Are my first time buyer plans realistic?

I'd go for a house if possible. If you take a €1k management fees, multiply it by the 20 year mortgage, that's another €20k you've paid - and you won't have a whole lot to show for it.

And I'm speaking from experience as I have a two bed apt. It adds a significant amount to your monthly outgoings so if possible save for a little longer and go for a house. It'll be cheaper in the long run

i was chatting to an estate agent last week who said in our area they were struggling to sell apartmets , even 2 beds. He cited the main reason as banks not lending on apartments

he could have been talking through his hat but worth looking into. I live in Dublin 1 btw

Hi All,

Thanks for all of your input.

Having read some of the posts by people who have found themselves in horrible circumstances with negative equity etc., I have decided avoid potentially inflicting that on myself, so I am going to hold off for the immediate future.

I don't know if it's an cultural thing or whatever, but I definitely want to own my own property at some point. Rental accommodation doesn't feel like home, but I'll just deal with it...

I'll keep saving and am currently looking at options on deposit/investment accounts etc.

My preference for an apartment was/is based on personal safety considerations and having a central location.

Thank you all again!

pansy said:

My preference for an apartment was/is based on personal safety considerations and having a central location.

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Apart from the money pitfalls of apartments you need to look at issues like layout, space, management companies, management agencies, sinking funds, parking issues. All of these seem to be minefields in apartment living in Ireland.

Hi pansy, if yoi are thinking of buying over the next year or so, I would advise you to have a browse of [broken link removed] - the posters there have a particularly negative view of the current property market and while I think some of them have an overly apocalyptic view, its good to get all sides of the argument before you make up your mind.

Well done by the way on saving 20k by the age of 25!! When I was that age (13 years ago) I was incredibly proud of merely being in the black in my current account ....

Bronte said:

Apart from the money pitfalls of apartments you need to look at issues like layout, space, management companies, management agencies, sinking funds, parking issues. All of these seem to be minefields in apartment living in Ireland.

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Indeed, these are important issues - but many of these minefields also apply to many modern developments, whether town-houses, duplexes or apartments. It's not just about apartments.