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Buying a house for my kid

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    #32
    Wabbit Ears
    Registered Users Posts: 3,043 ✭✭✭Wabbit Ears


    Its also silly for a parent to decide for a two year old where it will want to live when its grown up, best intentions aside.

    That said, Im as bad as the OP, I bought an apartment abroad as a gift for my kid to sell on when they need money to buy their own place but now I have two kids and nowhere near as much disposable income. I couldn't buy a second property for my second kid so the plan is all up in the air. Also, the rent doesnt cover the cost of the apartment and is in negative equity, so while my kid will get good money for it, it was a really bad investment for me.


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    #33
    January
    Closed Accounts Posts: 23,862 ✭✭✭✭January


    Wabbit Ears wrote: »
    Its also silly for a parent to decide for a two year old where it will want to live when its grown up, best intentions aside.

    That said, Im as bad as the OP, I bought an apartment abroad as a gift for my kid to sell on when they need money to buy their own place but now I have two kids and nowhere near as much disposable income. I couldn't buy a second property for my second kid so the plan is all up in the air. Also, the rent doesnt cover the cost of the apartment and is in negative equity, so while my kid will get good money for it, it was a really bad investment for me.

    That's another thought. OP if you have more kids can you buy more houses?


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    #34
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    shugy wrote: »
    What kid wouldn't want to be handed a house when they become an adult.
    Are we to assume the cottage is in Dublin 4?


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    #35
    Noo
    Registered Users Posts: 1,986 ✭✭✭Noo


    Deleted User wrote:
    If you are set on buying property consider student accommodation in a nearby college town. It will earn income in the meantime and there will be a place available if he goes to college there.


    I know someone who did this. They live in the country and bought an apartment in the nearest city (a college town) for their daughters when they headed off to college. Rented it out in the meantime. Fast forward 15 years and the oldest has gone off the college in said city....but renting with friends in a share house. It worked out better for them to keep their tenants where they were and find somewhere else for the daughter. Not everything goes to plan.


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    #36
    Sleepy
    Registered Users Posts: 24,249 ✭✭✭✭Sleepy


    OP, if you're intending to provide a stable place for your child and his mother to live while he's growing up why not suggest it to the mother?

    If she goes for it, you could draw up a lease for a nominal amount e.g. 1 euro per month thereby helping ensure he has a stable home for his childhood?


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    #37
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    Trinity Old-fashioned Streptomycin wrote: »
    It's also an IT hub with lots of IT jobs (thousands commute to galway from Mayo along with having some big companies in Mayo also). Limerick also has some big companies with highly skilled jobs.

    I work in IT in Galway.

    I cannot even remember how many younger people I've met here who got a job in Galway when they came out of college, but after a year or two were itching to get up to the bright lights and bigger opportunities of Dublin.


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