Moving my Family to Ireland

Fefee

Hi peeps
Im looking on some advice on how best to invest my £200k from the sale of my house in Oxfordshire to move to ireland . Ideally i want to be mortgage free and buy a seperate flat/house to bring a extra income to make up for the possibility of lower incomes.
My husband and i run a successful airbnb and happy to do that in Ireland if needed

location
ideally Donegal Inishowen are to live and property in N.I to rent out
Other areas we would consider our Derry and Belfast area
Thanks in advance for any ideas xx

In_For_A_Penny_2

If it's investment "advice" you want, the savings and investments forum might be the best place to start.

Your post makes it sound like you have 200k with which to buy a property outright in Donegal (Republic of Ireland) and presumably invest the remainder? Be aware that your investment options will be determined in part by your country of residence.

Putting your entire life savings into a rental property in N.Ireland. would seem like a crazy idea and so I can only assume this is a small part of a wider portfolio? Your investment options will depend on many factors - age, pensions, savings etc. People on here might be able to offer further suggestions based on the above factors if you cared to share.

Fefee

In for a penny , thanks for suggestion to move post. I have now done this.

If I sell my house in England I will make 200k in total to spend on a. House and a btl.
We are in late 30s and have a 2 yr old. . No other savings or property but hubby will have a pention not sure if I will.

In_For_A_Penny_2

Fefee wrote: »

In for a penny , thanks for suggestion to move post. I have now done this.

If I sell my house in England I will make 200k in total to spend on a. House and a btl.
We are in late 30s and have a 2 yr old. . No other savings or property but hubby will have a pention not sure if I will.

BTL really isn!!!8217;t for everyone and certainly not for me as there are less stressful ways to make money.

I would suggest you need to know the Belfast property market and have a good grasp of social/political issues. Although property in N.Ireland is considerably cheaper than your native Oxfordshire, 70k on a house in Belfast will not go particularly far. There are still many areas I would not consider setting foot in, let alone buying a BTL. With stamp duty, second home tax, and recent changes to tax for landlords, this is likely to be much less lucrative than historically was the case. Given your plans to live in Donegal, quite how Brexit will effect the Irish border is very unclear. Fine if you wish to live exclusively on one side or other but essentially to conduct a business it would at the very least give me pause for thought. Your income will also be subject to currency fluctuations.

Besides, a single, high risk, illiquid asset is not my idea of an investment.

Clearing any debt, particularly high interest/credit card debt should be the first priority. I would suggest having adequate savings (3-6months) to cover unemployment etc. Particularly relevant in BTL if you get a bad tenant in arrears or for any maintenance/repair. These could be in a mix of higher interest rate instant access and linked savings accounts (3-5%). Pension would be my next consideration as there are few other investments that are as tax efficient.

Personally, being in that position I have gradually built up S&S investments via a DIY online investment platform. The savings and investments board will discuss options further.

ballyblack

also rental income in most parts of NI is a lot lower than the UK average

Fefee

Im from Belfast ni and no the market and political issues well .
I can get a 2bed property for around £80k in areas I no .

ballyblack

NO ! I dont no any more than no!



.

qwert_yuiop

Fefee wrote: »

Im from Belfast ni and no the market and political issues well .
I can get a 2bed property for around £80k in areas I no .

Apparently, educational standards are not as high in Northern Ireland as is often reported. Good heavens.

bingo_bango

You do remember that it rains here disproportionately more than in Oxfordshire......don't you?

Cherryscone

qwert_yuiop wrote: »

Apparently, educational standards are not as high in Northern Ireland as is often reported. Good heavens.

Are you sure you no that :rotfl::rotfl:

qwert_yuiop

bingo_bango wrote: »

You do remember that it rains here disproportionately more than in Oxfordshire......don't you?

And more again in donegal.