Mortgage paid off, sick of long commute to Dublin, should I rent or buy in Dublin

L

Lynden

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I have my mortgage on my house down the country paid off. This small property would only be worth max €170K. Unfortunately I currently have a 3 hour commute each day to Dublin for work. I'm in my early 50's with at least another 10 years of full time work ahead of me so my question is would it be worth while renting in Dublin or buying a property now (apartment or small house). I don't want to sell my house in the country and if possible I'd like to keep it free for the weekends, I would also prefer not to have to share the property in Dublin, if possible. I have approx €40k (cash and investments) and would have a salary of €72k pa.
On retirement I might sell one or other of the properties to add to my pension.
Thanks for any advice.
 
Have you looked at what is available in Dublin for you to rent? Have you an area in mind? Do you want to have a property in Dublin long-term or is this really something just for ten years? Have you investigated what mortgage you would be allowed (don't forget term would probably be short)?

Renting gives you greater flexibility in terms of area, property and moving on later and could be achieved sooner with less outlay than purchasing. Obviously it is a little more precarious but given you plan on living in the country on weekends it probably makes more sense than owning two properties.
 
Thanks so-crates, I'm going to check out what mortgage I can get next week so that will probably answer a lot of questions for me. Just wondering why would you think that the term would be short, is it related to my age or something else?
Also I do love Dublin and go to the country to be near elderly parents, this may change and I might wish to spent full time in Dublin in a few years. From an investment point of view, is there any value in purchasing at this stage.
Thanks again
 
is there not another alternative, which is look for a job closer to home?. You may not get the same salary but if you take a 3hr commute out, there is a cost saving there (fuel, depreciation of car etc etc or train season ticket) which means you would not require the same salary
 
The bank may add on a couple of years depending on your pension. Dublin has become quite pricey again, supply of houses for sale has collapsed.
 
Also depends on where in Dublin your working and where you live now, you want to be on the most direct route if possible

You won't get much of a mortgage based on your age, I think your best option is to rent in Dublin if you don't want to work somewhere closer to home
 
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