Is buying house in Swords right idea now?

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
 
we do not allow speculation about house prices, but if anyone can answer this question given that restriction, they are welcome to do so.
 
bms said:
Hello All,

10)currently renting but looking for bigger place if not buying we would rent for around equal money to mortage repayment rate)
Click to expand...

Is this comparison based on current interest rates? While its hard to say where interest rates will go the current ones are historically low and are likely to be higher on average in the future (they can only possibly go down another 1% and were 3% higher less than one year ago).
 
dam099 said:
Is this comparison based on current interest rates? While its hard to say where interest rates will go the current ones are historically low and are likely to be higher on average in the future (they can only possibly go down another 1% and were 3% higher less than one year ago).
Click to expand...


good point actually,thanks, it would be current level that i compared , I guess rents wouldn't rise the same
 
ascottdub said:
I wouldn't go near Applewood. Sorry, I know there's lots of nice people in Swords
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ascottdub,is there any particular reason you don't like applewood?
ok,the apartment part of the village seems average however I'm more looking into castleview/bunbury/sandford /glens estates
 
Hi there,
There's just a few places in Swords that could be on the wrong side of the fence, if you get my drift. However, the others you mentioned I haven't heard "stay away from". In saying that though, have you seen how far away any part of castleview is away from places? There is loads for sale down there, so make sure you bid with that in mind. Glen Ellen is lovely from what I know of. Good luck, swords is nice, but again, LOADS for sale
 
I see some properties in Malahide are going within your price bracket (350K)

Is it a 3-bed you're after?
 
Peterwilson,

I'm trying to find a 3bed house in Malahide in that range. If you know of somewhere I should be looking, dear god, please do say.

Not waterside though. Nothing against the people there, but it's like legoland and there's tons for sale.

Appreciate any input.

Thanks
 
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