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3 or 4 bed house Arklow

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  • 04-06-2014 4:01pm
    #1
    NewArklow2012
    Registered Users Posts: 28 ✭


    Finally had enough of renting so am looking to buy in Arklow. I commute to Dublin each day and my wife commutes to North Wexford.
    We are currently renting a three bed house and have a newborn child. 4 bed detached houses are currently going for about 200k here with three bed semis at around 150.
    I just don’t know is it worth going up the extra for the 4 bed. We plan/hope to have one more child and I think we may regret not having the space.
    I am also paranoid about diesel increases and think if I go for the three bed I will have a small mortgage that will allow me some freedom if my commute becomes more expensive or my wife decides to give up work at some stage. We have both good jobs and 50k deposit. If we go for the three bed and pay all one wage each month towards the mortgage we could be mortgage free in 5 years.
    Any thoughts welcome?


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    #2
    Mrs OBumble
    Registered Users Posts: 25,960 ✭✭✭✭Mrs OBumble


    Any chance of a three bedroom with room to extend if you need it later? With those commutes, I'd take the smaller mortgage, just in case.


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    #3
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    There's a 4 bed semi in Meadowvale (new) at 160k :) my brother just bought down there.


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    #4
    NewArklow2012
    Registered Users Posts: 28 ✭NewArklow2012


    Thanks Mrs OBumble, once you get into looking at property it starts to become all overwhelming. I am worried about the commute in the future.


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    #5
    NewArklow2012
    Registered Users Posts: 28 ✭NewArklow2012


    Thnaks 2013Lara, I suppose the detatched 4 bed was in the region of 200k. Thats a great buy for your brother, ill look at Meadowvale again. I did see a few houses down the back that were for sale, but not finished by builder yet


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    #6
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    NewArklow2012 wrote: »
    Thnaks 2013Lara, I suppose the detatched 4 bed was in the region of 200k. Thats a great buy for your brother, ill look at Meadowvale again. I did see a few houses down the back that were for sale, but not finished by builder yet

    Yeah he's happy, it wasn't finished when he bought but they finished it. Fab kitchen and nice finish. We are in the process of buying in Wicklow Town. A new housing estate is being built here too at the min.


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    #7
    Mrs OBumble
    Registered Users Posts: 25,960 ✭✭✭✭Mrs OBumble


    NewArklow2012 wrote: »
    Thanks Mrs OBumble, once you get into looking at property it starts to become all overwhelming. I am worried about the commute in the future.

    The other thing to consider is that if you can get "enough" house quickly, then there is the opportunity to live your lives differently / better in future.

    Pure economic arguments about nett-present-value say that paying of a mortgate quickly is often not a good idea.

    But I have a different argument about nett-utility-value: because I was able to pay off a mortgage very quickly, I was able to go travelling for an extended period when I was 40. This has been an enormous lifestyle benefit for me. You might want to do something different (study, an at-home-parent etc), but it's all about having options - which you won't have if you're tied to a large mortgage.


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