Buying property for children

M

matrixworld

Registered User
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17
Hello,

I hope this is the right forum for such a subject.

Lately the direction Ireland is taking has been on my mind a lot, it's not looking great out there.
For those of us with young children there is a high likelihood that they may not achieve home ownership up until their 40s if things keep going the way they are.

Has anyone considered purchasing property now for their children? It is speculation on my part but the severe lack of housing and housing crisis's across the western world makes it hard to see any normality in the housing market.

Thanks
 
You are 35.
You don't have a partner or children - or at least you didn't have last month.

34 - Pay off mortgage, renovate and buy property in Spain, is this possible in 5 years?

Age: 34 Spouse’s/Partner's age: n/a Annual gross income from employment or profession: 99k Income from rent-a-room: 14k Monthly take-home pay: From employment: 4,790e (200e to ESSP, 150e AVC) From rental: 1,100e Type of employment: e.g. Civil Servant, self-employed: Private In general are...
askaboutmoney.com

I think you are being a bit too previous.

1) Pay off your own mortgage
2) Upgrade you own home
3) When you have that done, invest in a portfolio of equities

If and when you have 28 year old children, you will be in a great position to help them buy their homes.

Brendan
 
Brendan Burgess said:
You are 35.
You don't have a partner or children - or at least you didn't have last month.

34 - Pay off mortgage, renovate and buy property in Spain, is this possible in 5 years?

Age: 34 Spouse’s/Partner's age: n/a Annual gross income from employment or profession: 99k Income from rent-a-room: 14k Monthly take-home pay: From employment: 4,790e (200e to ESSP, 150e AVC) From rental: 1,100e Type of employment: e.g. Civil Servant, self-employed: Private In general are...
askaboutmoney.com

I think you are being a bit too previous.

1) Pay off your own mortgage
2) Upgrade you own home
3) When you have that done, invest in a portfolio of equities

If and when you have 28 year old children, you will be in a great position to help them buy their homes.

Brendan
Click to expand...
My last post stated i have children, there was just a typo in the age.

Good advice though. The plan is still to pay off the mortgage asap and re-assess.
 
The money makeover was based on the information you provided.

Spouse: n/a

No mention of children.

You should redo it or maybe start a new one with all the right information.

Brendan
 
If you have no mortgage on your family home.
If you have a fully funded pension
If you have children in their late teens and you know where they will be going to college

It might be worth buying an investment property for them to use while in college.

You are very unlikely to know where they will be working and where they might want to live, so buying a house with a view to them living in it is not a good idea.

But as you have a mortgage, then you should not be thinking about it, irrespective of the age(s) of your child (ren)

Brendan
 
Brendan Burgess said:
The money makeover was based on the information you provided.

Spouse: n/a

No mention of children.

You should redo it or maybe start a new one with all the right information.

Brendan
Click to expand...
It quite clearly has a field "Ages of children" with the value of "34", which was a typo but alas.

Thanks for the advice.
 
OK, for some odd reason you have put Ages of Children 34 in the middle of the post and deleted the normal place it goes.

But if you want good general opinions, you need to clarify all these issues.

Brendan
 
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