To buy or to rent apartment?

I'm not sure city centre living will go back to what it was for a long time. What's the point in moving close to closed/limited opening bars, clubs, restaurants and shops?

For that reason I'd be on team buy but you'll need to have completed your probation in any new job to qualify for a mortgage based on that salary.

I personally wouldn’t be buying an apartment unless you get full disclosure regarding any future levies with regards to fire safety within the apartment complex, especially built last 10-15 years

Rent is a mugs game if you can do anything else....
Buy is better of course but apartment living isn't for everyone and somebof the worst soundproofing or lack thereof.....

By early/mid summer this year you will have a better idea of what way the reopening of the city center is going. If limited opening and early closing is still in place by then will it be as attractive to spend a year renting in the city center. You should wait until then and you will have a clearer picture of what city center life will be like.

If saving I be inclined to still keep your money in regular accounts as opposed to investment type account. These usually are 3 years minimum investment as and often 5 year.

Caranica wrote: »

Have you been in the City Centre lately? It's far from amazing.

It's depressing, some lovely apartments but then built right up to no go areas or looking into an office block.

With work from home becoming the new thing, I can see a lot building sheds, rooms etc off the house or in backgardens as their new office....

Weren't you site banned? Hollister11.

antimatterx wrote: »

???

Your posting style and the information you give is almost like for like to a site banned poster who went by the username Hollister11.

antimatterx wrote: »

Well I'm sorry, this is my real life situation. I'm 25, with some money, struggling to decide what to do.

I didn't mean it that way or for this particular thread. However, Hollister11 was also obsessed with property, did a computer degree from NCI, was from Baldoyle area also, and his/her parents had investment properties.

Maybe I am wrong, but all of the above is exactly the same as yourself from reading your posts. I smell a re-reg, from a previously banned poster.

Just on buying an apartment - you will lose your first time buyers status, and if the market goes south then you could end up living in the apartment longer than you intended if you can't sell and clear the mortgage to rebuy with a 20% deposit, or if rental prices drop then it may not be worth it to rent it out. Presumably you know all these risks as your parents seem to own a few properties.

antimatterx wrote: »

Yeah I'd be hopping to get an exemption. From speaking to brokers, banks will generally give single buyers an exemption if you make 50K+ and have more than 10% deposit.

Ideally I'd have 45K saved. Depending on the exemption I could get up to 247K with 45K giving me around 290K. I get a 2 bed where I live now now for about 20 - 30K less than that now.

For stamp. duty / solicitor fees etc. I could either pay it with wages I get after going sale agreed, or use credit card hacking (multiple credit cards paying each other off every month to avoid paying interest) to kick the can down the road.

Tbh, you sound like you are overextending yourself. I mean, exemptions on the 3.5 rule and credit cards to pay Solicitors fees and stamp duty.... I'm cautious though so that's just my opinion. Also, exemptions are used up fairly quickly, there's no guarantee you will be approved for one or that there will be anything left in the pot for one either. In saying that, fair play for having the amount saved that you do, good going at your age.

If you are set on an apartment seriously consider a 2 bed over a 1 bed.

You would be able to rent out the other room and €14k tax free yearly too.

Obviously it all comes down to budget and what one can afford.

antimatterx wrote: »

Yeah I'd be hopping to get an exemption. From speaking to brokers, banks will generally give single buyers an exemption if you make 50K+ and have more than 10% deposit.

Ideally I'd have 45K saved. Depending on the exemption I could get up to 247K with 45K giving me around 290K. I get a 2 bed where I live now now for about 20 - 30K less than that now.

For stamp. duty / solicitor fees etc. I could either pay it with wages I get after going sale agreed, or use credit card hacking (multiple credit cards paying each other off every month to avoid paying interest) to kick the can down the road.

That's really interesting! Thank you for that.

You should absolutely rent for the year (even longer).

While I am a big fan of encouraging people to buy as it is far more beneficial to one's life financials, it is not something you rush into either.

Firstly, you keep going on about wanting to live alone. I assume you are an introvert? However, if you can't manage living with a friend while in your mid twenties, then you are going to have a hard time ever living with a girlfriend/boyfriend in the future. Living with friends and living with randomers are 2 important rites of passage that help you later in life!

Similarly, you are still living with your parents? Have you ever moved out of home? There is so much life that you have to live before buying a place in the suburbs!

While on that - buying in the suburbs when you are 25? The 'burbs are for when you settle down and have a family! Live your life before you settle down!

On 55K, I'm afraid you are not going to be able to get a great place on your own. In just a few years, you will likely be on a much bigger salary, and have a lot more savings and be able to buy a much more suitable place.

Another important aspect of buying a place is to know what you want and what to look for when buying. Again, this boils down to "have you ever not lived in your parents home". How do you know what's important to you and what's not unless you've experienced it:

• Size of bedroom/living room/storage etc?
• What direction do you want windows facing?
• If an apartment, do you want one by the main entrance or all the way at the back?
• Ground/first/top floor etc? How big of a commute and what means of commuting?
• How important are thick walls (internally and externally).
• Is apartment living even for you (some people quickly grow to hate it while others love it)
• And a whole lot more...

These are things that matter when buying a place, as you are pretty much committing to live there for at 5+ years. But you generally don't know the answer to these, or how important they are to you until you have experienced them. I bought a city center apartment at 28. At that stage, I had rented in 6 different places (in 3 different cities). Lived with friends and randomers. Had great fun along the way, had a much better idea of what I wanted to buy and not buy and know what small details to look for that would greatly impact my enjoyment of living there. And I was also able to afford a better place than I would have even 2 years earlier.

In 6 months time, the country will start opening up. So, the first few months of city living might be a bit quite, but it will become livelier throughout the year that you are living there. You are young - go out and meet people, get drunk with work colleagues, go clubbing till 6 in the morning, ride random girls/guys. There's plenty of time later on in life for sitting at home in the suburbs on your own.

City life will be back to normal later this year.

However, even if you get a new job today you'll be on probation for 6 months to a year.
The banks won't lend to you until you are permanent so you'll have to sit tight for now.

valarmorghulis wrote: »

Hi all,

Any advice for a 33 year old renting in Dublin for 15 years from the west (easily 100k spent on rent so very jealous of Dubs who bypassed that), who is on the verge of buying but can only find shoebox 1beds in city centre for 230-250k in D1,D7,D8 and the odd 2 bed shoebox for 250-275k.

I stubbornly stayed up in Dublin for past year when I could have easily worked from home,but moving home to the parents after 15 years is nearly unthinkable. I am nervous about buying as I would have to empty nearly every penny of my savings due the 3.5 rule and would have no liquid money.

Everyone knows the properties arent worth those prices, most I wouldnt even pay half that price, its the location, but what if remote working becomes a legal right, they really is no need to be Dublin for a huge amount of cultchies like me, that just buy a bigger place down the country or in a commuter town and come up 1-2 days a week if at all.

I have several friends who moved home, who are saving nearly every penny of their payslip (no food,electricity,broadband,rent costs). This is nearly a unique time period whereby remote working is almost mandatory and there is zero fear of missing out as Dublin is a ghost town so there is a real opportunity to bank savings now to bridge the affordability gap to buying a house.

What would you all do if you could buy, but it would wipe you out, or would you move home for 1-2 years and bank more savings for a bigger downpayment and let this all play out. I really am sick of the landord entitlement mentality that someone else should be paying their mortgage so cant wait to stop wasting 1k a month for a bedsit.

If you do not have to live in Dublin to work why would you. Even if you go back to a bigger town near home rental will be down towards 250-400/ month than 1k in Dublin. Only disadvantages is it is impossible to find one bet apartments in many smaller towns. Down the country you will buy a two bed house for 250k. You can easy enough find a town that has decent rail or bus services into Dublin if you need to be there a day a week. Even if you have to pay a taxi to get you to the railway station once a week these type of options really open up. Twenty euro will carry you a long way in a taxi down the country. Taxi drivers will compete for that type of work if not on Friday morning