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Torn - Cork / Dublin

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  • 19-05-2008 9:30am
    #1
    cjmcork
    Registered Users Posts: 2,354 ✭✭✭


    hi all,

    some of you may know that I recently moved to Dublin to a full-time job that's quite well paid - I had been in the middle of selling and buying in Cork at the time and last week the purchase of the house that I was buying in Cork fell through - this has put me in a quandry.........do I leave Cork altogether now and buy (for the same money) a one or two bed apartment in Dublin (I'm currently renting) or do I continue renting and for the same bobs buy a 3 bed semi-d in Cork that's 1,100 square feet and the kind of house I'd only ever dreamt of being able to buy????? I go back to Cork every weekend and will probably just head to Cork for my fortnight off in the summer and for the 3 weeks hols at Christmas..............and bank holidays............

    Advice???

    CJM.


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    #2
    Dudess
    Closed Accounts Posts: 37,214 ✭✭✭✭Dudess


    Why not just look for a job in Cork? It's clearly where you'd prefer to be. Even if the money is good in the Dublin job, the cost of living is still high. I was in a similar situation. I lived in Dublin for two years. Loved it but then started to get sick of it. Found myself heading home every weekend and missing the place. So I moved back and got a temping job initially. I still felt compelled to do another stint in Dublin and planned to move back - simply because I could. Then just a few weeks ago, I got offered a pretty good job in Cork. It struck me I was only gonna be moving back to Dublin for the sake of it, so I decided to take the job in Cork. I love Dublin but life is a lot easier in Cork. And yeah I always had the property-buying thing in my head in Dublin - couldn't have afforded it. Whereas I'll be in a position to purchase something in Cork in the not-too-distant future.


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    #3
    cjmcork
    Registered Users Posts: 2,354 ✭✭✭cjmcork


    I've only just moved to Dublin - job is extremely specialised - nothing similar is likely to come up in the sector again for another 5 - 7 years........don't like not having a property, but the thought of paying €350-€400k for a shoe box in Dublin V a proper house in Cork kills me......


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    #4
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    cjmcork wrote: »
    don't like not having a property
    Perhaps you could reconsider this position? Or is there a specific reason that you are looking for a property (e.g. you have young kids)? Given your position, it seems that renting is an ideal proposition for you. For the cost of a mortgage for a poorly-located 1 bed in Dublin, it is likely that you could rent a far nicer property closer to your workplace and save money towards your semi-d in Cork whenever you decide to return. This gives you good quality of life and is financially prudent.

    The rush to get on the ladder has essentially evaporated now that capital appreciation is no longer guaranteed. Although opinions differ, even optimists now would concede that the market isn't going to take off anytime soon. If you buy the semi-d in Cork, will it not be vacant most of the year? Alternatively if you buy the 1 bed in Dublin now, you need to consider whether it will sell if/when you move back to Cork. It sounds like renting gives you the flexibility that you need at the moment.


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    #5
    Dudess
    Closed Accounts Posts: 37,214 ✭✭✭✭Dudess


    cjmcork wrote: »
    I've only just moved to Dublin - job is extremely specialised - nothing similar is likely to come up in the sector again for another 5 - 7 years........don't like not having a property, but the thought of paying €350-€400k for a shoe box in Dublin V a proper house in Cork kills me......
    Well then buy that 3 or 4-bedroomed house in Cork and rent it out. Ardpatrick near Blackpool is a new development with fabulous houses - and they're not insanely expensive either. Blackpool was once dodgy but it's getting all facelifted now - worth buying there. Those prices won't be low forever... I had a look around one today - huge. Three story with so many rooms of a really decent size. And plenty of parking.


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