Advice Needed - Buy Now or Wait

bea468

Hi everyone, 

I'm looking for some advice. I'm 30, single and currently living in a rented house-share in Dublin with two others. I was previously living with two lovely people who I was good friends with and the rent is semi-reasonable (by Dublin standards anyway). I used to love where I lived, who I lived with and saw myself living there for the next couple of years. 

Then 4 months ago my two housemates moved to Australia and I got two ones in, one is very quiet and doesn't really speak to anyone else in the house and the other I just don't particularly like, she's not a particularly easy person to get along with, is not very clean or tidy etc. And basically I've gone from living in a house that I loved to one I really dislike. Our lease is up at the end of October and I'm thinking about moving home (also in Dublin) and looking to buy an apartment on my own. I've applied for AIP and got it, I've got a good deposit and my parents have said they can help a bit too. From looking online for the past month or two I'm fairly hopeful that I'll be able to afford a small 2 bed apartment somewhere a bit further out than I am now. 

I don't particularly want to move home and lose all of my independence but I'm also aware as to how lucky I am to be able to do that. 

I'm essentially looking for some advice because when doing my research I'm coming across so many people saying "don't buy anything you wouldn't be happy in for the next 10 years" in case of a crash in the market. But my problem is I can't afford anything bigger than a two bed apartment but ideally in 10 years time I'll hopefully have a partner and my goal would also to be starting a family in the meantime. My plan would to be to stay in the apartment for ~6-8 years maybe more but ultimately would have to trade up in the future if I were to meet someone and have a family. 

I also do not want to keep renting or living at home for the next 3-5 years. 

I'd appreciate any thoughts on this. 

Thanks. 

ozbackineire

If you are in the very fortune position to be able to afford a home now and get out of the rental market, I would go for it. You also have the option of moving in with your parents which I know isn't ideal but if its for a few months then it will be beneficial in the log run.

I know people say think long term but you also need to be happy. If you meet someone you can reevaluate, maybe keep an apartment as an investment property but then again you may not meet someone and could end up in a rental property long term.

If I were in your position, I would got for it. Best of luck

Allinall

Nothing like having your own place, once it doesn’t cripple you financially.

Go for it.

JohnnyChimpo

Being able to leverage a Dublin family home to live in while you save on Dublin wages is one of the biggest financial advantages you could possibly have as an Irish millenial. If I were you, I would

bea468

Thanks everyone. I think I'm going to go for it. I can't face renewing my lease with two people I dislike and as much as I never envisioned myself moving back in with my parents aged 30, I think if it's only for a short period of time I can do it.

herbalplants

https://www.boards.ie/discussion/comment/120936384#Comment_120936384

Life is too short and in a blink of an eye you will be 40.

You are in a great position to be able to move with your parents, you will cherish these moments later. Go for it, enjoy shopping for a home.

Buddy Bubs

House prices only ever crashed once in this country as far as I know....its unusual. I can't see it personally happening again, but I can't be sure. Just my opinion. Demand is massive and supply is short. There are a lot of threats to house prices but I don't see supply catching up soon.

Put in as much deposit as you possibly can to have equity in it.

riclad

Go for it ,you can afford it. Better than living with someone you don't like ,to be fair I'd love to live with a quiet person ,life goes by very fast

Streco80

My husband and myself moved back home after we sold our house and were looking for another to buy. Yes it is daunting, that feeling of having no privacy or room so to speak...but it was worth it in the end. And to be fortunate enough to be able to do so too. As another poster said....life is too short. You won't know yourself when you have the space and your own home. best of luck with your new adventure

Mr Hindley

I’d say go for it. After a long search, I just moved into my new apartment this weekend. I’ve had doubts of ‘have I bought at the wrong time?’, but then chatting to two sets of neighbours, both 50+, both still renting, one is being evicted because his landlord is selling up, the other are under threat of eviction. A lovely couple, and they were in tears because they’re so sick of moving.

The way the rental market is right now, if you can get out of it and get some security, do. If later on you meet someone and need somewhere bigger, you might both have properties to sell.

Good luck with it all!!

Dublin prices seem to have come off their ever rising peak. Demand means there is unlikely to be a crash short of the whole economy imploding and then all bets are off. Interest rates are likely to start coming back down in a year or so.

To me there are few advantages to sinking more money into a landlords pocket with no guarantees he won't turf you out tomorrow.

DownByTheGarden

Ask all of your friends whos answers you trust if they regret buying over renting.

Im pretty sure 99% of them will be glad they bought. Even the ones who bought just before the property crash. They are all probably delighted now even though they had a big scare at the time.

spaceHopper

You could always kick out the messy house mate tell her it's not working out and to go find somewhere else