36 year old, decent savings, buy a house?

Discussion in 'Money makeover' started by Panthera Tigri, 28 Dec 2018.

  1. galway_blow_in

    galway_blow_in Frequent Poster

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    Cheaper, also when it comes to investments, yield much higher
     
  2. PGF2016

    PGF2016 Frequent Poster

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    Take note of this if you are considering renovating. 100% accurate in my recent experience.
     
  3. Bronte

    Bronte Frequent Poster

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    Do not buy an apartment if you can afford a house.

    If you do buy an apartment do not buy a one bed.

    Make sure the house has an ensuite bathroom for the spare bedroom, or the space to put one in. You can rent it quite easily to a Monday to Friday worker who will go home at the weekends. My brother rented like that in Dublin for a few years off two different landladies. He never saw them as they were out working like him. He'd a fine big bedroom and ate his main meal at lunchtime so he hardly ever used the kitchen. If you rent like that you get the money tax free and it's not got the feeling of a house share. Plus you're in charge as you ow the place.
     
  4. NoRegretsCoyote

    NoRegretsCoyote Frequent Poster

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    A single friend of mine pushed himself to the limit and bought a two-bed apartment in Dublin suburbia two years ago. Two bathrooms. It was a bit of a squeeze financially for him.

    Houses have their charms but apartments are much more financially predictable. You don't have to worry about gutters or roofs and there is no grass that needs cutting.

    My friend now lets the second bedroom to another professional, tax free. They don't see a huge amount of each other and he's financially doing well and paying down the mortgage faster than planned.

    If you don't like a tenant under rent a room they have very few rights if you want to get rid of them too.
     
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  5. Panthera Tigri

    Panthera Tigri Registered User

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    Surprised to hear people in favor of apartments.

    Im going to try to avoid. I just dont see how they are more financially predictable or less expensive to run.
    They often have stupid management fees and are in less demand then houses.
     
    gravitygirl likes this.
  6. galway_blow_in

    galway_blow_in Frequent Poster

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    An apartment in D6 will always be more in demand than a house anywhere outside of the capital

    Lot of broad brush statements about apartments
     
  7. gravitygirl

    gravitygirl Frequent Poster

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    Totally agree. Also management fees can actually be reasonable in a well run development - you have to view each apartment on a case by case basis. In my own case - I pay €80 a year for unlimited bins essentially, approx 60 a year for weekly cleaning of the common areas - these are very good value, and I also benefit from added security, high definition CCTV etc. The only fees I don't get a tangible service like the above for are auditors fees (approx 35 a year, I can live with it!) and 150 for the managing agent fee. The agent looks after everything and gets 3 quotes for all services and chases up payments etc. and we have *zero* outstanding management fees, so I think it's good value also, as for me the low maintenance aspect is a big advantage of apartment living. I am not a DIY or gardening fan. If you are, apartments are probably not the best option. It really depends on the person and preferences but as Galway blow in says, you can't make broad brush statements - some apartments are very well managed and in great locations where you might never be able to afford a house for example.

    If you don't have children and are looking for a lower maintenance lifestyle in a good location, good, well-run apartments can be a great option
     
  8. NoRegretsCoyote

    NoRegretsCoyote Frequent Poster

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    Apartments are much more financially predictable because you have a monthly/annual stream of payments rather than an irregular one.

    I had to spend €2k on roof and gutter repairs last year at short notice. Many houseowners can struggle to pay for these unpredictable repairs, especially when you are stretched in the early years of a mortgage.

    Apartments in urban areas are easier to let than houses once the price is right. Apartments only differ so much, while with a house it can take longer to find a household that suits your configuration of rooms, wants or doesn't want a big garden, etc.
     
  9. galway_blow_in

    galway_blow_in Frequent Poster

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    Add to that, listen to any of the housing experts right now, all say the same thing, we need more apartments.
     
    gravitygirl likes this.