B
buzz55
Guest
Hi all,
I would like your advice/opinion on the following.
I am 26 years old, currently earning €25k per annum, have c. 5k in savings, no outstanding debts.
At the moment I am paying rent of €350 per month + saving €370 each month with the credit union, which I intend to increase to €500 per month in May.
From various posts on this site, it seems I could get a mortgage of 160k or thereabouts. My partner is self employed and we are not in the position to buy anything where we live at present (Co. Galway). I have been toying with the idea of buying a property in Co. Cork for 130k and renting this out. If I took out the mortgage over 25/30 years, the pay back per month should be manageable even if I was without tenants for short periods.
I suppose what I'm wondering is should I go ahead and buy to let, with the idea of selling up in about 5 years time + buying a family home, or should I just continue saving 500 per month towards a bigger deposit?
What are the pros and cons of buying to let, and what other expenses should I allow for?
Thanks very much
buzz
I would like your advice/opinion on the following.
I am 26 years old, currently earning €25k per annum, have c. 5k in savings, no outstanding debts.
At the moment I am paying rent of €350 per month + saving €370 each month with the credit union, which I intend to increase to €500 per month in May.
From various posts on this site, it seems I could get a mortgage of 160k or thereabouts. My partner is self employed and we are not in the position to buy anything where we live at present (Co. Galway). I have been toying with the idea of buying a property in Co. Cork for 130k and renting this out. If I took out the mortgage over 25/30 years, the pay back per month should be manageable even if I was without tenants for short periods.
I suppose what I'm wondering is should I go ahead and buy to let, with the idea of selling up in about 5 years time + buying a family home, or should I just continue saving 500 per month towards a bigger deposit?
What are the pros and cons of buying to let, and what other expenses should I allow for?
Thanks very much
buzz