Southwesterner
New Member
- Messages
- 9
I would be very grateful for your insight
Age: 47
Spouse’s/Partner's age: 46
Number and age of children: 2 children ages 9 and 10
Annual gross income from employment or profession: 148k
Annual gross income of spouse: 40k
Monthly take-home pay: 9000 euro (both incomes)
Employment type
Me: Public sector,
Wife: Self Employed
Saving about 1.5k per month
Family home worth €370-400k with no mortgage– paid it down last year
Cash of €25k
An Post state savings: 175k
Zurich Life investment: 50k
I have some whiskey investments about 5k
We likely expect 100k inheritance but not banking on it
Pension fund: If retire at 66, expect 57k per annum + 150k lump sum [comprises Irish state pension, SPSP scheme, bits of UK public service for years there [I am topping the latter up as per the current offer]]
Spouse: pension value 45k [private pension since 2018]
Company shares : €0k
Buy to Let Property: None
We review our insurances/ bills etc every year, and avail of all the tax reliefs
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month?: No credit card
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We live in a lovely village near the sea, in a semi-d that I bought as starter home in 2008 just before the crash. Worked in the UK for a few years, moved back here in 2016. Nice neighbours, very quiet, small development (30 houses), near to everything. But the downstairs is dark and we have no views.
I always hoped to move to a place with more space & light & views, but want to stay in this area. I like it very much. My village is one of the most expensive in our county, property-wise, and prices are increasing. To move home within the village (so we have walking distance to things), houses are either 900k (decent second hand), or 500k+400k (price plus renov. costs for fixer-uppers). So there is no moving for less than 900k-1million. We have been watching things for 6 years, [and bid on a few, and got out around the 800k mark] so feel confident about these estimates.
The other option is stay put, and to extend into the roof of our semi-d (we would have a nice view from dormers up there if we did this) and extend out the back for more room & light downstairs. We have had a first chat to an architect and cost would be about 200k all-in approx. This would solve the light/ space problem, but I know the value of the house would not go up that much because it is still a semi-d in an estate. And it was always a dream to get something bigger.
Overall my priorities are: to not be too stressed about money, to have something to pass on to the kids, to start boosting my pension, to enjoy our time right now.
Conscious I am 15 years off retirement too, so costs for mortgages are high for us.
Also conscious the kids will moving out (if all goes well!) in 7 or 8 years, so I guess need to be planning for this time of life rather than right now. We might have missed the window to move, being away in UK
So I guess the question is: does it make sense to move, or to improve? Can we afford to move if something comes up at the prices above, without being stressed about money? Or should I start topping up the pension?
Any help much appreciated. I am sure this is a common dilemma.
Age: 47
Spouse’s/Partner's age: 46
Number and age of children: 2 children ages 9 and 10
Annual gross income from employment or profession: 148k
Annual gross income of spouse: 40k
Monthly take-home pay: 9000 euro (both incomes)
Employment type
Me: Public sector,
Wife: Self Employed
Saving about 1.5k per month
Family home worth €370-400k with no mortgage– paid it down last year
Cash of €25k
An Post state savings: 175k
Zurich Life investment: 50k
I have some whiskey investments about 5k
We likely expect 100k inheritance but not banking on it
Pension fund: If retire at 66, expect 57k per annum + 150k lump sum [comprises Irish state pension, SPSP scheme, bits of UK public service for years there [I am topping the latter up as per the current offer]]
Spouse: pension value 45k [private pension since 2018]
Company shares : €0k
Buy to Let Property: None
We review our insurances/ bills etc every year, and avail of all the tax reliefs
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month?: No credit card
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We live in a lovely village near the sea, in a semi-d that I bought as starter home in 2008 just before the crash. Worked in the UK for a few years, moved back here in 2016. Nice neighbours, very quiet, small development (30 houses), near to everything. But the downstairs is dark and we have no views.
I always hoped to move to a place with more space & light & views, but want to stay in this area. I like it very much. My village is one of the most expensive in our county, property-wise, and prices are increasing. To move home within the village (so we have walking distance to things), houses are either 900k (decent second hand), or 500k+400k (price plus renov. costs for fixer-uppers). So there is no moving for less than 900k-1million. We have been watching things for 6 years, [and bid on a few, and got out around the 800k mark] so feel confident about these estimates.
The other option is stay put, and to extend into the roof of our semi-d (we would have a nice view from dormers up there if we did this) and extend out the back for more room & light downstairs. We have had a first chat to an architect and cost would be about 200k all-in approx. This would solve the light/ space problem, but I know the value of the house would not go up that much because it is still a semi-d in an estate. And it was always a dream to get something bigger.
Overall my priorities are: to not be too stressed about money, to have something to pass on to the kids, to start boosting my pension, to enjoy our time right now.
Conscious I am 15 years off retirement too, so costs for mortgages are high for us.
Also conscious the kids will moving out (if all goes well!) in 7 or 8 years, so I guess need to be planning for this time of life rather than right now. We might have missed the window to move, being away in UK
So I guess the question is: does it make sense to move, or to improve? Can we afford to move if something comes up at the prices above, without being stressed about money? Or should I start topping up the pension?
Any help much appreciated. I am sure this is a common dilemma.