Cold feet about buying ...

Joza

I'm in my late 20s and still living at home due to Ireland's out of control rental market. Naturally I've been considering buying as an alternative. I've a good job and could probably afford 240k, so a 2-bed apartment maybe.

Trouble is, I've been getting terrible cold feet lately about going ahead with the mortgage application. To complicate things, due to circumstances I would not be taking the mortgage with my partner, and they may not live with me full time. And I've been worrying about how difficult it might be if I needed to let the apartment due to moving abroad (due to my job, I need to keep all circumstances in mind, even if unlikely).

Has anyone else had a similar experience? Can you offer any advise? At the end of it all, I really do want to move out of my parent's home and have my own freedom, but it's the cold feet that are making me procrastinate ...

James Bond Junior

Joza wrote: »

I'm in my late 20s and still living at home due to Ireland's out of control rental market. Naturally I've been considering buying as an alternative. I've a good job and could probably afford 240k, so a 2-bed apartment maybe.

Trouble is, I've getting terrible cold feet lately about going ahead with the mortgage application. To complicate things, due to circumstances I would not be taking the mortgage with my partner, and they may not live with me full time. And is it lonely, moving into your own apartment? And I've been worrying about how difficult it might be if I needed to let the apartment due to moving abroad (due to my job, I need to keep all circumstances in mind, even if unlikely).

Has anyone else had a similar experience? Can you offer any advise? At the end of it all, I really do want to move out of my parent's home and have my own freedom, but it's the cold feet that are making me procrastinate ...

The first little while is great but can get a bit lonely after a while. Would a lodger be a runner?

Joza

Yea, I think I definitely rent a room to cover part of the mortgage anyway!

Lumen

It's a bit early in the process to be getting cold feet.

Have you viewed anywhere yet?

Mooooo

Rent first anyway, why take on a mortgage if you are unsure about it.

Bushmanpm

Seriously consider becoming an 'accidental landlord' as it is not the bed of roses you would be led to believe.
Once the tenant has been there six months they can legally stay there for up to another five and a half years under the new 'Part 4 Legislation'
Then there's the risk of over holding, non payment of rent, damage to the property, all of which would take around twelve months and court backing to get them out whilst you still pay the mortgage, all of which your only protection was that one months rent as deposit.
But, y'know, "Grrr, big bad evil landlords!"

James Bond Junior

Bushmanpm wrote: »

Seriously consider becoming an 'accidental landlord' as it is not the bed of roses you would be led to believe.
Once the tenant has been there six months they can legally stay there for up to another five and a half years under the new 'Part 4 Legislation'
Then there's the risk of over holding, non payment of rent, damage to the property, all of which would take around twelve months and court backing to get them out whilst you still pay the mortgage, all of which your only protection was that one months rent as deposit.
But, y'know, "Grrr, big bad evil landlords!"

Part iv doesn't apply to a lodger. They are a licensee and they don't have any rights as such.

Bushmanpm

James Bond Junior wrote:

Part iv doesn't apply to a lodger. They are a licensee and they don't have any rights as such.

I was of course referring to the part about her working abroad which would be another massive complication. You are quite correct if they are just letting a room as opposed to the whole property.

James Bond Junior

Bushmanpm wrote: »

I was of course referring to the part about her working abroad which would be another massive complication. You are quite correct if they are just letting a room as opposed to the whole property.

My apologies, I missed that part.

Dr. Kenneth Noisewater

I think that, before taking the plunge to buy, you should think about renting for a little while, just to get the feel for being out of home. You might realise that you don't like living in an apartment or that you prefer a quieter area etc (this is me presuming you've never lived out of home properly).

Idbatterim

depending on where you move to , you will be done on rent in dublin and it will effect what they let you borrow!