Dream house advice

R

robertcus

Guest
Seeking some plain-talking advice – My wife and I were very fortunate to sell our house 2 years ago. We had planned to buy a little organic farm but instead decided to sample the delights of the countryside first. We quickly realised it was not for our young family! Now somewhat regretting selling our home in the first place we decided to move back to the same area we had sold our house in.

At the time of selling our home another house nearby came on the market for a considerable higher price. A house that you would dream about all your life. We calculated the mortgage on this house but it was far far beyond our reach. It is 2 years on and this house is still for sale and the vendor is seeking a quick sale. It is unimaginable that the money we got for our own home would now actually pay for it outright (no mortgage needed!) and even leave us with just under 100k leftover – so what’s the problem mate?

I have recently set up business and am taking no salary for 12 months. The business is showing potential but I am afraid of my life to go ahead and buy this wonderful dream house if the business does an about turn and I am left having to start all over again. I have family saying to buy a lesser house and put the balance of the money away for the future, or to consider an overseas investment as well (as I am self-employed without a pension!) Others have said to buy it and just work bloody hard.....what would you do?
 
I would go with my gut instint - if this is was my dream home and I could afford to buy, I would..

Others have said to buy it and just work bloody hard
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Thats what I would do....
 
Sounds to me like €100k is a reasonably sizeable leftover from buying the house. Given that you likely won't be buying a load of furniture, and you anticipate starting to earn again in a years time I'd go for it. Cash in hand, now is the time to be buying.

Besides it is another incentive to succeed

Just make sure that you get the dream thoroughly surveyed!
 
oh go for it without a doubt.

my 100 year old grandmother always told me "Live for today and forget about tomorrow" now I'm not saying to take that as literal but she has a point.

People spend so much time working away for 'the right time' etc. how do we know that right now isn't the only time we have. live life to the full, we only get one go at this.
How many people get the chance to fulfil their dreams?? you have that chance...grab it and hold on!
 
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What an incredible stroke of luck! Buy it - at least if the business does not work out you have your dream home mortgage free! Don't forget to take advice on stamping for yourself in case you need social welfare in future.
 
Completely off topic I'm afraid, but what do you mean by "stamping for yourself in case you need social welfare in the future". I have been told that as a self employed person, I can only pay S class & therefore wont get JB if I need it in the future.

OP it sounds like your timing is superb - go for it - you'll be mortgage free in your dream home.
 
you may be able to haggle even more out of the price as a straight cash buyer.
 
deal with whatever is holding you back from buying this dream house first... ??? and then decide what to do.
 
MrMan said:
you may be able to haggle even more out of the price as a straight cash buyer.
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+1

You're in a strong negotiating position.
If you'll end up mortgage free, and with money actually left over, - I'd say its all pretty low risk, and you should go for it.
 
Is it 'your' dream house or your families dream house? If you all lo e it then go for it! Best of luck.
 
Buy the house and have no mortgage. Even if the business doesn't work out, you'd be able to survive on a job in McDonalds with no mortgage!
 
I am mortgage free and would love to upgrade... problem is i would have a mortgage again if i upgrade and dont want to go there.... if i had sold and could buy dream house and still have 100k leftover then i would definitely buy the dream home.... You could test the auctioneer with lower offer and maybe even have more than the 100k...Best of luck
 
if you do buy it, put it into your wife's name! Just in case the business doesn't go the way you want it to go!! It is very easy to put it into your both names after
 
If you buy the house in your wifes name only, she will need to get the mortgage based on her income only, then, if you wanted in both names, you would need to clear that mortgage and take out a new one with both names on it.
 
"It is unimaginable that the money we got for our own home would now actually pay for it outright (no mortgage needed!) and even leave us with just under 100k leftover – so what’s the problem mate?"

mf
 
How many people get the opportunity to realise their dreams, I can't imagine what's holding you back
 
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