What would you do ?

yourdeadwright · 06-07-2022 2:52pm #1

Ok fantasy scenario ,

If you where in your early20's ,living at home in Dublin ,no dependants , On lets say 40 grand a year & all of a sudden got handed 200grand cash ,

What would you do with it ?

Buy property worth 200 grand, (good luck finding that in Dublin )

Buy a property down the country

Buy a property abroad,

Buy a property to rent out ,

Get a mortgage on top of the 200 grand to buy something ,

Keep living at home & keep saving & building your salary

Or another ?

ELM327 · 06-07-2022 2:55pm

Leverage the 200k at 1:4 and buy commercial rental property in different parts of the country.

Girl Geraldine · 06-07-2022 2:58pm

I know what I wouldn't do, which is buy a property to rent out. Landlords are leaving the market in their droves. They can't get out and sell up fast enough.

What I also would be less inclined to is keeping the €200k on deposit. If inflation gets to 10 percent, you have € 20k lost worth of it's value at the end of the year.

Money on deposit is very expensive.

Pissy Missy · 06-07-2022 3:12pm

https://www.boards.ie/discussion/2058253321/what-would-you-do

You can bring me out to dinner first 😆 for real though, you could buy a house and rent it out to make money, the interest you pay off a mortgage is criminal so if you can buy it without one all the better, 200k is a lot of money and you should find ways of investing and making more money off of it. Also you could treat your parent(s) to a gift and maybe siblings (if you have any) to a fab dinner out/few nights away etc but that's up to you

Deub · 06-07-2022 3:34pm

Why would use it in one thing only?

Get some financial advise from a professional. You can also look at investing some in pension, some in financial market, etc

Don’t use it all straight away. Use 25% now, 25% in 3-6 months, etc It would mitigate any rapide change in stock market.

AySeeDoubleYeh · 06-07-2022 4:01pm

Personally, I'd look to buy a 2-bed apartment in Dublin for 300-350k, mortgage the extra, and rent out one of the rooms. I am sure there are better ways to invest the money, but this ensures you have

your own property, which is ~guaranteed to appreciate in value long-term
an additional income stream on top of your 9-5

You'd be set for life.

KilOit · 06-07-2022 8:16pm

Get a mortgage on top of the 200 grand to buy something but only after living a little, early 20s is too young to settle down in a property

Caranica · 06-07-2022 8:23pm

Take 20k, travel the world and then consider your options!

Kurooi · 06-07-2022 8:38pm

If I have a job that qualifies for a mortgage, skip to step 3. otherwise, put money in savings account.
get a job, live with parents another 1-2 yrs and save at easy pace (still enjoy life, a cheap holiday)
Get a mortgage, look for property 300-400k with income potential. Say a 3 bed 2 bath house in Finglas, or a 2-3 bed apartment. Somewhere within easy commute of Dublin, or with other value like near a college or jobs. Take into account any property that might come with a commercial unit or billboard space.
Move into that, rent out other rooms. Don't AirBnB or anything like that, grab some nice tenants and hold onto them even if they pay a little below market.
Enjoy my 20s, focus on skillset, career, health, relationships.