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How much to spend on a house?

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    #32
    BertyytreB
    Registered Users Posts: 25 ✭BertyytreB


    Ok further considerations here. As I have an option of a rent free place for two years should I:

    A. Go for a ftb house and get that better rate, 30 year term and move in there.

    B. Go for an investor loan at higher rate, 25year term, rent it out for the two years and then move in at this point and change to a better owner occupier rate? In the mean time I could save a lump sum to pay off. However would also probably have to pay part of the mortgage, furnish etc.

    C. Do nothing keep saving and try get disposit to 100k


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    #33
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    BertyytreB wrote: »
    Ok further considerations here. As I have an option of a rent free place for two years should I:

    A. Go for a ftb house and get that better rate, 30 year term and move in there.

    B. Go for an investor loan at higher rate, 25year term, rent it out for the two years and then move in at this point and change to a better owner occupier rate? In the mean time I could save a lump sum to pay off. However would also probably have to pay part of the mortgage, furnish etc.

    C. Do nothing keep saving and try get disposit to 100k

    Honestly the costs and hassle of tax returns, registering with PRTB, tenants, etc. make B not worthwhile.

    You already have a 20% deposit so the benefit in C is that you build up more equity or push your ceiling price up (although I think you're undershooting - 15k saved in 2 years with no rent overhead?).

    A is your best bet.


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