To buy to rent or not to buy at all?

hansin33 · 27-10-2011 1:15pm #1

Hi,
I have been recently contemplating buying a two bed apartment in Rathmines, Dublin or similar area, to live in for the next few months but with a definitive plan of moving to Oz/travelling in the middle of next year.
The only reason I would be buying now would be so as to take advantage of the lower apartment prices and hopefully rent it out while I'm away.
I've lived in Rathmines for three years now and it would *seem* to be an easy place to rent out. I don't want it to stop me from going away though.

I'm in the very early stages of looking. One of the main things I would be worried about would be how much it would cost to get an estate agent to manage the apartment when I'm away.

I've read a few posts on the rent-to-buy scheme and the general consensus seems to be to leave the buying for another while. I am also worried that the Government will cut the rental supplement in the next budget which would lower the rental market.

I don't think I'll be around in the next year or within 4/5 years to take full advantage of any further drops in property prices. However I do see myself coming back here at some stage which is why I might be kicking myself if I didn't buy when the prices were low.

I'm 27 by the way, if that makes any difference?

If anyone has any advice or comments to make I would greatly appreciate it, or even just to tell me that I am mad to consider this in the first place

Sorry for the long spiel!

Thanks

mari2222 · 27-10-2011 4:13pm

Suggest you not buy until you want to live longterm in a particular property.

Villa05 · 27-10-2011 8:02pm

Is this a piss take

Fighting Irish · 27-10-2011 10:22pm

and irish people give out about the banks/government/developers

The_Honeybadger · 27-10-2011 11:45pm

You'd have to be a very special type of mental to follow through with that plan. Guessing this is a piss take? If not then FFS cop yourself on!!!

Victor · 28-10-2011 3:37am

If a property tax is implemented and interest rates rise, then prices will fall even further.

Sure, sniff around, but don't jump yet.

How will you afford this? Banks aren't very liberal in their lending these days.

To buy to rent or not to buy at all?

Comments