Key Post Should I buy an apartment or a house?

I live in a 5 bed detached house in Blackrock Co. Dublin. 30' front garden and 60' back garden. There are only two of us. We are considering downsizing. We would choose an apartment if we could find one in a small development, south facing, large balcony. Close to where we presently live.
We are used to our home being fairly quiet and having lots of room to dump "stuff". We like pottering around our garden. I think we will have problems finding what we want.
We would also consider a decent sized 3 bed semi. A sort of smaller version of house to where we presently live.

Having a lock up and go apartment would be great that would allow us head down to Spain for the winter. However with maintenance charges etc the 3 bed semi without these seems a better option.
 
galway_blow_in said:
and what if your increase or accumulation of earnings is greatly out paced by property market increases ?

people dont have time to hang around waiting
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Then you’ve something to reflect on.

It’s a risk/reward question.

Personally, I wish I’d bought a house rather than an apartment.
 
Grizzly said:
I live in a 5 bed detached house in Blackrock Co. Dublin. 30' front garden and 60' back garden. There are only two of us. We are considering downsizing. We would choose an apartment if we could find one in a small development, south facing, large balcony. Close to where we presently live.
We are used to our home being fairly quiet and having lots of room to dump "stuff". We like pottering around our garden. I think we will have problems finding what we want.
We would also consider a decent sized 3 bed semi. A sort of smaller version of house to where we presently live.

Having a lock up and go apartment would be great that would allow us head down to Spain for the winter. However with maintenance charges etc the 3 bed semi without these seems a better option.
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This may or may not be relevant to your circumstances, but the lack of bridging finance is a major issue for would-be downsizers.

The mainstream banks are refusing to facilitate downsizing, even in extreme cases (e.g. €3m home, no debt, €500k apartment purchase). Their advice is sell, rent, and then buy; not exactly helpful.
 
The overriding “caveat emptor” is that when buying a place, be mindful that circumstances may lead you to be there far longer than you envisage.

For the career bachelor or spinster, it’s simpler, but the fact that apartments tend not to be compatible with family life is reason enough to tread carefully.
 
Gordon Gekko said:
Then you’ve something to reflect on.

It’s a risk/reward question.

Personally, I wish I’d bought a house rather than an apartment.
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im talking about someone who cant afford the house they want , if you regret not having bought a house , that suggests you had the means to buy one but didnt ?

different situation
 
galway_blow_in said:
im talking about someone who cant afford the house they want , if you regret not having bought a house , that suggests you had the means to buy one but didnt ?

different situation
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No, I didn’t, but I would had subsequently but getting out of the negative equity on the apartment consumed a lot of time and effort (and money).
 
Gordon Gekko said:
The overriding “caveat emptor” is that when buying a place, be mindful that circumstances may lead you to be there far longer than you envisage.

For the career bachelor or spinster, it’s simpler, but the fact that apartments tend not to be compatible with family life is reason enough to tread carefully.
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I think this is an old-fashioned way of looking at it imo. A lot of people who are not married ("bachelors" and "spinsters") have children these days. Conversely a lot of married people simply choose not to have children these days. There is also a significant downsizing market, especially older people who may now find themselves living on their own after being surrounded by children and their partner. Many people have different lifestyles than the traditional Irish family set-up and accommodation preferences and needs are changing - it is not just a handful of single people who are career focused who may be suited to apartment living.
 
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gravitygirl said:
I think this is an old-fashioned way of looking at it imo. A lot of people who are not married ("bachelors" and "spinsters") have children these days. Conversely a lot of married people simply choose not to have children these days. There is also a significant downsizing market, especially older people who may not even find themselves living on their own after being surrounded by children and their partner. Many people have different lifestyles than the traditional Irish family set-up and accommodation preferences and needs are changing - it is not just a handful of single people who are career focused who may be suited to apartment living.
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I mean people who are likely to remain single and/or not have children.
 
Horses for courses.

The poster who kicked off the discussion was 43 or thereabouts had a good chunk of cash deposit and was a FTB.

My argument, for this specific case, was that as a FTB and given that this would be his last shot at a 25 yr mortgage; it would be better to buy a house that needed some work & add value over time.

That way, if his needs changed he would be in a better position to sell & move on and the shorter mortgage term wouldn't be as big an issue.
 
I've just sold a 2 bed apartment located outside Dublin, I had it two years, owner occupiers were in the minority here, investors in the building including Directors of the OMC were disinterested to say the least.

The managing agent was well able to charge with fees for this year €250 a door up from €150 a door, no reason, because they can, the AGM's were comical with myself and one other owner showing up, to the extent that the agent essentially acted as the OMC, not all the agents fault there of course but blurred lines should not occur.

Issues abound, my head was wrecked, I like to see things done correctly but this building was neglected with no signs of any change, once the rent was paid the investors cared less.

Perhaps buying an apartment in a building with a high percentage of owner occupiers might work but I have learned the hard way to avoid an apartment purchase, there is the potential for hassle that can be avoided with a house, any house.
 
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