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Should I purchase house/apartment?

  • 11-04-2015 10:50pm
    #1
    plasmin
    Registered Users, Registered Users 2 Posts: 201 ✭✭


    Hi All,

    Need some advice. We are mortgage approved and have enough cash for deposit etc. We have been considering buying house for ourselves (around 220-230K mark, Dublin/Kildare area) but due to my job commitment we need to move outside the EU for 3 to 5 years.

    The question I have is as we are mortgage approved, should we invest in a smaller property now (150-170K apartment) and rent it out for few years or is it a bad idea.

    We will be moving in next 4 to 6 months.

    thanks in advance.


Comments

  • #2
    lukesmom
    Registered Users, Registered Users 2 Posts: 4,400 ✭✭✭lukesmom


    cais wrote: »
    Hi All,

    Need some advice. We are mortgage approved and have enough cash for deposit etc. We have been considering buying house for ourselves (around 220-230K mark, Dublin/Kildare area) but due to my job commitment we need to move outside the EU for 3 to 5 years.

    The question I have is as we are mortgage approved, should we invest in a smaller property now (150-170K apartment) and rent it out for few years or is it a bad idea.

    We will be moving in next 4 to 6 months.

    thanks in advance.

    If your going to be out of the country for 3-5 years I would wait until you return to buy a property you want to live in yourselves.


  • #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    You'll be lucky to be closed by then. I'd save my money incase I decided no to return. No one can give you a cast iron guarantee on what's going to happen to the property market over the next few years.


  • #4
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,407 CMod ✭✭✭✭Pawwed Rig


    If you're going to be away that long I would hold off to see what the future holds. Being a landlord is a mugs game unless you are going in with your eyes wide open.


  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,042 ✭✭✭✭NIMAN


    Totally agree with all the sentiments so far.

    Being a LL isn't something you walk into easily, and it would be complicated by not being in the country for the next 3-5years.

    I'd pass on the mortgage approval now and look to buy again when (if?) you return.

    Good luck.


  • #6
    orchidsrpretty
    Registered Users, Registered Users 2 Posts: 2,147 ✭✭✭orchidsrpretty


    If I were you and felt the urge to spend a huge sum of money for a property I wouldn't live in for another 5 years I think i'd commit myself.

    I'd consider buying a site instead. saving up while working abroad to build when/if you return OR just keep saving the way you have done before now..


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  • #7
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,042 ✭✭✭✭NIMAN


    Some of the threads around on this subforum definitely make you feel that the Tiger is roaring again!


  • #8
    MsMontgomery
    Banned (with Prison Access) Posts: 5 ✭MsMontgomery


    What if you can't come back anymore after 3-5 years? Save your money first. :)


  • #9
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    NIMAN wrote: »
    Some of the threads around on this subforum definitely make you feel that the Tiger is roaring again!

    I think if a certain party currently not in power, get into power in the next election. I think there will be slower investment into Ireland, as I cant see multinationals wanting to invest in a country with a party that is so anti-business. If they implement their tax policies, I can see high income earners possible leave the country and probably sell their investment property due to the tax burden. You could also see some young people/families leaving to the values, that the party have.

    I think a certain party into Government will be massive dampener on the economy


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