Hi Askaboutmoney,
(Not urgent will see where property prices go[1], act on in a years time.)
I am thinking of buying a 2 bed apartment for my son(currently 13 years old)[2]
Can I easily put it into his name when he turns 18[3]?
I assume when he turns 18[3] he can make use of tax advantages of Principal Private Residence[5], and rent a room scheme. (As a buy to let, until he is 18, advantages seem pretty small, might use it to cut down his commute to school(and not rent it out) until he is 18.)
Any big holes in this plan - or is it "talk to bank and/or solicitor' time?
Little financial planning for son[4] so far, beyond bank account for small gift allowance (3000 a year).
General financial health[6] of my wife and I: good.
Thank you for your time,
Turloch O'Tierney
[1] Property long or short: see where prices go. I am neutral on property, have some minor property investments plus own my house, however want to buy apartment for son(currently 1hr each way commute to school).
[2]Apartment location: Near school and university. Max out his CAT plus a small (50%) mortgage/loan (which I can guarantee) paid back by rent a room.
[3]When can he own: assume at 18 he can own a property, sign contracts etc without a bare trust. If he can get the advantages of PPR earlier that would be great.
[4]Financial planning for son: (Opened a bank account for him to receive 3000 a year from me (father) plus grandfather, no other inheritance/financial planning for him so far, intend to max out his from parents CAT Eur 3xx,000 at some stage, my wife and I have enough liquid investments for his max tax free CAT)
[5]PPR: Married couple can only have 1 PPR and we probably will not move (or rather moving and selling existing north side of Dublin 3 bed semi detached house is a different discussion).
[6]General financial health: Good. Two incomes, 50 year old, paid off mortgage, max out pension contributions, 1.5 houses (part share in holiday house)(state of houses slightly below average/need work done), liquid resources: shares, unit trust and cash. Holes in this: cheap average location house. Too much not invested/in cash. Shares in only one company (should diversify). Always wondering about next/additional investment due to shares in one company and extra cash, have to get it past my wife, who is more cautious on investments (hence the cash/ slow rate of action or change).
(Not urgent will see where property prices go[1], act on in a years time.)
I am thinking of buying a 2 bed apartment for my son(currently 13 years old)[2]
Can I easily put it into his name when he turns 18[3]?
I assume when he turns 18[3] he can make use of tax advantages of Principal Private Residence[5], and rent a room scheme. (As a buy to let, until he is 18, advantages seem pretty small, might use it to cut down his commute to school(and not rent it out) until he is 18.)
Any big holes in this plan - or is it "talk to bank and/or solicitor' time?
Little financial planning for son[4] so far, beyond bank account for small gift allowance (3000 a year).
General financial health[6] of my wife and I: good.
Thank you for your time,
Turloch O'Tierney
[1] Property long or short: see where prices go. I am neutral on property, have some minor property investments plus own my house, however want to buy apartment for son(currently 1hr each way commute to school).
[2]Apartment location: Near school and university. Max out his CAT plus a small (50%) mortgage/loan (which I can guarantee) paid back by rent a room.
[3]When can he own: assume at 18 he can own a property, sign contracts etc without a bare trust. If he can get the advantages of PPR earlier that would be great.
[4]Financial planning for son: (Opened a bank account for him to receive 3000 a year from me (father) plus grandfather, no other inheritance/financial planning for him so far, intend to max out his from parents CAT Eur 3xx,000 at some stage, my wife and I have enough liquid investments for his max tax free CAT)
[5]PPR: Married couple can only have 1 PPR and we probably will not move (or rather moving and selling existing north side of Dublin 3 bed semi detached house is a different discussion).
[6]General financial health: Good. Two incomes, 50 year old, paid off mortgage, max out pension contributions, 1.5 houses (part share in holiday house)(state of houses slightly below average/need work done), liquid resources: shares, unit trust and cash. Holes in this: cheap average location house. Too much not invested/in cash. Shares in only one company (should diversify). Always wondering about next/additional investment due to shares in one company and extra cash, have to get it past my wife, who is more cautious on investments (hence the cash/ slow rate of action or change).