Is it cheaper for a couple to buy than rent now?

gurramok

KhanTheMan wrote: »

Also AIBs new FTB offer?

http://www.independent.ie/business/personal-finance/lower-35pc-rate-to-encourage-firsttime-buyers-1549336.html

Does this offer include apts?

You can choose any property up to 300k. Just match it to the rent for same property and my calculations work out.

johnnyskeleton presently a well calculated real world valuable example of an apt in the rent vs buy scenario but yet you did not give any examples of properties in an area to support your analysis?

Why do you constantly try to present 30yr+ mortgages as affordable to pursue your argument? (try 25yr max)

Why can you not find a house(not apt) for under 300k in a decent area to present as proof your buying argument is correct?

No couple who will want kids will want to live in an pat for 30+ yrs, the kids will drive them mental in the small space of Irish apts!!

Your posts on this matter are misleading. Give us real world examples.

nouveau_4.0

Warning Anecdotal.

It is sometimes cheaper, even in these times cheaper to rent than buy.
I recently bought a house and my mortgage repayments are less than the going rate for any house in the area, by about €100

As it stands I am renting out two of the three rooms, and paying less towards my mortgage than it would cost me to rent, also now closer to work, and in my own house.

Although, it is a different story altogether down the country, than in Dublin.

Climate Expert

nouveau_4.0 wrote: »

Warning Anecdotal.

It is sometimes cheaper, even in these times cheaper to rent than buy.
I recently bought a house and my mortgage repayments are less than the going rate for any house in the area, by about €100

As it stands I am renting out two of the three rooms, and paying less towards my mortgage than it would cost me to rent, also now closer to work, and in my own house.

Although, it is a different story altogether down the country, than in Dublin.

Would you be able to throw up some daft ads for houses renting and selling in your area?

gurramok

I think what the OP is debating is living on your own as a couple and not sharing with strangers in both renting and buying so nouveau's post about rent-a-rooms does not apply in this case.

astrofool

gurramok wrote: »

Does this offer include apts?



johnnyskeleton presently a well calculated real world valuable example of an apt in the rent vs buy scenario but yet you did not give any examples of properties in an area to support your analysis?

Why do you constantly try to present 30yr+ mortgages as affordable to pursue your argument? (try 25yr max)

Why can you not find a house(not apt) for under 300k in a decent area to present as proof your buying argument is correct?

No couple who will want kids will want to live in an pat for 30+ yrs, the kids will drive them mental in the small space of Irish apts!!

Your posts on this matter are misleading. Give us real world examples.

On the length of the mortgage, do you expect to be able to stop renting after 25 years? Or planning to be dead by then? (or heaven forbid, bought a place ). You might as well look at what the interest portion alone costs when comparing.

Firetrap

I don't think most people who are currently renting want to be renting in 25 years time. Maybe buying a place will always be more expensive than renting it but the premium that's being placed on buying at the moment is generally way out of whack with what it costs to rent a place.

staker

KhanTheMan wrote: »

Also AIBs new FTB offer?

http://www.independent.ie/business/personal-finance/lower-35pc-rate-to-encourage-firsttime-buyers-1549336.html

Are people going to start buying again?

Rather than start a new thread,anyone know why AIB aren't advertising this offer yet?
I can't see it anywhere,that is..

jackal

Regarding interest rates, its a bit of a leap to suggest that interest rates are low because we are in a recession, therefore when they start rising again we will be out of a recession and everything will be rosy again.

We are a small part of Europe. If Germany starts picking up, or one or more of the other major economies do, then the ECB will raise interest rates (and we have seen that they are very hawkish about this) to combat inflation in the Eurozone.

Now I don't want to come across as too much of a pessimist, but I don't think its beyond the realms of possibility Ireland could still be in recession, or even depression when other parts of Europe start recovering and even doing well.

The mismanagement of the economy in both the boom and the bust so far does not give me much hope that there is any big idea out there thats going to help Ireland out of this. We are not an economic powerhouse. We are very vulnerable, especially with our Low-tax regime being one of the main reasons for large multinationals locating here.

So anyway, my point is, don't be fooled by temporarily low interest rates. 2.5% is not and will not be the mean rate. God forbid most of Europe takes off with us still in the doldrums. There would be carnage.