hello, if anyone can give me advice I'd appreciate it. This situation is consuming me over past few weeks & don't know what is best route to take.
I have a large house that needed work with another family member. Bought 8 years ago. 250 k plus invested 20 k each doing it up. Here are some of the finer details
Paid 15k deposit
20k refurb
15k lump sums paid off mortgage at various times during last 8 years
Paid half of usual maintainable costs prtb, painting, insurance, tax etc
Income details
Net monthly 2200 public sector
Income history: permanent full time
Partner same
co-purchased with family member. Was single.
Neither of us live there anymore, I'm living with partner in his house 700 each per month into joint account to meet full living expenses inc contribution to his mortgage
Rent - was gettin 650 per month (tenants just moved out)
I contribute 300 per month to cover shortfall & expenses after rental income to investment house
Home loan on co purchased house
Lender: Aib
Amount outstanding: 160 k
Value of home: 150 k
Interest rate: SVR 3.8%
Monthly repayment: 1050
Amount in arrears: 0
Remaining: 27 years
No Other loans and creditors
Other savings and investments
100 k together with husband
Do you expect any lump sums in the medium term future?
Maybe use some saving- unsure
How important is retaining the family home to you?
We do have option of moving into this investment property as much larger than current house. Baby on way and need bigger place, we are intending to move regardless. We can rent out husbands house which is very small, definitely not suitable for family. investment house will need 15/20k revamp to make it into a comfortable family home to a standard I would be happy to live in. Other family member willing to pay half of this refurb. Unwilling to allow us take over mortgage & make this our home
Family member also willing to give me 10k and take over my half mortgage though & I walk away but he won't do same. They are in a better financial position than me and would have no trouble taking over mortgage & getting approval from bank.
Tenants just moved out - house in absoute mess/ total disrepair 5k to get it to rental standard.
Is this house just becoming a money pit??
But find it hard to walk away with all I have invested over past 8 yrs. Need family home. Should I just do up & move into investment property and still be tied to other family member. Or cut losses take his 10k offer & use saving to buy house with my husband & cut ties with family member.
my husbands house is an affordable house so can't sell Under council conditions. Council will allow us to rent under circumstances and rent will cover mortgage.
Any advice appreciated. Thank you.
I have a large house that needed work with another family member. Bought 8 years ago. 250 k plus invested 20 k each doing it up. Here are some of the finer details
Paid 15k deposit
20k refurb
15k lump sums paid off mortgage at various times during last 8 years
Paid half of usual maintainable costs prtb, painting, insurance, tax etc
Income details
Net monthly 2200 public sector
Income history: permanent full time
Partner same
co-purchased with family member. Was single.
Neither of us live there anymore, I'm living with partner in his house 700 each per month into joint account to meet full living expenses inc contribution to his mortgage
Rent - was gettin 650 per month (tenants just moved out)
I contribute 300 per month to cover shortfall & expenses after rental income to investment house
Home loan on co purchased house
Lender: Aib
Amount outstanding: 160 k
Value of home: 150 k
Interest rate: SVR 3.8%
Monthly repayment: 1050
Amount in arrears: 0
Remaining: 27 years
No Other loans and creditors
Other savings and investments
100 k together with husband
Do you expect any lump sums in the medium term future?
Maybe use some saving- unsure
How important is retaining the family home to you?
We do have option of moving into this investment property as much larger than current house. Baby on way and need bigger place, we are intending to move regardless. We can rent out husbands house which is very small, definitely not suitable for family. investment house will need 15/20k revamp to make it into a comfortable family home to a standard I would be happy to live in. Other family member willing to pay half of this refurb. Unwilling to allow us take over mortgage & make this our home
Family member also willing to give me 10k and take over my half mortgage though & I walk away but he won't do same. They are in a better financial position than me and would have no trouble taking over mortgage & getting approval from bank.
Tenants just moved out - house in absoute mess/ total disrepair 5k to get it to rental standard.
Is this house just becoming a money pit??
But find it hard to walk away with all I have invested over past 8 yrs. Need family home. Should I just do up & move into investment property and still be tied to other family member. Or cut losses take his 10k offer & use saving to buy house with my husband & cut ties with family member.
my husbands house is an affordable house so can't sell Under council conditions. Council will allow us to rent under circumstances and rent will cover mortgage.
Any advice appreciated. Thank you.