@everydaylily Could be working in construction, senior engineers getting that easily now, some companies promoting lads with a year out of college because there's such a shortage of staff.
@alexandratree Some parts of Offaly. I was fortunate to get first refusal on a house for €180k. I've a €157k mortgage using the local home authority loan. I'm renting out a nice double room in the centre of a big town for €580 per month including bills. The €14k in the rent a room scheme you can earn is inclusive of bills. Most people forget that. It's still a great way to make money and give someone a room to stay in.
@resjudicata Literally makes no difference to the tenant. Stop virtue signalling. You're charging 580 for a room for a room in fucking offaly and you're trying to take the moral high ground.
@alexandratree It's a very nice room, in the centre of a big town near all local shops and amenities. €580 including bills works out at €400 per month after you factor in electricity, internet, etc and a house that will only improve. The rent is never going to go up because I don't want to cross the €14k threshold. Don't act like Offaly is a shithole, shitting on rural counties doesn't achieve anything. County councils are charging more than I am too at the moment.
@isak84 5/600 a month won’t pay a mortgage on a 180k house unless they combined to do it which has its own issues. Also the matter of the 20k deposit etc and the fact that the guys might be happy with the flexibility of being able to walk away/have no interest in owning a home at the moment. If you’re on a half decent wage paying 600 a month for rent + bills you can live a very comfortable life and save money for whatever your future plans are
@kein1 180k house minus 20k deposit, at a rate of 2.3% would be about 640 a month. Hard to get that rate right now but less than a year ago it was reasonable. Also not easy for everyone to get a 20k deposit together. But I’m just making a point.
@cee_the_atheist Or option 4: Buy a doer upper that has a rent a room unit off the house so once you leave the first property you can still get your 14k a year in the 2nd property thus living mortgage free again.
I would crack open an excel sheet and do the maths on which option you like/ are most comfortable with and see what timeliness you come to when everything can be paid off by yourself and help from renters. The rent the room is always going to win because its tax free and renting a property that has a mortgage usually doesn't make any meaningful profit after income tax.
an excel sheet and do the maths on which option you like/ are most comfortable with and see what timeliness you come to when everything can be paid off by yourself and help from renters. The rent the room is always going to win because its tax free and renting a property that has a mortgage usually doesn't make any meaningful profit after income tax.
@cee_the_atheist Not necessarily, I was watching small Irish homes during the week and one had a shed at the back you could renovate. I'd say you just need to keep an eye out. You could also potentially buy a steel tech shed/ cabin and have a renter in them but obviously those cost money too so again an excel sheet would work out what makes most sense for your timeline/risk profile.
@cee_the_atheist I was under the assumption borrow is the better idea if you plan to invest your cash.
For example a mortgage with 5% interest rate vs 10% interest you could earn by investing. Obviously not guaranteed and you have to consider cash. Worth doing the maths on a few possibilities like that and seeing what the possible outcomes are
