take the chance or play it safe?

this is a bit of a rigmarole so bear with me - i bought an apartment 5.5 years ago (owe €180k on mortgage now) and my husband and i bought a house over a year ago which we did up over many months (owe approx 380K on it) we have just relocated to the west & have had the apartment on the market since nov & intend to rent the dublin house, should it all go wrong for us in the west

we had put a booking deposit on a house (new) we liked in the west, assuming the apartment would be sold when we needed to close complete sale - the apartment sale agreed has just fallen through - i am now torn as to whether to chance proceeding with house in west & draw down the full price out it (our salaries would about cover it) and hope for the best in relation to apartment sale & hope to pay off a lump sum??? my heart quickens in panic though as i think of us exposed to all that debt..... should we just hold tight on buying in the west until we have the money in our hands so to speak? my apartment is in a really good spot & they were selling in approx 6 weeks with waiting lists last year - times they have a changed.....

any opinions would be greatly appreciated

ski said:

should we just hold tight on buying in the west until we have the money in our hands so to speak? my apartment is in a really good spot & they were selling in approx 6 weeks with waiting lists last year - times they have a changed....

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A moderator should really tell you that discussions of house prices were banned by the owner of AAM not so long ago, so the replies you get here will be mostly meaningless. I feel for you as you have a huge decision to make, so I would suggest you try asking the same question somewhere independent like boards.ie or thepropertypin.com where you will get some realistic replies.

Why even buy a house in the West if you're not sure you're going to settle there? Why not rent for a year, maybe even two, and see how things go first? Let's face it, you already own two properties - owning a third isn't really essential.

I agree with hmmm, you're threading on thin ice if you want a balanced summary of the current state of the housing market, sentiment, price drops etc. Move to boards or thepropertypin for that kind of debate..

I would agree with Conormc, why not just rent for a year, what is the big hurry with having to buy a house down there when you are not even sure if it will work out?. Especially if you already own 2 properties!. You will also put added stress onto your finances and health if your borrowings are sky high. The rent down the west is significantly cheaper than up here so if I were in you shoes I would definatly rent for the first year anyway and see how it goes, while renting you can still try to sell your apartment and if you are successful put the profit away and knock it off purchasing a house down there if it's all working out this time next year.