure in the event that did happen.
I’m not disputing that it’s good advice in some cases Brendan, for sure, including perhaps in this case. It was more the generalisation below that I was commenting upon…. I just think that optionality is a totally under-rated benefit.