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Rent v Mortgage

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  • 17-01-2015 11:27am
    #1
    justasknow
    Registered Users Posts: 9 ✭


    Dont know what to do Rent v Mortgage.

    Considering buying 1 bed apt somewhere in Santry (Cant buy 2 bed it cost 2 much)

    Whats the pitfalls and plus when buying 1 bed apt.

    Are the management fees more or less eg bottom floor v top floor?
    Rental Potential?
    How much per mth?
    Fixed v Variable
    45,000 deposit to put down on mortgage
    Good idea to put down deposit?
    Will the property sell in yrs to come?
    Will the price on property go up?
    Property is 135,000 at present.

    Any help would be great :-)


Comments

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    #2
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    I don't think you are ready to buy based on information provided.


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    #3
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    justasknow wrote: »
    Are the management fees more or less eg bottom floor v top floor?
    Rental Potential?
    How much per mth?
    Fixed v Variable
    45,000 deposit to put down on mortgage
    Good idea to put down deposit?
    Will the property sell in yrs to come?
    Will the price on property go up?
    Property is 135,000 at present.

    Management fees are usually based on the space of your unit (sq ft), rather than top floor/bottom floor, etc.
    Rent potential depends on the area, nearby business, transport, parking, amenities, and demand.
    How much per month varies as much as the rental potential.
    With fixed, you know exactly how much you will have to pay and for how long. With variable, it will go up, at some stage. Rates can't stay this low forever.
    The bigger the deposit you put down, the smaller the mortgage you need. That is always better.
    No one knows if prices of property will go up or down, or if property will be worth selling in years to come. Even the professional analysts don't know. They are only guessing.


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