Social Experiment - Debt

[Hallbopping]

I’m useless with money and have been thinking about what the best approach to buying a gaff is. I’ll be inheriting quite a sum of cash (not 500k but not small either) in the next few months plus shares.

My plan is keep 20k cash back as a rainy day fund/savings, use the remaining cash to buy a house plus mortgage and retain the shares.

Not even sure if that’s the right approach.

 

[Orchard thief]

I’m useless with money and have been thinking about what the best approach to buying a gaff is. I’ll be inheriting quite a sum of cash (not 500k but not small either) in the next few months plus shares.

My plan is keep 20k cash back as a rainy day fund/savings, use the remaining cash to buy a house plus mortgage and retain the shares.

If you’re getting €500k cash you’ll have a small inheritance tax bill of €33k to pay. (33% of the €100k)

First €400k is tax free assuming you haven’t already gotten and declared a few bob from the same person previously.

 

[Hallbopping]

If you’re getting €500k cash you’ll have a small inheritance tax bill of €33k to pay. (33% of the €100k)

First €400k is tax free assuming you haven’t already gotten and declared a few bob from the same person previously.

I’m under the tax threshold so will be fine on that front.

 

[Lee Bushwacker]

I’m useless with money and have been thinking about what the best approach to buying a gaff is. I’ll be inheriting quite a sum of cash (not 500k but not small either) in the next few months plus shares.

My plan is keep 20k cash back as a rainy day fund/savings, use the remaining cash to buy a house plus mortgage and retain the shares.

Not even sure if that’s the right approach.

Maybe you should hold onto more than €20k Boppy. You are probably aware that it pisses down in Ireland for large parts of the year.

 

[Apollo Creed]

No debts.
No mortage.
No pension.

 

[Apollo Creed]

I should add I own my house.
Did a lot of travelling, cash in hand jobs etc so state pension looking a bit dodge so not really worth paying into a pension at this stage.
My salary is low yet I still save 200 a week.
Used the savings recently to buy solar panels and batteries for 10 grand as a long term investment and to prepare for retirement.
No sooner did I do that then the dodgily installed heat pump by the dodgy builder packed in. Will get a loan from the credit union to replace that if I have to. Think the rates are lower for that kind of loan.

 

[Happyhonkaman]

I should add I own my house.
Did a lot of travelling, cash in hand jobs etc so state pension looking a bit dodge so not really worth paying into a pension at this stage.
My salary is low yet I still save 200 a week.
Used the savings recently to buy solar panels and batteries for 10 grand as a long term investment and to prepare for retirement.
No sooner did I do that then the dodgily installed heat pump by the dodgy builder packed in. Will get a loan from the credit union to replace that if I have to. Think the rates are lower for that kind of loan.

Wait 'til Dan sees this

There's not too many parts in them, hopefully you can get it fixed rather than replaced. You should be eligible for a grant as well which would put 4 or 5k towards it

 

[Apollo Creed]

Wait 'til Dan sees this

There's not too many parts in them, hopefully you can get it fixed rather than replaced. You should be eligible for a grant as well which would put 4 or 5k towards it

Its a geothermal from nearly 20 years ago that the clown placed the main unit outside the house!
The builder got a grant but Im hoping that doesnt disqualify me. The fella I have looking at it says theres no record of a grant from my address so thats looking good so far.

 

[Happyhonkaman]

Its a geothermal from nearly 20 years ago that the clown placed the main unit outside the house!
The builder got a grant but Im hoping that doesnt disqualify me. The fella I have looking at it says theres no record of a grant from my address so thats looking good so far.

If its a geothermal then you shouldn't have any issue getting a grant for a heat pump, 20 year timeframe would also been you are back in the game surely.
Putting geothermal systems into estate houses would be very unusual!

 

[Apollo Creed]

If its a geothermal then you shouldn't have any issue getting a grant for a heat pump, 20 year timeframe would also been you are back in the game surely.
Putting geothermal systems into estate houses would be very unusual!

Wasnt an estate. Builder had a site for one detached two semi in a village. We bought off the plans.
Put in boreholes because he got a grant. Was selling the houses as eco freindly, timber framed, thick wall extra insulation etc.
Got the frames craned into place.
He was after a fast buck so fucked the unit directly above the borehole piping instead of in the house like its supposed to be.
Fixing it will be a head ache because Ill have to move it into the utility room which will mean new piping and moving the washing machine into a kitchen which will mean removing part of a fitted kitchen and plumbing etc.
Will also have to build shelving above the geo unit to fit the dryer because theres nowhere else for it to go.
Might end up capping the pipes and installing air to water outside to save the hassle but would be an awful shame to waste the borehole.