I'm an adult... Buy Buy Buy

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TheSphinx

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I'm stressing out real baddly - after pushing it I am able to get 237K Max on my own of a mortgage, that includes renting a room on 450 a month, my repayment wud be just under 1000 a month - I cannot get anything under 237 in a good area in dundalk - 2 bedroom apartments are 250K plus, I am still living at home, but that programme last night on RTE2, I'm an adult.... scared the crap out of me. There was a huge emphasis on them getting a house, it looked as if they weren't going to be happy unless they got one, there life revolved around buying a house, and now it' revoving around mine too. Not oncce was renting mentioned last night, I thought at this stge that it was a good enough option.....
 
Obviously purchasing a property is always a better option than renting.

The brother and sister last night, said they would probably rent out a room to help with the mortgage. I don't understand why they didn't take that first house in Tallaght, it was much nicer than what they bought.
 
Take a deep breath and walk away from the 35 year sentence (or is that a 40 year sentence ) and having to have a tenant at all times to help cover your mortgage and the stress and fear if you are out of work and no second income and all the other crap that could happen in 35 years (or is that 40)

Long term (history) owning is better than renting but the market has gone nuts here because of the 100% mortgages in the past year (once the banks realised they had used up all the creditworthy 90% ers so the only business was gonna be 100% ers in 2005/2006 and then 105% ers later this year with SSIA added on )

Long Term there is also a relationship between incomes and house prices, its 4 x or so . Are you on a €50k salary by any chance or less than half that ???

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E450per month is very optomistic for Co Louth. Max asking price in Drogheda currently is 420 euros for one apartment but average is 250-350/month. Dundalk is worse - max asking price for apartment sharing is 300/month and average is 200-300. Figure on adding at least 100 euros to the cost of repayments even factoring in renting out a room.

Esme, could you explain why buying is always better than renting? It isn't as obvious to me
 
2Pack said:
Long Term there is also a relationship between incomes and house prices, its 4 x or so . Are you on a €50k salary by any chance or less than half that ???
Click to expand...

My salary is on a pay scale, currently on €40k

why is people hell bent, in owning property - why could those people not rent themselves. I want somewhere to live, but have a life too, I don't want to live in a kip either....
 
There are existimg threads on "I'm an adult...." and there are also threads on the attractiveness of renting at the moment vs. buying, and on Irish property prices in general elsewhere on the site.

I don't see the need to rehash these issues here.

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