S
seller2000
Guest
I have a property on the market and assuming it sells for the asking price the following is what I hope to do with the proceeds of the sale.
289,000 Clear mortgage, outstanding debts and selling costs.
20,000 Rabodirect savings account
10,000 Northern Rock savings account
10,000 NIB Savings account
10,000 Credit Union savings account
10,000 Quinn Life savings trust for my 1 year old child
10,000 Rent Account
10,000 Holiday of a lifetime
Upon the sale of the property which is solely in my name we plan to rent for a year for the following reasons:
(1) My partner is not working enough hours for us to get a sufficient mortgage as she minds our child.
(2) For the first time ever we will have savings (60K) instead of throwing it straight back into bricks and mortar.
(3) I would like to step back and monitor what way the housing market prices go and also how many more interest rate increases the ECB apply.
As in the breakdown above I have put 10k into a rent account. This would cover approx 80% of 12 months rent in Dublin, meaning that I would have to contribute very little of my salary to rent expenses. This would enable me to add 1k a month to our savings.
I currently have a car loan, maxed out credit card and credit union loan that are taking a large chunk of my monthly salary. The thought of clearing all of these and starting fresh appeal greatly to me. I have also sworn to myself never to get into these debts again.
So with the sale of the property we would be debt free, have 60k savings and be adding 1k a month to these savings, have a place to live even though it is rented (plus we could be a lot more flexible in choosing the location than if we were buying) and we also would have alot more disposable income to enjoy life.
I look forward to your views on this matter. I personally believe that it would create a much better quality of life for us and our child and we will get back on the property ladder when we are in a stronger position. As a Dub myself I do not understand the Irish fascination of having to own your property, look at London and Paris.
I know I mightnt get the full asking price but please base your opinions/advise on the assumption that I do.
P.S I have colleagues and friends in good jobs who are so tied up with their mortgages that they cannot even afford to go for a pint on a saturday night................this is no way to live.
289,000 Clear mortgage, outstanding debts and selling costs.
20,000 Rabodirect savings account
10,000 Northern Rock savings account
10,000 NIB Savings account
10,000 Credit Union savings account
10,000 Quinn Life savings trust for my 1 year old child
10,000 Rent Account
10,000 Holiday of a lifetime
Upon the sale of the property which is solely in my name we plan to rent for a year for the following reasons:
(1) My partner is not working enough hours for us to get a sufficient mortgage as she minds our child.
(2) For the first time ever we will have savings (60K) instead of throwing it straight back into bricks and mortar.
(3) I would like to step back and monitor what way the housing market prices go and also how many more interest rate increases the ECB apply.
As in the breakdown above I have put 10k into a rent account. This would cover approx 80% of 12 months rent in Dublin, meaning that I would have to contribute very little of my salary to rent expenses. This would enable me to add 1k a month to our savings.
I currently have a car loan, maxed out credit card and credit union loan that are taking a large chunk of my monthly salary. The thought of clearing all of these and starting fresh appeal greatly to me. I have also sworn to myself never to get into these debts again.
So with the sale of the property we would be debt free, have 60k savings and be adding 1k a month to these savings, have a place to live even though it is rented (plus we could be a lot more flexible in choosing the location than if we were buying) and we also would have alot more disposable income to enjoy life.
I look forward to your views on this matter. I personally believe that it would create a much better quality of life for us and our child and we will get back on the property ladder when we are in a stronger position. As a Dub myself I do not understand the Irish fascination of having to own your property, look at London and Paris.
I know I mightnt get the full asking price but please base your opinions/advise on the assumption that I do.
P.S I have colleagues and friends in good jobs who are so tied up with their mortgages that they cannot even afford to go for a pint on a saturday night................this is no way to live.