What to do with the money!

[grannyb]

I recently received a lump sum of 100,000euros and have decided to purchase a house costing 220,000 euros. I qualified for a mortgage of 190,000 euros and i wonder what is best.... to put as much money into the house or reinvest it and use the mortgage? I also need to purchase a car, maybe I should buy the car out right?? I don't know what to do for the best. At the end of the day I don't wnat to be left with no savings!

 

[dodo]

You could get mortgage of 150K , buy car out right use spare cash to fit out house to a point always nice to have a few thousand in the bank I always think, also take the full 190K use the spare 70K - car and few thousand say you left with 50K put it down for a desposit on new house which say will be built in a year or so when built sell straight away making I think some profit for you, or why not talk to bank about buying a 2nd house to rent out, you have alot of options ,

 

[colc1]

say you left with 50K put it down for a desposit on new house which say will be built in a year or so when built sell straight away making I think some profit for you, or why not talk to bank about buying a 2nd house to rent out, you have alot of options ,

Think being the word there are no guarantees and people seem to be getting pessimistic about house prices rising the way they have dond and then there are fees to consider

 

[CCOVICH]

It makes sense (to me) to buy the car outright, keep a lump sum of 2-3 months salary aside for 'rainy days' and use the rest towards the house purchase, leaving as small a mortage as possible. One thing you may want to consider is maximising your TRS mortgage interest relief, capped at €8,000 (for joint buyers) for 7 years.

 

[RainyDay]

Is the house an investment or your home?