Age: 32
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: €80,000 + yearly bonus ( approx. €5k/€7k)
Annual gross income of spouse: €48,000
Monthly take-home pay. €4,100, partner €2,800
Type of employment: e.g. Private & Semi State
In general are you:
(a) spending more than you earn, or
(b) saving? Saving €2,000pm & partner saves €1,000pm
Rough estimate of value of home. Renting, €800 per month (sharing house)
Amount outstanding on your mortgage: n/a
Other borrowings – car loans/personal loans etc: Neither of us have any loans
Do you pay off your full credit card balance each month? Neither have credit card
Savings and investments:
€70,000 savings account
Partner: €10,000 savings account
Do you have a pension scheme? Yes, €35,000 pot (7% contribution. Employer contributes 14%). Partner €8,000 pot ( 5% contribution, employer 5%)
Do you own any investment or other property? No
Ages of children: None
Life insurance: Yes 3 times salary for both through work
What specific question do you have or what issues are of concern to you?
- I had planned to buy a house at home in Clare this year and commute to Dublin when required approx. 2 days a fortnight for work. But due to a large piece of work that I now need to be on site for this isn't possible for another 1.5 years.
- I'm now considering buying an apartment in Dublin for €250k and leasing one of the rooms to a friend for €700pm who would be interest. In 1.5 years I would then rent out the apartment approx. €1,800 pm and purchase a house in Clare approx. €400k.
- Am I putting myself under unnecessary financial pressure buying the apartment in Dublin when our rent is currently very reasonable or would this be a wise investment.
- Or should I just concentrate on buying the home in Clare and move surplus savings to my pension.
It would be great to get any opinions on the above.
Thanks!!