Hello,
We are in a fortunate position to possibly buy a family home, in Dublin.
The price would be approx €430 K.
In order to purchase it we would need a small mortgage of circa €70K. We would be using up all our savings to to fund the remining €360K
We are in late 50's, early 60's.
We own our own home, no mortgage.
Our primary reason would be to help our kids get on the properly ladder in the future, say in 10 years time And until then, to provide us with some income in retirement. We have reasonable personal/private pensions coming down the line (won't be loaded but will be fine).
We are aware there are a lot of downsides to becoming a landlord and that many small landlords leaving the market. But at a glance, it seems a good idea due to the low LTV.
The house is habitable as is, but would need some refreshing before renting.
Any advice please ?
We are in a fortunate position to possibly buy a family home, in Dublin.
The price would be approx €430 K.
In order to purchase it we would need a small mortgage of circa €70K. We would be using up all our savings to to fund the remining €360K
We are in late 50's, early 60's.
We own our own home, no mortgage.
Our primary reason would be to help our kids get on the properly ladder in the future, say in 10 years time And until then, to provide us with some income in retirement. We have reasonable personal/private pensions coming down the line (won't be loaded but will be fine).
We are aware there are a lot of downsides to becoming a landlord and that many small landlords leaving the market. But at a glance, it seems a good idea due to the low LTV.
The house is habitable as is, but would need some refreshing before renting.
Any advice please ?