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I am one of the least talked about minorities in Ireland, one that practically no one cares about – the divorced, penniless, middle-aged dad.
Everything I do now is just to survive and give my son the best upbringing he can have, and to that end I am forced to rent in South Dublin so the majority of my salary goes to my landlord. It’s not his fault, I’m grateful for him that I have somewhere over our heads, but there is always the danger that he will decide to sell and I will be homeless. Because have no doubt, that is what would happen. My rent is currently all I can afford but also way below the current market rate, so if I am to find somewhere else it will be out of my price range (if I could even find somewhere) or so far away from my son that he will not see his father.
I need to buy somewhere. I have a good job and a good salary, and I work hard and am well-regarded by my colleagues. Divorce, though, left me penniless and with some debt. All my salary goes on surviving, and looking after my son – and I am approaching 50. So the chances of me saving a deposit of at least €35,000 are zero. Therefore I am stuck.
Or am I?
There is currently an apartment for sale in the block I rent. The asking price is €375,000. Here is where I am thinking about an unconventional solution.
What I need is someone who is willing to invest €125,000 over 15 years. For that, the investor will have paid for 33% share of an apartment – but what I will give you in return is 50% of the value in 15 years. I will pay off the €250,000 mortgage over 15 years. It works out as the same as I am paying in rent at the moment so I can afford it.
There it is, €125k what at current market value is worth €187,500, and could be worth way more in 15 years. I don’t think you would get anywhere near that return if you put the money in a savings account.
What I get is peace of mind, and a roof over our heads that we can call home. And I’m not throwing money away every month, in 15 years when I turn 65 I will have the other 50% of the value. If that’s worth less than I put into it then so be it, I’m willing to accept that. I just want security for my son, I want a place to call home.
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