Are you prepared to risk losing some or all of the 70K?
If not, then the best you can do is buy some prize bonds - with 70k, you could expect to win about € 200 per annum
Yeah would be Ireland and correct. More i look in to BTL I'm not so sureIs working paying your rent a short term arrangement or an indinfite arrangement?
You make reference to buying a buy to let. Is that in Ireland, and long term do you want to buy a PPR in Ireland?
200 per annum. that's a year, not a month.
Thanks for the replyWould you consider buying a weekend home, someplace to consider retiring to in the future? You have a good deposit and with €4K savings per month you can furnish etc. You are still very early in your career so will you have future life plans, spouse, children, hobbies to consider if your career path changes.
Having work pay for your accommodation allows you a lot of freedom.
Hi Slippers,Hi Anker92
Can you give more detail. Reading your initial post, to me, it reads that the rent paid by your employer is part of your "+30-35k ish after tax in bonus's etc".
Is work paying your rent a short term arrangement or an indefinite arrangement?
What percentage of the bonus is rent?
If work stop paying rent, does your bonus value change?
Do work own the property you are staying in, and is covering rent indefinitely in your contract? If work are covering your work indefinitely that gives you a lot of flexibility, and really allows you to take your time on making a decision.
My personal feeling is to continue pay into your pension and save with the intention of buying a PPR either outright or with a very small mortgage in 2 to 3 years.
There was a scary article about the cost of Dublin apartments in todays SundayBusiness post. Mental numbers, whether that remains reality who knows? I also acknowledge that you may not be in Dublin and that the property market is more than just Dublin. In 2 to 3 years if buying a PPR is of no interest, at least you will have a cash pile to put into something else.
Until Covid passes and the world re-opens I feel now is not the time (unless a seasoned campaigner) to be making any big financial decisions/commitments.
Note: I used the word "feel". It is not based on any facts or figures. I could be completely wrong but I feel having a large cash pile in the coming years will serve people well. Come the time there may be many out there bringing 50 => 80k cash to the table, but I suspect there won't be many bringing 150k+ cash to the table.
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