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Low key buyer

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  • 04-01-2017 5:12pm
    #1
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭


    Let's say one in a position of buying an apartment without getting a mortgage and still something left for rainy days. The budget is limited if stretched to a house, it wasn't possible without mortgage.

    One has never liked too risky things, kept a low profile, never lived it up. They are likely to be happy with the place which is not too big, has a nice south facing back garden. No family yet but if there was 1 child, would be no problem. They could leave the country in few years time, so something smaller is easier to handle.

    But there's a tiny thought: what if more risk this time, get a mortgage and could get some return on investment when it comes to sell. Play big win big or lose big. No one knows what the future holds!
    One wants to save on additional costs attached to mortgage and get out of renting quick.

    The apartment is 90% certain, mortgage being processed, no house in sight yet, not even talking about bidding.

    Am I right thinking they're fit the profile of get it and live happy? Currently in a 2 bed place and only using 1, the other one for storage and have the living, bathroom, kitchen triangle.


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    #2
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Im VERY confused by this post.....


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    #3
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭padyjoe


    What's confusing? :-) It's about 2 persons and one of them looking at the investment side, maybe more 'profit' to be made on house compared to an apartment but could lose more (but don't really need a big place). Toying with the idea what if... ;-)


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    #4
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,079 Mod ✭✭✭✭AlmightyCushion


    Askthe EA wrote: »
    Im VERY confused by this post.....

    I think he's saying he has enough money to buy an apartment with out having to get a mortgage. Should he do that or get a mortgage and buy a house instead.

    Personally, I'd look at the next 10+ years. The apartment might do you now but in the future you're probably going to need a bigger place. I'd get a mortgage and get a house (or at least a bigger apartment). You probably wouldn't need a big mortgage to get a house over an apartment so it's relatively low risk.


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    #5
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭padyjoe


    You have a point there AlmightyCushion. At the moment I don't see next 10+ more years coming, rather 5-6ish at most. And hardly see shelling more than 200k out for anything.


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    #6
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    padyjoe wrote: »
    What's confusing? :-) It's about 2 persons and one of them looking at the investment side, maybe more 'profit' to be made on house compared to an apartment but could lose more (but don't really need a big place). Toying with the idea what if... ;-)

    Syntax and grammar for a start!!! ;-) From a pure sales point of view, houses are always quicker and easier to dispose of imo.


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    #7
    cronos
    Registered Users Posts: 2,719 ✭✭✭cronos


    Sound's like it might be 'one's' first house. If so you could always factor in the help to buy scheme money. You would need to stay in it for 5 years, but can then sell.


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    #8
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭padyjoe


    Askthe EA wrote: »
    Syntax and grammar for a start!!! ;-)

    Trying to speak my mind and hard to cast them into words. (I'm sorry english wasn't my first language when I was taught to speak ;-) )


    @cronos

    The help to buy scheme is available for first timers and newly built properties, isn't? The latter is impossible where I live. Or out of budget, going over 300k.


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    #9
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    There is very little risk in getting a small mortgage, if your savings and a small mortgage can put you into a house over an apartment then it would be a much better move imo.


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    #10
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭padyjoe


    The lease on the place is up in 2 months time, I'm not inclined to sign 1 more year.

    I just had a quick look online what's available in town at the moment, up to 225K. Very few within that budget and not more than 2 looked alright to me. Very poor selection and no newly built homes.


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