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improving inherited house in ireland/selling/renting home in uk
fatherted_2
Posts: 1 Newbie
• I have just inherited a house in Ireland. It was valued at e500k. I have been advised that if I spend a further e150k it will be worth in excess of e1million.
• My wife and our three children intend to go and live in Ireland this summer. She will be giving up her paid employment and will oversee the building of the house.
• We have a house in England which we intend to put on the market for e480k. Of this figure we have a mortgage amounting to e100k – e75k endowment (nearly on target and expires in 6 years time) and e25k repayment mortgage.
• This therefore could leave us with e380k to use on the purchase of a small flat from which I would commute at weekends and the necessary capital to finance the rebuild of the property plus a remaining sum for the children’s future education. We would still have the 75k endowment which could offset any mortgage costs involved in the purchase of the flat. We have several other options:
1. Rent out the house over here for e1300 per month – Adv=regular income, increase in value of home over time. – Disad=Would have to borrow to improve property in Ireland.
2. Retain house over here and get a couple of lodgers – ADV= Retain property/value/extra income – Disad= Too old to share/complications of lodgers/borrow capital for improvements
3. Sell house and use all the capital (above) ADV=capital available Disadv=Buy flat and future value of house versus investment of money
4. Keep house and get interest free loan
5. Remove equity from the house
These are just some of the initial ideas that I have generated and wondered if I was missing the blindingly obvious. Any ideas?
Also what are the benefits/disbenefits of paying taxes in UK but living in Eire at weekends. Do my kids get free healthcare via my taxes. Can I get a season ticket from any of the airlines?
Any advice welcomed,
Plastic Paddy.
• My wife and our three children intend to go and live in Ireland this summer. She will be giving up her paid employment and will oversee the building of the house.
• We have a house in England which we intend to put on the market for e480k. Of this figure we have a mortgage amounting to e100k – e75k endowment (nearly on target and expires in 6 years time) and e25k repayment mortgage.
• This therefore could leave us with e380k to use on the purchase of a small flat from which I would commute at weekends and the necessary capital to finance the rebuild of the property plus a remaining sum for the children’s future education. We would still have the 75k endowment which could offset any mortgage costs involved in the purchase of the flat. We have several other options:
1. Rent out the house over here for e1300 per month – Adv=regular income, increase in value of home over time. – Disad=Would have to borrow to improve property in Ireland.
2. Retain house over here and get a couple of lodgers – ADV= Retain property/value/extra income – Disad= Too old to share/complications of lodgers/borrow capital for improvements
3. Sell house and use all the capital (above) ADV=capital available Disadv=Buy flat and future value of house versus investment of money
4. Keep house and get interest free loan
5. Remove equity from the house
These are just some of the initial ideas that I have generated and wondered if I was missing the blindingly obvious. Any ideas?
Also what are the benefits/disbenefits of paying taxes in UK but living in Eire at weekends. Do my kids get free healthcare via my taxes. Can I get a season ticket from any of the airlines?
Any advice welcomed,
Plastic Paddy.
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