Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Time to look for my first home?

Options
  • 16-05-2012 4:58pm
    #1
    sink
    Registered Users Posts: 4,314 ✭✭✭


    I'm 28 turning 29 in a few months and renting a flat from my parents which is attached to their house. They are putting pressure on me to move on as they don't want me living there forever. I'm in a stable job I have enough saved for a deposit and had positive feedback from the banks on getting a mortgage, my price range would be sub €200k and I plan to rent out the second bedroom. I work in the centre of Dublin, so would be looking for somewhere within easy commute, say within the bounds of the M50.

    I don't know whether it's the right time to buy. My Dad is fairly convinced that there is going to be an upturn in the market any day now, but I don't have as much confidence. Just looking for some opinions, thanks.


Comments

  • Options
    #2
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    sink wrote: »
    I'm 28 turning 29 in a few months and renting a flat from my parents which is attached to their house. They are putting pressure on me to move on as they don't want me living there forever. I'm in a stable job I have enough saved for a deposit and had positive feedback from the banks on getting a mortgage, my price range would be sub €200k and I plan to rent out the second bedroom. I work in the centre of Dublin, so would be looking for somewhere within easy commute, say within the bounds of the M50.

    I don't know whether it's the right time to buy. My Dad is fairly convinced that there is going to be an upturn in the market any day now, but I don't have as much confidence. Just looking for some opinions, thanks.


    If you think your Dad is wrong maybe you could rent elsewhere for a while until you are ready to buy?


  • Options
    #3
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    Nothing I have read would suggest that your dad is correct, so Id be inclined to wait. If you have the money for the deposit then why not hold onto it and see what happens? I cant see it being a dramatic overnight upturn even if it does happen, so keep an eye on house prices and decide when you think its right to buy. Right now prices are still falling.


  • Options
    #4
    username123
    Closed Accounts Posts: 7,484 ✭✭✭username123


    In this climate the fact that your parents want you to move on would suggest to me that you are paying them below market price for the rent?

    Why not rent somewhere yourself, somewhere not owned by a relation, and buy when you want to buy.

    I think your father is wrong btw.


  • Options
    #5
    tagfan
    Closed Accounts Posts: 22 ✭tagfan


    Don't listen to a word your parents say, you are the one who has to live with the decisions. I'd a friend who was constantly pressured by parents "to get on the ladder". Unfortunately for him that ladder resulted him being stuck in a dump of a town miles from his real home with 100K worth of negative equity.

    If your parents want you out then rent for a year and see where you are after that. I'd be very wary of buying a house now in the most unstable period in Europe since world war 2.


Advertisement