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Counting one's chickens !

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  • 04-07-2007 2:31am
    #1
    intheknow
    Closed Accounts Posts: 250 ✭✭


    I am due approx 300k in 2/3 yrs time..Long story.. Will I borrow on the strength of that (I can prove it to any lender) and buy now, or rent till I have the loot (prices seem to be falling). and then borrow a bit and buy then.2/3 yrs time. Ps, I am 46 nxt birthday and due to marital stuff dont own my own home. I am in a real twist over this. Input really appreciated, Thanks. M


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    #2
    antoinolachtnai
    Registered Users Posts: 9,776 ✭✭✭antoinolachtnai


    Where do you want to buy? City centre/inner suburbs in Dublin or the outskirts or down the country? Every property market is different.


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    #3
    intheknow
    Closed Accounts Posts: 250 ✭✭intheknow


    antoinolachtnai wrote:
    Where do you want to buy? City centre/inner suburbs in Dublin or the outskirts or down the country? Every property market is different.

    I was looking to buy in marino area or maybe out beyond Finglas, St Margarets Rd area, A duplex out there 3 bed approx 280k at the moment. I dont have a great job so I dont think I would get a 250k mortgage,based on my age and salary alone. Something like the range on this page

    http://www.daft.ie/searchsale.daft?s%5Bcc_id%5D=ct1&s%5Ba_id%5D%5B%5D=pc12&s%5Bmnb%5D=&s%5Bmxb%5D=&s%5Bmnp%5D=&s%5Bmxp%5D=300000&s%5Bpt_id%5D=&s%5Bhouse_type%5D=&s%5Bmna%5D=&s%5Bmxa%5D=&search=Search+%BB&more=&tab=1&s%5Bsearch_type%5D=sale&s%5Btransport%5D=&s%5Badvanced%5D=&s%5Bprice_per_room%5D=

    Hope this clarifys things..M


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    #4
    antoinolachtnai
    Registered Users Posts: 9,776 ✭✭✭antoinolachtnai


    I think prices will stay steady or go up a bit in most of those ares because it is convenient to the city. And I suppose that would mean you should buy, as you'll be better paying interest than rent. Even if there is a a few percent loss in value, will it really make a big difference to you? It might be worth it to have long-term control of the house you live in. Up to you really though.

    It's just my view of course. The property market is hard to predict. Loads of people will have a different view.

    Best of luck!


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    #5
    jackal
    Registered Users Posts: 793 ✭✭✭jackal


    There is no evidence that prices in Finglas or any other location in Ireland are going up at the moment. To see if there are any drops in price, check out www.irishpropertywatch.com

    For a view of the property market from people who believe there is a crash/long downward spiral in prices approaching, check out www.thepropertypin.com/forum.


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    #6
    intheknow
    Closed Accounts Posts: 250 ✭✭intheknow


    jackal wrote:
    There is no evidence that prices in Finglas or any other location in Ireland are going up at the moment. To see if there are any drops in price, check out www.irishpropertywatch.com

    For a view of the property market from people who believe there is a crash/long downward spiral in prices approaching, check out www.thepropertypin.com/forum.

    Interesting sites, thanks


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    #7
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #8
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    daveirl wrote:
    This post has been deleted.
    ... and if someone put in a higher offer than the advertised price the ad would not be changed. There would be no way to know.


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    #9
    antoinolachtnai
    Registered Users Posts: 9,776 ✭✭✭antoinolachtnai


    It's really the bigger picture you have to look at with property, not just the immediate rises and falls. The fact that there are falls at the moment could just mean that it's a great opportunity to buy. It doesn't necessarily mean that they will continue to fall, although they might and you should be ready for that. Look at the fundamentals - public transport, shops locally, quality of the building, etc. rather than just the current ups and downs of the price. (And then try to get the best deal you can)


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    #10
    iguana
    Moderators, Entertainment Moderators Posts: 12,915 Mod ✭✭✭✭iguana


    Personally I would wait. In fact I'm in a similar-ish situation to you in that I live in London and own my home here (well about half own, half mortgage). The husband and I are pretty sick of London and want to return to Dublin but I honestly believe that we will be able to afford something better in a year or two. However we are keeping an eye on both markets and should the Dublin market suddenly start rising (or the London market start falling) we will decide if it's worth the penalty to move fast.

    I'd advise you to do the same, rent for now but keep a close eye on the market. Don't close you mind to either bullish or bearish arguments, just read them both and see what makes sense to you. It's a gamble, but so is buying now and since the start of this year I have seen absolutely nothing to convince me that the Irish housing market is going to rise anytime soon.


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