Looking to buy a house within next 2 years

eggwhitelad

HI im just looking for a bit of advice here

Im 22 and I have about 39k saved up as deposit at the moment but im currently locked in full time education till june then on the job hunt after..

If all goes to plan I should have 50k saved up in the next two years..

so basically im asking what do you think i should do??

Do I wait for longer or try get a property asap??

thanks

drunkmonkey

I'd be making a safe investment and not in a house unless you intend to be a speculator and at 22 it's probably not the best career choice.

Travel the world, enjoy some of your money. Get a few years work experience under your belt, if you still want a house then go for it.

djimi

My advice would be enjoy your 20s without a mortgage to worry about.

_Kaiser_

eggwhitelad wrote: »

HI im just looking for a bit of advice here

Im 22 and I have about 39k saved up as deposit at the moment but im currently locked in full time education till june then on the job hunt after..

If all goes to plan I should have 50k saved up in the next two years..

so basically im asking what do you think i should do??

Do I wait for longer or try get a property asap??

thanks

First question I'd ask.. Do you NEED a property?

I'm being serious. I know we Irish have an obsession with owning our own apartment / house / land, but surely the last few years have proven this can only end in tears if it's pursued at any cost - as it was.

You're 22, you're still in education and who knows what the job situation will be like when you finish. If reports are anything to go by you may find it necessary to look abroad or spend a long while hunting for a job here. Not that I'd wish that on anyone, but it's something to bear in mind.

The fact that you don't have any job/financial security besides savings (which by the way is very impressive I have to say so fair play) will also go against you with the banks.

This may be unpopular around these parts but I'd sit tight. Prices haven't bottomed out yet despite what the media and estate agents will tell you, and the impact of the budget and property tax may change everything again. You could find yourself needing those savings to get by next year while you find a job and the fact that you'll be mobile will also help that search rather than being tied up in a house in a particular location.

eggwhitelad

drunkmonkey wrote: »

I'd be making a safe investment and not in a house unless you intend to be a speculator and at 22 it's probably not the best career choice.

Travel the world, enjoy some of your money. Get a few years work experience under your belt, if you still want a house then go for it.

good advice but what is a "safe investment" these days??

I was in oz for a year im too much of a home bird but enjoy holidays who doesnt..

Have a nice enough car and all no bragging but wouldnt know what to spend money on other than holidays and gargle or gym stuff lol

Would rather get one cheap than regret it if they go up within next 5 years though but thats a big if i reckon

djimi

eggwhitelad wrote: »

Would rather get one cheap than regret it if they go up within next 5 years though but thats a big if i reckon

Id say its pretty unlikely that house prices are going to take a sharp rise in the next 5 years, but even if they do then you have your deposit so you are in a position to act. Right now they still seem to be falling for the most part so there is no rush.

Youre not going to get a mortgage now or in the next 12 months anyway if you are not in full time employment.

eggwhitelad

Kaiser2000 wrote: »

First question I'd ask.. Do you NEED a property?

I'm being serious. I know we Irish have an obsession with owning our own apartment / house / land, but surely the last few years have proven this can only end in tears if it's pursued at any cost - as it was.

You're 22, you're still in education and who knows what the job situation will be like when you finish. If reports are anything to go by you may find it necessary to look abroad or spend a long while hunting for a job here. Not that I'd wish that on anyone, but it's something to bear in mind.

The fact that you don't have any job/financial security besides savings (which by the way is very impressive I have to say so fair play) will also go against you with the banks.

This may be unpopular around these parts but I'd sit tight. Prices haven't bottomed out yet despite what the media and estate agents will tell you, and the impact of the budget and property tax may change everything again. You could find yourself needing those savings to get by next year while you find a job and the fact that you'll be mobile will also help that search rather than being tied up in a house in a particular location.

Cheers great advice

I know about the job situation thats very true was just thinking best case scenario would be 2 years...but i would have no problem waiting longer than that

Just want to get them while they are still cheap although they probably will stay that way for the a good while by the sounds of it

eggwhitelad

djimi wrote: »

My advice would be enjoy your 20s without a mortgage to worry about.

im enjoying it quite well lad just looking to the future lol

eggwhitelad

anyone else got some good advice??

MikeMichael

You have no job so you can forget about buying a house. No bank will touch a graduate with no ties to the country.