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Advice: buying a house

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    #32
    beeno67
    Registered Users Posts: 1,218 ✭✭✭beeno67


    Senna wrote: »
    Lets just (conservatively) say that the house price drops by 10% in the next two years, do you think that you will have 10% of your current mortgage paid in those two years?? Dont think so, smaller mortgage means paid off in less time or MORE OFTEN THE CASE same time frame with LESS monthly payments.

    .

    It all depends really on how much current rent is, how much mortgage repayments are and over what period loan is repaid as well as performance of property market over next 10 years.


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    #33
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    How did our parents buy their houses? Same way I did. Saved like mad - put every spare penny in - less nights out, less alcohol, less everything (no holidays for 6 years, in my case) - found any way possible to make more money - any overtime, any extra jobs - saved any cash gifts for birthday/Christmas. Worked out the finances as closely as possible - stamp duty, solicitor, surveyor, furnishings etc. Lived with only the essential furniture/repairs done until recuperated and ended up buying things slowly, doing the house up slowly....
    I stared by keeping a little notebook where I wrote down every cent I spent and was really surprised to see how much was flying out on little things. Put a max on presents for others which was ok as most of them knew I was saving. Only got the minimum out of the cashpoint each time. It's amazing how much I was able to save - ok I was amazed.


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