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Irishman abroad: To buy or not to buy in Ireland NOW

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  • 01-02-2007 12:20pm
    #1
    Bobby_Kennedy
    Registered Users Posts: 50 ✭✭


    I'm Irish, 31 and living and working abroad in a decent engineering job. I also have some savings of around Euro 30K. Never have owned a property before in my life.

    Coming under a bit of pressure from the folks to "settle down" in the homeland and buy some property.

    I've been reading this board for the last few weeks and by most accounts it seems that people think the housing market is slowing down. My instinct is to hold off for 6 months to a year, stay put here, save some more money and see what the lie of the land is. I'm not in the position where I need to move back immediately - in fact I'm in no rush at all - the only imponderable is whether by waiting another year prices would have gone up another 10%.
    I also think that while over the medium term, houses/apts might drop in value, the price of land will not, and I would be better off investing in land.

    Any advice??


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    #2
    Calina
    Registered Users Posts: 8,219 ✭✭✭Calina


    Buy a house to live in. If you're not coming back here then I would question the wisdom of buying a house here. There are tax implications if you decide to rent it out, there is work and hassle relating to being a landlord. If you buy somewhere here and ultimately wind up not working near that house, you'll need to re-appraise the situation.

    If you have no great nyah to come back in the short term why not buy a house where you are?


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    #3
    Afuera
    Closed Accounts Posts: 619 ✭✭✭Afuera


    The banks themselves are estimating that house price gains will be somewhere between 3%-7% for 2007. Then again they'd consistantly been wrong with their predictions, so you can take that with a pinch of salt.
    Since the predictions for 2007 are significantly lower than the predictions of previous years, I'd suspect that you will not lose much by waiting and seeing a little longer.


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    #4
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    Bobby_Kennedy wrote:
    in fact I'm in no rush at all - the only imponderable is whether by waiting another year prices would have gone up another 10%.

    while i dont feel its my place to advise people on whether to buy nor not to buy i just wanted to say that non-one (parents included) should pressure you into buying and this "fear factor" of further large price rises can be pretty much ruled out:

    at best , almost everyone is in agreement that house price rises have completely stalled at best and will rise or fall slightly over the next couple of years

    at worst , well you've read the other threads :D , best of luck with whatever you decide


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