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Buying Property Cork

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  • 23-02-2015 3:43pm
    #1
    mike_cork
    Registered Users Posts: 601 ✭✭✭


    First time property buyer here and looking for advice from people who know a little more than me!
    Currently looking to buy a property (apartment) in cork city centre- I have a 22K deposit and have mortgage approval from the bank up to an amount of 147K.
    Is now a good time to buy or should I remain renting (currently 590 a month)?
    Is purchasing an apartment a bad idea?

    Thanks
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    #2
    Eldarion
    Registered Users Posts: 484 ✭✭Eldarion


    mike_cork wrote: »
    First time property buyer here and looking for advice from people who know a little more than me!
    Currently looking to buy a property (apartment) in cork city centre- I have a 22K deposit and have mortgage approval from the bank up to an amount of 147K.
    Is now a good time to buy or should I remain renting (currently 590 a month)?
    Is purchasing an apartment a bad idea?

    Thanks

    You're renting an apartment in Cork City for €590 a month? Sharing surely? €147k will not get you a nice apartment in Cork City, and if you're looking at one beds note that the bank will only approve 75% LTV mortgages on them.

    If you're looking for a decent 2 or 3 bed apartment in a somewhat central location you'll be looking at €200k+ easy.

    Completely my own personal opinion here: Yes, purchasing an apartment in your situation is a very bad idea. For a myriad of reasons.


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    #3
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    No-one can tell you what is or isn't a good or a bad idea without knowing your full circumstances.

    However, I'm going to make some inferences based on your post:

    You're young (under 30, possibly under 25)
    You're on €40kish per annum
    You're single

    While you might enjoy apartment living now, in five or ten years time you could easily be married with a child, and doing your utmost to rid yourself of your apartment and buy a house.

    Hell, in 2 years time you and your mates might decide that a year on the other side of the planet is the thing to do. Except that you can't go anywhere until you've sold up or found a renter.

    In short: buying a property is what you do when you're settling down and don't plan on going anywhere for quite a while. If you just fancy having your own place and not sharing, then rent a property outright. If you're buying with the idea that, "Sure I can sell up and buy somewhere else in five years time", then you shouldn't be buying.

    Continue to save whatever money you can. You'll be glad of it when you actually do come to buy your own property.


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