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Buying an apartment in Dublin, am I mad?

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  • 04-01-2015 5:09pm
    #1
    Jeremyr
    Registered Users Posts: 83 ✭✭


    Hi All,


    I'm here looking for some advice, i really need to get my own place , i have been thinking about buying for the past two years now and have finally been approved for a mortgage.

    Right now i am currently living with a relative but i need my own place asap and don't want to rent, i have put a bid in( 180k) which has been accepted for a two bed apartment in Dublin.


    The apartment is 5 minutes drive from my job, has it's own entrance, gated community and about 15 minutes drive to the airport


    I just need advice, should i go ahead with the purchase or wait it out and maybe save for a house/wait for prices to drop?? I don't mind apartments at all , so any advice is welcome


    Current situation


    Male, 25 years old, single

    Income : 28 k

    Deposit : 108k ( my father died and left me 28k he didn't have property just had that in the will, the rest i saved myself )


    Mortgage : I'm borrowing 78k


    Any response is much appreciated


    Regards

    Jeremy


«134

Comments

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    #2
    Triceratops Ballet
    Registered Users Posts: 4,894 ✭✭✭Triceratops Ballet


    I say go for it a 78 k mortgage is going to be much less in repayments than rent. If you were to rent you could be throwing that money away and have nothing to show for it. I'm no expert but It's hard to see a downside. If the location suits and you like the apartment go for it


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    #3
    the world wonders
    Registered Users Posts: 489 ✭✭the world wonders


    dottie_lottie wrote: »
    If you were to rent you could be throwing that money away and have nothing to show for it.
    :rolleyes:


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    #4
    leinsterdude
    Registered Users Posts: 523 ✭✭✭leinsterdude


    yes go for it, they won't go down, they may only just stop rising so quickly, it is a very small mortgage.


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    #5
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    If you rent out the other room. You probably get €500 minimum per month for the share room tax free(maybe €600-750 if its a good development). That will cover a fair chunk of your mortgage in a month. Where as you continue to rent. There is no tax write off like mortgage interest repayment tax relief.

    I would buy the place. It makes more financial sense than renting. You are 25 and dont need a massive house for yourself yet. I would suggest you pay off the mortgage ASAP, as there is no point saving with interest rates so low at the moment. Dont forgot you can reclaim some of the DIRT you have paid on your savings. I would pay off the mortgage, than save for upsizing in the future.


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    #6
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Be warned, gated community usually means high management fees, those gates cost a fortune to maintain. You need to factor those fees in to help work out how much it will cost you each month


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    #7
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    athtrasna wrote: »
    Be warned, gated community usually means high management fees, those gates cost a fortune to maintain. You need to factor those fees in to help work out how much it will cost you each month

    Sorry i forgot to add the maintenace fee is 1024 pa


    I knew someone who rented there for 4 years , said it was very well kept


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    #8
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Jeremyr wrote: »
    Sorry i forgot to add the maintenace fee is 1024 pa


    I knew someone who rented there for 4 years , said it was very well kept

    Maintenance fee can't be fixed I'm afraid. Things like insurance, electricity all vary year on year. Add in big jobs like repainting or motor issues with the gates and your fees will increase. Be prepared


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    #9
    backslapper
    Registered Users Posts: 21 ✭backslapper


    Go for it pal - no brainer

    feck the usual doom-mongers frequenting this site


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    #10
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    athtrasna wrote: »
    Maintenance fee can't be fixed I'm afraid. Things like insurance, electricity all vary year on year. Add in big jobs like repainting or motor issues with the gates and your fees will increase. Be prepared

    To be honest outside work and training i'm a very lazy person so i think an apartment would suit me more as with a house i'd have to do alot of maintenance myself and i don't like D.I.Y i'd rather pay someone to fix it as i'm useless at DIY


    I would have no problem paying the maintenance fees


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    #11
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    backslapper wrote: »
    Go for it pal - no brainer

    feck the usual doom-mongers frequenting this site

    Thanks mate


    I mentioned it to someone the other day who is 28 still living at home ( not that there is anything wrong with that) but the fact that his reply was "ah don't get an apartment it's a waste of money only idiots would get an apartment ,houses are much better "


    *** eyes rolled to heaven ***


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    #12
    matrim
    Registered Users Posts: 7,517 ✭✭✭matrim


    Jeremyr wrote: »
    Hi All,


    I'm here looking for some advice, i really need to get my own place , i have been thinking about buying for the past two years now and have finally been approved for a mortgage.

    Right now i am currently living with a relative but i need my own place asap and don't want to rent, i have put a bid in( 180k) which has been accepted for a two bed apartment in Dublin.


    The apartment is 5 minutes drive from my job, has it's own entrance, gated community and about 15 minutes drive to the airport


    I just need advice, should i go ahead with the purchase or wait it out and maybe save for a house/wait for prices to drop?? I don't mind apartments at all , so any advice is welcome


    Current situation


    Male, 25 years old, single

    Income : 28 k

    Deposit : 108k ( my father died and left me 28k he didn't have property just had that in the will, the rest i saved myself )


    Mortgage : I'm borrowing 78k


    Any response is much appreciated


    Regards

    Jeremy

    When working out costs don't forget to keep some money for furniture / appliances


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    #13
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    matrim wrote: »
    When working out costs don't forget to keep some money for furniture / appliances

    Will do


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    #14
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    hfallada wrote: »
    If you rent out the other room. You probably get €500 minimum per month for the share room tax free(maybe €600-750 if its a good development). That will cover a fair chunk of your mortgage in a month. Where as you continue to rent. There is no tax write off like mortgage interest repayment tax relief.

    I would buy the place. It makes more financial sense than renting. You are 25 and dont need a massive house for yourself yet. I would suggest you pay off the mortgage ASAP, as there is no point saving with interest rates so low at the moment. Dont forgot you can reclaim some of the DIRT you have paid on your savings. I would pay off the mortgage, than save for upsizing in the future.


    Cheers


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    #15
    seanman is me
    Registered Users Posts: 100 ✭✭seanman is me


    Fare play on buying a place at 25 ! That is fare going.

    How on earth did you save 80k ?

    How long have you being saving?

    Best of luck.


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    #16
    syklops
    Closed Accounts Posts: 18,966 ✭✭✭✭syklops


    Where in Dublin is it?

    Is it spacious and is there room for your junk? In my apartment we barely have room for the hoover. What are the possibilities for drying clothes? We are not allowed dry ours on the balcony. Have you a balcony? Do you need a balcony?


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    #17
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    syklops wrote: »
    Where in Dublin is it?

    Is it spacious and is there room for your junk? In my apartment we barely have room for the hoover. What are the possibilities for drying clothes? We are not allowed dry ours on the balcony. Have you a balcony? Do you need a balcony?

    It's ground floor , it's got a small garden

    Being honest i'm not fussed for space at the moment i'm 25 and single


    Maybe when i'm 35 and hopefully on more money i'll look into something bigger


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    #18
    mickdw
    Registered Users Posts: 23,286 ✭✭✭✭mickdw


    In my opinion, apartments are only suitable as rental accommodation.
    Even after you have 'bought' an apartment, you don't own or have control over anything. The walls, roof etc are not yours and you are at the mercy of a management company at all times.
    There is alot to be said for buying a house on its own site even if it is in an estate.

    Also, I'd borrow alittle more and keep perhaps the 28k in cash


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    #19
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Personally I would rather rent than buy an apartment.

    If at 25 you've saved 80k then i would say keep going as you are. When you're 30 you'll have a lot more saved and have a better idea of what you want.

    I personally think you're letting your current situation (living with a relative) effect your decision too much. Why don't you want to rent?


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    #20
    sheesh
    Registered Users Posts: 4,080 ✭✭✭sheesh


    seems like a decent price

    the morgage repayments should be doable. management fees seem ok. make sure to go to managment comittee meetings if you buy

    questions: How close to a decent pub? nightlink? Shopping for gorceries?

    Whats the area like ?


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    #21
    fire_man
    Registered Users Posts: 985 ✭✭✭fire_man


    How did you manage to save 100k on 28k per year?That's some going.


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    #22
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    MagicMarker wrote: »
    Personally I would rather rent than buy an apartment.

    If at 25 you've saved 80k then i would say keep going as you are. When you're 30 you'll have a lot more saved and have a better idea of what you want.

    I personally think you're letting your current situation (living with a relative) effect your decision too much. Why don't you want to rent?

    I need somewhere to live don't i??


    I won't be able to save anything if i rent with the way rental prices are now


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    #23
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    fire_man wrote: »
    How did you manage to save 100k on 28k per year?That's some going.

    I was on alot more in my old job, was made redundant, then worked overseas for about 2 years straight in a decent job that paid for my food and acc


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    #24
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    sheesh wrote: »
    seems like a decent price

    the morgage repayments should be doable. management fees seem ok. make sure to go to managment comittee meetings if you buy

    questions: How close to a decent pub? nightlink? Shopping for gorceries?

    Whats the area like ?

    pub is 2 minute walk

    Bus stop is around the corner

    Train station is a 5 minute walk

    And my job is a 5 minute drive


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    #25
    sheesh
    Registered Users Posts: 4,080 ✭✭✭sheesh


    Jeremyr wrote: »
    pub is 2 minute walk

    Bus stop is around the corner

    Train station is a 5 minute walk

    And my job is a 5 minute drive

    sounds like a property that could be sold or rented in the future. seems like a reasonable thing to do. A friend of mine did something similar at that age and it worked out well for him.


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    #26
    Dr.MickKiller
    Registered Users Posts: 345 ✭✭Dr.MickKiller


    How long will the Mortgage be?


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    #27
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Jeremyr wrote: »
    I need somewhere to live don't i??


    I won't be able to save anything if i rent with the way rental prices are now

    Don't be so precious, I'm just giving you my opinion, which you asked for when starting this thread. Most normal people aren't privileged enough to be allowed live rent free into their mid-twenties. It's not like I'm suggesting you sleep on a park bench FFS.

    It's clear you're not looking for opinions that don't reinforce what you want to do, so I'm out.


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    #28
    syklops
    Closed Accounts Posts: 18,966 ✭✭✭✭syklops


    Jeremyr wrote: »

    Being honest i'm not fussed for space at the moment i'm 25 and single

    Space is like money. It becomes an issue when you don't have any. I'm not suggesting you need a library and a den, but a few wardrobes and closets, and is there somewhere to put the hoover?

    pub is 2 minute walk

    Bus stop is around the corner

    Train station is a 5 minute walk

    And my job is a 5 minute drive

    Sounds like your mind is made up, why the need to mention the location of the bus stop and train station when you drive.


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    #29
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    MagicMarker wrote: »
    Don't be so precious, I'm just giving you my opinion, which you asked for when starting this thread. Most normal people aren't privileged enough to be allowed live rent free into their mid-twenties. It's not like I'm suggesting you sleep on a park bench FFS.

    It's clear you're not looking for opinions that don't reinforce what you want to do, so I'm out.

    Well in my opening post i stated that i need somewhere to live and i'm not looking to rent as the rental prices are mad !


    Who said i'm living rent free?? I'm living with a relative ,still paying rent just not nowhere near as high as i would if went out and rented an apartment for myself


    You just sound like a doom gloomer begrudger to me everyone else has offered decent advice


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    #30
    Jeremyr
    Registered Users Posts: 83 ✭✭Jeremyr


    syklops wrote: »
    Space is like money. It becomes an issue when you don't have any. I'm not suggesting you need a library and a den, but a few wardrobes and closets, and is there somewhere to put the hoover?



    Sounds like your mind is made up, why the need to mention the location of the bus stop and train station when you drive.


    Just incase i may need to rent it out in the future and the tenant doesn't own a car


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    #31
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Jeremyr wrote: »
    You just sound like a doom gloomer begrudger to me everyone else has offered decent advice

    You asked if you should buy an apartment, i simply answered, so think what you like.


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