It might also be worth renting a place for 6 months in your chosen destination at the start to make sure that you like the place and you will get to know the property scene. The worst thing would be to buy something now and when you get there find there is something wrong with it or there is some place you like a lot better.
4. Married,with no children & on current combined salaries (Gross ) of 80k
If you did this at 2-3% interest, it would cost you €5-7.5k in interest plus Lepers €2.5k estimate of running costs. You would be paying €7.5-10k in costs for the privilege of owning the property. €10k on a 6 month rental would surely put you in a similar type of property without the hassleMy current thinking is to fund 50% own resources & 50% Mortgage from abroad
Would appreciate inputs/thoughts etc
LeperLooking Coldly at this and without Sympathy (and Hey! I own an apartment in Spain and it was my 2nd buy there) if I were you I'd ask myself a couple of questions:-
1. Can I make the investment pay? Of course, you know nobody buys for investment. It's for the kids and breaks in the sun. Yeah! From my experience you can make it pay, but you need to be cold and calculating. Something I'm not.
2. Can you get a mortgage in Ireland? It's probably better and easier managed than getting the mortgage abroad.
OK! I said a couple of questions, but I really meant a couple more!
3. Is tying up a large amount of your money putting any constraints or anguish on you? Only you can answer this.
4. Running Costs (outside of mortgage) will be around €2500 per annum inclusive off local taxes, utilities, maintenance, care. Can you take the hit every year?
my reading of the “why” was that latsug was questioning themselves as to why they would take that expense on and reevaluating their decisionI'm lost re "why" - Is it a breakdown of utilities you need? The utilities of water and electricity will be more if you stay there; my charge of €2500 pm is if nobody is staying in the place. Most of the amount will be in community charges/local taxes, obviously the rest with refuse which you must pay for the year. I haven't included internet charges. Depending on where you buy you could also be liable for a car parking tax.
All this is before you die. The taxes after your death can be punitive too.
I know I probably went overboard with the advice but I'm one of those guys who thinks the glass is half empty. Don't let me put you off. You sound like a sensible person.
I would point out in the first 5 years of your purchase you're carried along with the adventure of it and during this time You'll be wondering of my warnings.
Don't forget you have a pretty severe local property tax in France, Tax Fonciere. It can be quite penal. I once owned a 2-bed apartment in a holiday site in the South of France (sold it after the Nice attack because I thought things were getting iffy!). Anyway, on a 45 sqm apartment my property tax was €800 pa so, I can only imagine a €500k property is a lot bigger and therefore a far higher property taxLeper
Thanks for your forthright inputs which are very much aligned with your previous postings
Your postings have triggered me to re-evaluate
2. Currently in the process of seeking mortgage pre-approvals in Ireland & France ( biased towards France on an interest basis)
3/.4.Excellent points- I would have anticipated the ~ €2500 & could take the hit but I need to re-ask why?
Thank you SadimDon't forget you have a pretty severe local property tax in France, Tax Fonciere. It can be quite penal. I once owned a 2-bed apartment in a holiday site in the South of France (sold it after the Nice attack because I thought things were getting iffy!). Anyway, on a 45 sqm apartment my property tax was €800 pa so, I can only imagine a €500k property is a lot bigger and therefore a far higher property tax
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