I wrote that I think that it's a good idea to buy a property that will be available to OP, that is, it's my personal opinion, I don't need to "have evidence" to prove an opinion, do I?
As to the advice to "go ahead and buy" if OP can secure a mortgage now, I was being a bit ironic, considering the fact that he seems to be ignoring the fact that it's extremely difficult or impossible to get a mortgage while he is abroad!
Really what he needs to do is find out IF he can buy now (i.e. IF he can get a mortgage), then take it from there, hence my advice to go find a mortgage firstIt's pointless wondering about to buy or not to buy if he just can't buy (at least not for a while, until he saves enough to buy outright).
is really not importantthat it's extremely difficult or impossible to get a mortgage while he is abroad!
The fact
is really not important
Even if he could secure a mortgage in those conditions now; he still would be crazy to buy in his circumstances.
Well, I think this fact - that he'll be unable to get a mortgage - is very important, as it's a FACT, not just an opinion, in that it makes the whole discussion - to buy now or not to buy - pointless, as he CAN'T buy now, whether it's crazy or not. Period.
Earlier you advised him to go ahead and buy. Buying now in his circumstances would be madness. That is the only fact.
If - by any chance - you find a bank willing to give you a mortgage, then go ahead and buy.
A terrible piece of advice given his circumstances
I think you should leave your sister out of the equation. Do your sums on the assumption that you'll be renting the property on the open market, with 1 or 2 vacant months each year, and a property agent to pay to look after the property.
Your sister has her own life to live, and may well have a relationship change or a job change or have a child on a schedule that doesn't suit your rental arrangements. Family and business don't mix well.
That is purely speculation on your behalf.
There is no "evidence" as your assumptions are based on your prediction of the future.Thats my evidence.
- Increasing interest rates.
- Lack of Avalibility of mortgage credit
- 15% unemployment
- Recent daft report which highlighted the likelyhood of further property reductions
- POtential for further reductions in Rent due to changes in rent allowence
- Potential of Geeek default and implications for ireland
- The poster is living in another country
- The poster wants to rent to his sister
Just FYI, many Irish people are going to great lenghts to move their savings away from Irish banks, and there's yourself, sending it all back home.I am going to start making regular savings into my BOI account and in around a year I will reassess the situation,
I think the origional poster should buy on todays prices rental yields are over 10%.
Lionstour,
I know your not my personal financial advisor but do you think I should do with my money?
Where are rental yields over 10% IN the location the OP wants to buy? Can you give an example?
Some areas of clondalkin, decent houses 130k or 140k.
Monthly rent for family 1050.
Roughly 9% to 10%.
Considering buying one myself as i know if i had a site here for nothing i could not build a house for this money.
THis just an example there are plenty other areas.
I hope i'm not steering this off in another direction (i'm pretty sure i'm not as it's related to the general theme of the thread thus far) but would this be a general consensus? ie. 130-140 would be the build cost for a typical 3 bed semi (assuming this is what theoptimist was referring to)??Considering buying one myself as i know if i had a site here for nothing i could not build a house for this money.
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