Have you sanity checked this, maybe with opinions from trusted others? Might it be that it's better to improve your current abode than buy another? Moving may be the right option but no harm in double checking before committing to that course of action.
Savings/investment after windfall
- Thread starter Hmm5673
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Yeah. Fundamentally the problem is it's pretty small, and can't really be extended. So even if I was to improve it, it's still 65sqm. And I don't think I'm able for it - in particular, if something was done wrong, I'd be very bad at complaining about it. And it seems to be hard to get anything done right now; one neighbour's been a building site for a couple of years now, making very slow progress.
If I could just spend some money and get it sorted, that'd be something I'd definitely consider, tbh. But my impression is that it'd be a long slow job, with me project managing, and I'd be very bad at that.
I've lived here for ten years, and things I intended to get sorted out in the first year or so are still not done. The stuff I've managed to get done (roof resurfacing etc) have mostly been in the 'completely essential' category.
I understand why you might want an apartment for the ease of maintenance. However, as I own one, it is not something I would do again as I feel very dependent of a bunch of strangers in terms of management of the building. And it can become difficult if the OMC (owner management company) is not functioning properly.
Source a small builder who specialises in 'home renovations', tell them what you want, and get a few quotes. Now it may take some time, as they usually have several jobs on concurrently, but it should reduce the project management aspect.
You really did land on your feet with your employer! You are doing fantastically well financially for your age.
I think your plan to move home makes perfect sense. I’ve renovated a couple of properties in my time and it’s a stressful PITA.
You have ample resources to buy somewhere that’s “done” and easy to maintain.
And I wouldn’t be shy about taking out a modest mortgage to trade up a little if that adds value to your life.
I know you have no plans to retire early but don’t discount the idea entirely. You might feel very differently at 50 and workplaces can change for the worse over time.
There are ways of adding to your PRSI record without being in gainful employment…
I think your plan to move home makes perfect sense. I’ve renovated a couple of properties in my time and it’s a stressful PITA.
You have ample resources to buy somewhere that’s “done” and easy to maintain.
And I wouldn’t be shy about taking out a modest mortgage to trade up a little if that adds value to your life.
I know you have no plans to retire early but don’t discount the idea entirely. You might feel very differently at 50 and workplaces can change for the worse over time.
There are ways of adding to your PRSI record without being in gainful employment…
Actually, it’s just struck me that you have €1.7m in cash and investments, plus a paid off home, with a burn rate of only €25k per annum.
In other words, you already have 68 years of expenses put by!
If you wanted to, you could retire today. At 40!
I think you should make a conscious effort to upgrade your life - nicer home, luxury travel, whatever.
IMO simply accumulating wealth for the sake of it is pointless.
In other words, you already have 68 years of expenses put by!
If you wanted to, you could retire today. At 40!
I think you should make a conscious effort to upgrade your life - nicer home, luxury travel, whatever.
IMO simply accumulating wealth for the sake of it is pointless.
Was about to comment something similar here. It’s probably advice on more expensive hobbies is needed here rather financial advice… cycling would be a good start!
Love the updates. Well done you. I think you should move but think about a house rather than an apartment. You can afford it and as others have said there are risks involved with apartments beyond your control. Good luck and looking forward to seeing what you do.
Well, I'm planning to do that on the home; looking at going from a 65sqm house to an 80-90sqm apartment. On luxury travel, I sometimes get the extra-leg-room emergency row seat on Ryanair; does that count?
(I've been traveling a good bit recently, but with friends, so hotel etc choice would be dictated by what works for them.)Already running, though that's fairly cheap unless you're taking it _very_ seriously, which I'm not.Was about to comment something similar here. It’s probably advice on more expensive hobbies is needed here rather financial advice… cycling would be a good start!
Yeah, it's a tradeoff. Lived in apartments for about a decade (renting), so I more or less know what I'm getting myself into, and from my point of view not having to deal with structural maintenance stuff is a big plus.
If you were renting, were you aware of the finance of the OMC, the sinking funds, the insurance (up to date or not), the debtors... Another problem is also that things can look good enough when you buy, you have very little visibility on how the OMC will manage in the next 10 years.
Personally, I am very worried of the structural maintenance of my apartment over the next 10, 20 or 30 years.