Age: 39
Spouse’s/Partner's age: 47
Annual gross income from employment or profession: 82K
Annual gross income of spouse: Covid payment, been out of work 1.5 yrs - hoping will be back to work within a year max to ca 36-40k
Monthly take-home pay: 4300- 4800 (take regular parental leave days)
Type of employment: e.g. Civil Servant, self-employed: private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving a tiny bit, but mostly cutting even most months
Rough estimate of value of home: Approx 370k / paid 300k
Amount outstanding on your mortgage: 220k fixed rate @ 2.2 % - €909 per month),
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
60k savings - 50k ring-fenced for potential extension, rest likely to disappear quickly re: upcoming unpaid maternity leave
Do you have a pension scheme?
No
Do you own any investment or other property?
Partner owns a duplex property currently rented but looking to try and sell in next month or so (pre covid notice was given). May make 20k profit after expenses.
Ages of children: 2 + a 2nd one on the way end 2020
Life insurance: yes
What specific question do you have or what issues are of concern to you?
I have been planning to extend my well located terraced house as it is quickly becoming very tight for all of us. I am not sure whether it's worthwhile investing much in it, or whether I should consider holding on to as much as I can and plan to buy a bigger property together in 4-5 years time once my partner is back at work and children out of childcare? I am a bit scared by a big mortgage as I would like to keep some freedom down the line and not have to work a high responsibility job forever. I am also pretty sure my income will drop as I doubt I will still have this job in a few years' time.
In my mind I would invest max 50-60k in the current property, but I am now wondering whether it would be ok to do a double extension and spend up to max likely value of house (I am guessing it would never be more than 390-400k) so that we can improve our quality of life in it as we might never be in a position to (or want to) afford a bigger property. Or is the market going to crash and we could be in a position to get something much bigger (but maybe that could happen in 1-2 years, not in 4-5 years so we might miss the boat on that crash)?
Should we invest in what we have, and play big only if we win the lotto?
Spouse’s/Partner's age: 47
Annual gross income from employment or profession: 82K
Annual gross income of spouse: Covid payment, been out of work 1.5 yrs - hoping will be back to work within a year max to ca 36-40k
Monthly take-home pay: 4300- 4800 (take regular parental leave days)
Type of employment: e.g. Civil Servant, self-employed: private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving a tiny bit, but mostly cutting even most months
Rough estimate of value of home: Approx 370k / paid 300k
Amount outstanding on your mortgage: 220k fixed rate @ 2.2 % - €909 per month),
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
60k savings - 50k ring-fenced for potential extension, rest likely to disappear quickly re: upcoming unpaid maternity leave
Do you have a pension scheme?
No
Do you own any investment or other property?
Partner owns a duplex property currently rented but looking to try and sell in next month or so (pre covid notice was given). May make 20k profit after expenses.
Ages of children: 2 + a 2nd one on the way end 2020
Life insurance: yes
What specific question do you have or what issues are of concern to you?
I have been planning to extend my well located terraced house as it is quickly becoming very tight for all of us. I am not sure whether it's worthwhile investing much in it, or whether I should consider holding on to as much as I can and plan to buy a bigger property together in 4-5 years time once my partner is back at work and children out of childcare? I am a bit scared by a big mortgage as I would like to keep some freedom down the line and not have to work a high responsibility job forever. I am also pretty sure my income will drop as I doubt I will still have this job in a few years' time.
In my mind I would invest max 50-60k in the current property, but I am now wondering whether it would be ok to do a double extension and spend up to max likely value of house (I am guessing it would never be more than 390-400k) so that we can improve our quality of life in it as we might never be in a position to (or want to) afford a bigger property. Or is the market going to crash and we could be in a position to get something much bigger (but maybe that could happen in 1-2 years, not in 4-5 years so we might miss the boat on that crash)?
Should we invest in what we have, and play big only if we win the lotto?