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In Sligo, rent is dead money - True or false?

  • 01-03-2011 07:01PM
    #1
    Brite_Cloud
    Registered Users, Registered Users 2 Posts: 47 ✭


    I have just read an interesting article (see link below) which has suggested to me that renting a property is much more sensible than buying one, even when you consider the current low selling prices.

    http://www.ronanlyons.com/2010/03/16/a-nation-of-renters-once-again-revisiting-rent-or-buy/

    I would be interested to hear the thoughts of others here on this article.

    And how it relates to Sligo, if at all.


    P.S. - I am currently renting a house for €650 per month and am looking for something cheaper. Please send me a PM with any offers.


Comments

  • #2
    CityMan2010
    Closed Accounts Posts: 201 ✭✭CityMan2010


    Dont be fooled by the term "Rent is dead money"....it depends on the time and circumstances. It's not a true/false statement.

    I've known people who convinced themselves and/or coerced by Agents to buy property using that old chestnut, and are now regetting it.

    However, there does come a time when it is cheaper to buy than to rent, (if you can get yourself a 10% deposit and a stash of cash to cover stamp duty and legal fees then its worth looking to).

    Its a buyers market, if you have cash/mortgage arranged, you have the upper hand in any deal...

    IMO, if you are in a stable job, have a few quid in the bank and are renting, its a good time to think about buying. But I also think prices will continue to drop.

    My only advice would be this, buy a property/apartment where you will be happy to live in for a good few years, dont buy just to make a profit or to bow to the pressure that you must get on the property ladder.

    Rent money is NOT dead money..I bet people in negative equity who bought property 4 years ago are wishin that they were now still renting...

    good luck with things...


  • #3
    cloonton
    Registered Users, Registered Users 2 Posts: 64 ✭✭cloonton


    CityMan2010 wrote: »
    Dont be fooled by the term "Rent is dead money"....it depends on the time and circumstances. It's not a true/false statement.

    I've known people who convinced themselves and/or coerced by Agents to buy property using that old chestnut, and are now regetting it.

    However, there does come a time when it is cheaper to buy than to rent, (if you can get yourself a 10% deposit and a stash of cash to cover stamp duty and legal fees then its worth looking to).

    Its a buyers market, if you have cash/mortgage arranged, you have the upper hand in any deal...

    IMO, if you are in a stable job, have a few quid in the bank and are renting, its a good time to think about buying. But I also think prices will continue to drop.

    My only advice would be this, buy a property/apartment where you will be happy to live in for a good few years, dont buy just to make a profit or to bow to the pressure that you must get on the property ladder.

    Rent money is NOT dead money..I bet people in negative equity who bought property 4 years ago are wishin that they were now still renting...

    good luck with things...
    +1!
    I also think prices will continue to drop, but it has to be said that there is a limited amount of real value starting to come on to the market now - where your mortgage repayment is significantly lower then the rent being demanded for equivalent homes (even factoring in *some* interest rate rises).
    I have to add tho, that I am still lover of owning my own bit of the old sod, even after being burned by the bubble, so perhaps you should consider my view with a pinch of salt;)


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