Not posted for a while.
My life has changed a bit in the past year.
I got married, got a new job and my father passed away.
All these three things obviously have an effect on my finances and plans for the future.
My wife is not mrs MM but she does manage to safe quite a large portion of her income and understands planning for the future is important.
She currently is working in a job that pays well and is not too difficult, but hard on her body and mind. And so she would like to leave it in june 2016. As by that date she will be eledgebale for a good payout and bonus. She is from cape town and would like to go home for 2-3 month after she quits and stay with her parents. COL is much lower there so she should be able to spend 1/3 of what she does now. So I am all for it.
Reason being I spend uo to 5 month a year traveling for my new Job. So most likely I would not be in the country anyway and if when I don't travel I am free to do pretty much what I want, so I can stay in cape town as well.
After she has gotten sick of her family and remembers why she left SA in the first place we would like to go travel for a few month. Maybe until February or march.
I am lucky that during the month I am not trwvrling I still get paid full salary. So I believe we could easily travel on my 17500 aed (4765US$). Now I have no intention of using all that money anyway. The reason being I have to buy a property in Dubai and rent it out. The reason I say have to is as follows.
7500 aed from my salary is accomodation allowance, I only get that when I show proof that I am renting or owning a flat in dubai.
Our current rental contract runs out on 21st of feb. And if I was to extend it I would have to sign another one for a full year.
So we are looking at finding a place for the remaining 4 month until Mrs Falconer quits her Job. I already might have found a studio appartment that I can rent of a friend for the 4 month.
Now the question is, do I wait with buying a place until we cone back to dubai beginning 2017 or do I buy it as soon as I am eledgebale for a loan, 6 month from now? We would buy something that we could rent out on a monthly basis, as many people who just moved to dubai are looking for somethimg for a few month until they know they are going to stay longer.
Additionally like I mentioned my Dad passed away and my half of tge cash inheritance is sitting in germany in euros in the bank. With the Euro bring as weakas it is I dont see it wise to bring it to the uae in order to make my down payment even larger.
What should I do with that money? My dad was a hardcore communist, so part of his will is that it can not be invested into the stockmarket. And I intend to honor his wish 100%. Should I buy another property with it in Germany? My family already has 2 houses with a total of 12 flats and 2 flats/apartments. All the profit from the rent is going into mine and my brothers bank accounts in Germany. My mum has such a high pension she does not need any of it and says we can use our inheritance already now if we want to. But I just don't know what to do with it. I feel putting it into more property is putting more of my eggs into one basket.
When I buy the Apartment in Dubai, we intend to put a 40% down payment on it and pay it off as fast as we can, by combining my allowance from work with anything we don't spend during our travels. Rental profit is 8% of the property value. Or should I invest the extra savings into something else?
