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Too young to buy a house?

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  • 04-10-2011 1:51pm
    #1
    kmcattack
    Registered Users Posts: 65 ✭✭


    Hey all,

    Just wondering at what age do people generally make their first purchase?

    I'm almost 23 now and have been working full time as a software engineer in Cork for 6months. While I have no intention of making a purchase now, if I had built up a lot of money in a year or two I may consider it. If house prices continue to drop, do ye think this would still be a crazy gamble?

    The way I see it is that I don't see myself emigrating any time soon and I am working in a very good area even in these times, so either way I would imagine that it would be more of a long term investment. Just wondering what people think!


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    #2
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    You're 23, why buy? In a few years you might want to travel, move to Dublin, move to the UK, move to the US, things change, companies close and relocate. I woudn't think it's a wise move to buy a house now, by all means save up a lash of cash and keep thinking about it though.


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    #3
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    I'm 23 Op. I was in a similar situation to you. I've waited and waited and then I bought at auction last month a lovely 3bed for 80k... It's far from a crazy gamble when it would cost above 80k to build the property ;)

    Go for it... Always look at it this way. You COULD have been one of the unlucky ones that massively overpaid... If house prices continue to drop (which I believe they will) it doesn't really matter because you have your own space, that didn't cost you your an arm or a leg (in comparison to others)

    Go for it!


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    #4
    kmcattack
    Registered Users Posts: 65 ✭✭kmcattack


    Ya I definitely wouldn't now but maybe in say 2 years I might have a lot saved up and prices may be at extremely low levels. You are right though I may wish to move to the UK or somewhere different in a few years. If I was to ever go about it I'd need to get somewhere close to the city and easily rentable. But obviously that would be crazy hassle trying to rent out a house or apartment in Cork while I rent a place myself in the UK or Dublin!

    I just wouldn't like to be buying a place in 7 or 8 years when prices have risen again and wishing I had taken a gamble earlier and got a nice property for a dirt cheap price.


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    #5
    senordingdong
    Registered Users Posts: 10,673 ✭✭✭✭senordingdong


    I'm in a similar position but I am holding off, not because I am waiting for the prices to drop further but because the whole sector is so unstable.

    One could get a mortgage that is affordable right now, but who knows what extra charges the banks, the ECB or the govt. could impose in the near future and make the mortgage unaffordable.


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    #6
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    23 and in IT for 6 months amounts to easy to get rid of. I would not consider your job as stable. They hire and fire graduates at an amazing rate. The whole market relies on graduates to do the horrible hours until they burn out or aren't up to date.
    Wait at least another but I'd wait till you have 2 years experience and other companies would have interest in you.
    It's your job not age


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