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Possible to move from country to Dublin!

  • 07-09-2007 2:17pm
    #1
    watehoee
    Closed Accounts Posts: 1 ✭


    I'm trying to make sense of where I stand with regard to being able to buy a place in Dublin, and could do with some pointers from those who have been in a similar position to myself.
    I’m in my mid-twenties, salary 40k and have savings of 70k and I’ve bought a place off plans outside of Dublin, roughly seventy miles away for in the region of 200k. It's in a nice place, but long term I won't be staying there.
    Now I realise that is the absolute maximum that I can borrow for my income and that my salary is not worth a whole lot for someone looking to buy a place in Dublin but is it possible?
    I’ve realised that I want to move back to Dublin for work reasons, but from a property point of view I’m not on the same Dublin scale, but what effect would having a little bit saved make to me?
    If I want to purchase a place in Dublin for say 270,00 would the 70k be taken off the value when the bank is calculating the max I can borrow?
    I know people who work in financial institutions view this site and I was wondering what sort of money I could raise to get a place in Dublin?
    Which leads me to my next question, would it be possible to buy a two bed apartment in Dublin area for less than 300k?.
    In theory I could commute from my present place to Dublin, or rent my soon to be place and rent out in Dublin..but I want as less stress as possible.
    What are my options?, thanks.


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    If you buy a palce for €300,000 and you spend €70,000 of your own savings, you only need a mortgage of €230,000.

    Having €70,000 in savings is likely to encourage the bank to look at things favourably.

    www.daft.ie shows 313 places in all of Dublin for €300,000 or less. But few are in central areas and many are out at the M50 or further.


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    I know of a two-bed house in Rathmines for €250k. It is modernised but very small. There were no takers for it when it was advertised two years ago so there are still cheap house to be got.


  • #4
    iguana
    Registered Users, Registered Users 2 Posts: 12,917 ✭✭✭✭iguana


    Has the house you've bought been built yet? Or have you just signed a contract to buy a house which doesn't exist yet? Either way you can't really buy a place in Dublin while you own or are contracted to purchase another property.

    Your first concern has to be selling that property. Which may not be easy, especially if it's still a site. And if you really want to get rid of it you may be looking at taking a loss on the sale as prices are falling across the country. And the longer it takes to sell the bigger that loss may be.

    On the otherhand prices are also falling in Dublin and it is possible that even if you take a loss now on your house you will be able to get a better deal on a Dublin property than you think.


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