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rent or buy with a mortgage of the same value (2 doors down the road)

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  • 26-02-2009 12:30pm
    #1
    quilmore
    Registered Users Posts: 1,037 ✭✭✭


    Hi
    I'm in a bit of a conundrum
    have to rent a bigger place (wife pregnant due in july)
    at present we're tied to an area because school for my 6 yo son and wife that doesn't drive
    current rent in a small place is 1050 pm (dublin), we found rent on a very nice 3 bed is asking for 1400 pm, I'd guess reallistically on this market we could get it for 1200 pm, only 4 blocks from where we are but in a much nicer and newer estate

    but we've found a house 2 doors down the road from that one, in decent shape inside (better than "just liveable")
    checked with the bank and we've got approval again (we've got that 8 months ago but never used it)

    the thing is, I will be forking out some 2/3 of my savings and the mortgage will be around 1200 (1100 for the first few years), of which 400 will be capital and 800 interest

    it's well known that property will go down
    but, will be wise to rent at the same money than the mortgage?
    what about getting the 15% off the asking (340) or so forecasted for houses to fall?


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    #2
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    If you plan on living there for 10 or 20 years, I don't think it really matters if the prices drop a bit.

    You should definitely try to get as much off the house as possible if you plan on buying. Personally I think there is a lot more than 15% falls coming our way.


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