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What would you do ?

  • 06-07-2022 1:52pm
    #1
    Registered Users, Registered Users 2 Posts: 20,935 ✭✭✭✭



    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 ?



Comments

  • Registered Users, Registered Users 2 Posts: 22,419 ✭✭✭✭ELM327


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



  • Registered Users, Registered Users 2 Posts: 436 ✭✭Girl Geraldine


    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.



  • Registered Users Posts: 1,860 ✭✭✭Pissy Missy


    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



  • Registered Users, Registered Users 2 Posts: 1,418 ✭✭✭Deub


    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.



  • Registered Users, Registered Users 2 Posts: 132 ✭✭AySeeDoubleYeh


    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.



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  • Registered Users, Registered Users 2 Posts: 3,011 ✭✭✭KilOit


    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



  • Registered Users, Registered Users 2 Posts: 10,161 ✭✭✭✭Caranica


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



  • Registered Users, Registered Users 2 Posts: 740 ✭✭✭Kurooi


    1. If I have a job that qualifies for a mortgage, skip to step 3. otherwise, put money in savings account.
    2. get a job, live with parents another 1-2 yrs and save at easy pace (still enjoy life, a cheap holiday)
    3. 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.
    4. 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.
    5. Enjoy my 20s, focus on skillset, career, health, relationships.


  • Moderators, Business & Finance Moderators Posts: 10,500 Mod ✭✭✭✭Jim2007



    Stay as far away from property as possible, it's a high risk asset with a low return.



  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    Buying property at very peak is not wise



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  • Registered Users, Registered Users 2 Posts: 20,935 ✭✭✭✭yourdeadwright


    Just to be clear i don't have 200k cash , & all the money i do have is tied up paying my mortgage ,

    I asked because i heard of a guy locally who happens to fallen into the situation ,



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