should i buy or carry on renting

[the sham]

Myself and partner held off for the last few years on buying a property as I suspected that the housing bubble was about to burst..We have been renting for the last 2 - 3 years and now we have found a property that we really like and the asking price has dropped from 320000 to 220000. We have bid 190000 and are confident that the seller will accept the offer.My question tho is should we carry on renting or take the dreaded plunge into the madness of the property ladder...the house is a 4 bed semi in cork city...any toughts on this will be great as we are ftb and need all the info we can get..

 

[serotoninsid]

There was a former banker (as in retired - and not really part of the lunacy that went on in more recent years) on the radio the other day. He said you should never exceed 15 times x annual (realistic) rent achievable for a property - and in some specific locations/scenarios, 10 times x annual rent would be more realistic.

Other than that - it's a question of affordability - based on stress testing with higher interest rates (as historically, current rates are considered low) - based on is it 3 or 4x income???, your evaluation of security of your employment, etc.


(these are bits n pieces I have accumulated from far smarter bods here on aam - so I'm sure some of them will give you a more credible and comprehensive response ;-) )