Like many people because of covid restrictions I haven't been able to see much of my parents in their seventies who live down the country (I'm in Dublin).
Whenever I do get to see them, me and my family can no longer stay over at my childhood home and we all really miss being together - my kids especially who are missing all this time with their grandparents. Ultimately I feel the only option at this point is for me to buy a small place close by so that once the 5k restrictions are finally lifted, we have somewhere to stay from here on, as I get the sense that Covid is here to stay one way or another and given underlying health problems, vaccinations or not which they still haven't got, they will always be at risk. And they are very scared of catching it.
I suppose my question is; what's the most efficient way of doing this? While it's obviously a very personal decision at the moment, I'm also trying to think ahead as to any implications down the line. I could afford to buy something smallish outright (150k or so) but would it be better/more straightforward to borrow to do this, and maybe rent it out down the line in the future if no longer needed. Could I put it in one of the kids names as an investment vehicle for them in the future? Or from a tax point of view would it be considered a holiday home?
Just trying to consider the head v heart elements with it all at the moment. Thanks
Whenever I do get to see them, me and my family can no longer stay over at my childhood home and we all really miss being together - my kids especially who are missing all this time with their grandparents. Ultimately I feel the only option at this point is for me to buy a small place close by so that once the 5k restrictions are finally lifted, we have somewhere to stay from here on, as I get the sense that Covid is here to stay one way or another and given underlying health problems, vaccinations or not which they still haven't got, they will always be at risk. And they are very scared of catching it.
I suppose my question is; what's the most efficient way of doing this? While it's obviously a very personal decision at the moment, I'm also trying to think ahead as to any implications down the line. I could afford to buy something smallish outright (150k or so) but would it be better/more straightforward to borrow to do this, and maybe rent it out down the line in the future if no longer needed. Could I put it in one of the kids names as an investment vehicle for them in the future? Or from a tax point of view would it be considered a holiday home?
Just trying to consider the head v heart elements with it all at the moment. Thanks