B
bms
Guest
Hello All,
I'm new to the forum here
I'm thinking about buying a house in near future.As much its not only a financial decision I was hoping to get some advise wheteher I'm possibly making a mistake from financial point of view.All comments would be much appreciated
I'm have AIP,looking to buy a 3bed semi in Swords area(Applewood).As FTB joint applicants we're looking at max 350 range over 30 years,
I assume below:
moneywise:
1)no pay rise in near future,
2)increased taxes 5%,
3)don't include FTB relief
4)at least 10 years living there
5)rates going up in next few years( at 7% would be around 40% of income)
6)paying off some lump some every year
7)have fine savings after deposit left (15k)
8)house under 10 years old(not much refurbishment needed hopefully)
9)if one job lost would still make it for a year or so
10)currently renting but looking for bigger place if not buying we would rent for around equal money to mortage repayment rate)
11)no other loans/debt
12) extra commuting cost 100/month
13)monthly rate at current rates would be around 25% our net income
personally:
Pros
1)have enough renting and noise,like to have garden ,own house in quiet area etc
(Am I right in saying so as far as Applewood goes?)
2)having house big advantage when having a child
Cons
1)it's a bit more of commute time spent for one of us
2)house might need renovation at some stage we're no experts
would you say we should hold the gun and wait till next year or so?
should I include anything else when considering next step?
many thanks
I'm new to the forum here
I'm thinking about buying a house in near future.As much its not only a financial decision I was hoping to get some advise wheteher I'm possibly making a mistake from financial point of view.All comments would be much appreciated
I'm have AIP,looking to buy a 3bed semi in Swords area(Applewood).As FTB joint applicants we're looking at max 350 range over 30 years,
I assume below:
moneywise:
1)no pay rise in near future,
2)increased taxes 5%,
3)don't include FTB relief
4)at least 10 years living there
5)rates going up in next few years( at 7% would be around 40% of income)
6)paying off some lump some every year
7)have fine savings after deposit left (15k)
8)house under 10 years old(not much refurbishment needed hopefully)
9)if one job lost would still make it for a year or so
10)currently renting but looking for bigger place if not buying we would rent for around equal money to mortage repayment rate)
11)no other loans/debt
12) extra commuting cost 100/month
13)monthly rate at current rates would be around 25% our net income
personally:
Pros
1)have enough renting and noise,like to have garden ,own house in quiet area etc
(Am I right in saying so as far as Applewood goes?)
2)having house big advantage when having a child
Cons
1)it's a bit more of commute time spent for one of us
2)house might need renovation at some stage we're no experts
would you say we should hold the gun and wait till next year or so?
should I include anything else when considering next step?
many thanks