Have cash but no job so how do I buy a house?

A

aoifebelle

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I’m due to inherit money next year but am short at least €150k for a property that would be close enough to where my child goes to school and where my child’s father lives. I’ve no job at present as I’m studying and looking after my child, so a mortgage is out of the question. Does anyone know do investors exist for situations like this? Or if I was to buy a property in a location I could afford and rent it out (and rent myself in Dublin), would that have tax implications if it’s not my primary residence? I don’t know what to do.
 
DannyBoyD said:
Finish the studies, get a job & then you'll be in a great position to buy
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That sounds great in theory but I’d probably need to spend a part of the inheritance on rent. I’m currently living in the house that the inheritance will come from, so once the house is sold I will have to rent, unless I can get an investor to loan or invest 150k to buy a property that I could live in.
 
Ah ok.

Would you be able to do a deal to stay on as a caretaker until you've finished your studies.
 
No investor would touch this.

The only way for you to buy a house is if a friend or family member helps you out.

Brendan
 
Yes, it was my late mother's house and I've been living here the past year and cared for her while she was sick. There are other beneficiaries so the house has to be sold and they are in a rush to get the money for their own properties, which is understandable (one just went sale agreed and one of the others just purchased a doer upper). Not sure if I should just buy somewhere to rent it out, so at least the money would be invested rather then spending it on rent (and not having any security of how long the lease will be etc.).
 
I’m guessing it has to be sold to allow all the heirs their share. But if they aren’t in a hurry they might be prepared to let her live there and delay selling for a while

Ok so not much time. However a sale will take a few months anyway. But I’m thinking renting is your only option. No banks will lend with zero income to repay a mortgage.
 
How would you pay rent if you don’t use your inheritance?

If you buy somewhere and let it out I’d be surprised if the after tax income covered your rent elsewhere but it might
 
So you're about to be cash rich but income poor - in the short term at least. Not the most cost effective way of getting a family home but could you purchase the home you want as a BTL and rent it (to yourself)? Maybe look at rent a room?

You'd need 30% of the asking price as a deposit and I presume there would need to be some assesment of prevailing market rent, relative to mortgage repayments, but it might get you round the income issue as I don't believe they necessarily look at your income when assessing BTL mortgage - but open to correction on that.

When you start working you could remortgage at a lower homeowner rate.
 
What date do you expect your studies to finish on?

What date do you expect your house to be put up for sale on?
 
Also realistically how long will it be until you get into paid employment? Are you doing a course like teacher training or something you can easily get into a grad programme after?
 
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