24 with good salary and deposit, should I buy an apartment or house?

if you are earning at that level you can afford the best advice money can buy.

Buy a house in Fingal.

your earning profile is very rare if not unique ,I would guess your astounding earnings are internet based and maybe vunerable to changes in the medium term,if I am correct I would buy a lovely 4 bedroom in Raheny ,Sutton.Clontarf or drumcondra or in an equivalent South side area and your major purchase for life will be sorted.You wont go wrong with house in these type of areas where as an apartment is always vunerable to fire hazard issue etc.In all honesty it will be hard to find objective advice as most auctioneers will direct you to whats in their best interests.

Maybe try renting an apartment for a year to see if you like the lifestyle. Even though you can afford to buy, there is no rule to say you have to buy immediately.

.anon. wrote: »

If I was 24 and earning that type of money, I'd keep saving for another few years until I could afford to buy without any mortgage. A big sacrifice for the next few years, but it would mean that you're set up for life, regardless of what happens in the future with your online business.

No point saving if he can buy now,its always easier to hold onto a house if your circumstances change than acquire one.

.anon. wrote: »

I still think there's a lot to be said for avoiding borrowing wherever possible. He's tantalisingly close to being in that position. But that's just my innate conservatism.

Absolutely. You are in a great financial & personal position at a young age. If I was in your position, & was happy enough/not under any pressure to move from the folks place, I'd keep saving that handsome income & aim towards a cash purchase in the next few years. IMO, the luxury of being mortgage free in your mid to late 20's is worth a couple of more years saving. Its really impressive that you're in that position. Well done!

you can afford a house buy a house,
a house has more privacy,
apartment= people living above you ,to the right ,left, behind you.
no service charges on a house.
buy semi d or detached house.
Many apartments have issues with low levels of sound proofing.
eg you hear noise from apartments all around you.
buy house with parking space and a small garden.
A house in an area like cabra, phibsboro is a very good investment.
get a survey done before you buy .
there seems to be no standard re basic levels of sound proofing in apartments .
every building is different.
At least in a house you may have a neighbour on the right ,left, thats
it.
buy a 2 or a 3 bed unit .
Always nice to have a spare room, as a home office.
no point in buying a 1 bed apartment for someone on a high salary

Hi Op, I'm 24 too and just bought an apartment in Dublin. Thought about buying a house instead but it would have meant buying further out and I decided I want to live closer to the centre while I'm young. Also, I don't need more space or a garden and don't want the maintenance that comes with a house at the moment. I was concerned about noise/neighbours but bought in a mature development that has good sound proofing and no fire safety issues.

Don't buy anything, if no pressure to move then stay in parents house.
Buy in a year or 2 and keep saving till then, if that money you earn is constant you'll have an amazing place when things settle down

Buy a house in Dublin, rent out the other rooms.

Don't tell the bank you're going to rent, let them judge your ability to repay on your income.

Have fun living in Dublin while you're young, have other people pay your mortgage.

The value of the property will rise in line with the value of property all over.

Dublin is vastly under supplied and will be for the next decade. Ireland has one of the youngest populations in Europe and has for a few decades as well as net immigration. Demand will remain high. This is good for selling in the future but also means your 100k is less valuable in the future if it remains cash.

If you know you want to live in the countryside then fine do that but if you hope to sell it's a bit more of a risk, depends where you are. Some spots don't sell very well even if you love that particular area.

I think you need to have 3 years set of audited accounts if you are working for yourself, not sure if you have looked into that or its relevant.

Given current inflation rates at 2 per cent, I think its a good idea to get the 100k invested. If in property ensure its a fixed rate mortgage for the longest term possible at 70% ltv max. Interests rates likely to rise rapidly over the coming months.

As whether apartment or house, well, its the same old adage for dublin, area, area, area. Swanky apartment easier to maintain in my view given your age and not married. dont forget you'll need secure underground parking for the lambo also

Mad_maxx wrote: »

nothing wrong with buying an apartment , one beds offer good value in Dublin at the moment , might be about the one area where value exists

just because irish people will always go for a house is not something to worry about , europeans ( of whom there are many in Dublin ) will more often than not , prefer an apartment , you will find a buyer if you choose to sell down the line

a one bed apartment in a decent Dublin location will both hold its value and sell quicker than a house in an undesirable location in the countryside

How much wouid you value a 1 bed 60 sqm apartment 10 minutes from a Dart line in North Dublin

In your shoes i would buy a nice apartment now, in a mature development, where you neighbours are also settled. Get somewhere that is comfortable for you now! Remember location is key - a nice area in high demand.

i would not be too worried about capital gain on apartment, you can purchase apt easily, and with a short enough mortgage and overpay on that if the fluid income keeps at the same level in for you. by the time you are thinking about changing life circumstances and getting a 3 bed semi d etc, you will own a very large chunk of the apt (with discipline you could probably own it outright) and will have the ideal position of either selling it to fund a large chunk of your house - or keeping it for other purposes, and borrowing with the apt as security.

if you make a nice profit on the apartment great. your not likely to lose out 5-10 years down the line - its unlikely you wont break even, at worst. in the meantime you will live in a pleasant private environment, be handing your parents their privacy back.

You gain an independance you wouldn't otherwise have if you stay home & a lifestyle and access to amenities you might not get if you go down the house route.