My partner and I find ourselves in an unusual position and would love some advice. We are a family of 4 on one income and rent a house in Dublin(1500 per month). For quality of life reasons we have decided to rent in Dublin until retirment. We do not want to move to a commuter town as we would not be happy there and there is no way we could afford to buy in the areas we want in Dublin. Am very happy with the concept of renting but the only problem is how to provide for accommodation upon retirement.
My partner has a defined benefits pension scheme and we have some cash in equity and fixed interest.
We are in a position to do any of the following:
1. Buy an investment property to the value of 250/300K with the view to renting it out and keep renting our house in Dublin.
2. Buy a reck of a place for under 200K and spend a few years doing it up and use it as a holiday home with a view to retiring there.
3. Keep putting all our spare money into equity(we will be back to double income next year or two)
With option one I am afraid that in the places we would get a property for max 300K that the rental market would not be that good.
With option three ...is it risky?
Has anyone any other creative ideas how to solve our longer term problem?
Cheers
My partner has a defined benefits pension scheme and we have some cash in equity and fixed interest.
We are in a position to do any of the following:
1. Buy an investment property to the value of 250/300K with the view to renting it out and keep renting our house in Dublin.
2. Buy a reck of a place for under 200K and spend a few years doing it up and use it as a holiday home with a view to retiring there.
3. Keep putting all our spare money into equity(we will be back to double income next year or two)
With option one I am afraid that in the places we would get a property for max 300K that the rental market would not be that good.
With option three ...is it risky?
Has anyone any other creative ideas how to solve our longer term problem?
Cheers