Buying 1 Bedroom Apt Dublin City Centre

sheroman01

First time buyer here, in my late twenties. I'm currently living in a 1 bedroom apartment in Dublin 6. For the amount I'm paying, I'm now thinking maybe it's just better to buy a place. I know it's probably more economical to buy a 2/3 bedroom place and rent out the other rooms, but I'd be living with my girlfriend, that's the main reason for wanting a one bedroom apt.

Would it really be crazy for a first time buyer to buy a one bedroom apartment in the city (like Dublin 1,2,6,8 area)? I'd be looking around 150-250k mark. My thinking behind it is that after say 5 years or so, if I need a different place, I could then rent out/sell the one bedroom apartment (all easier said than done I'm sure!).

Any advice would be appreciated, thanks.

The Hound Gone Wild

sheroman01 wrote: »

First time buyer here, in my late twenties. I'm currently living in a 1 bedroom apartment in Dublin 6. For the amount I'm paying, I'm now thinking maybe it's just better to buy a place. I know it's probably more economical to buy a 2/3 bedroom place and rent out the other rooms, but I'd be living with my girlfriend, that's the main reason for wanting a one bedroom apt.

Would it really be crazy for a first time buyer to buy a one bedroom apartment in the city (like Dublin 1,2,6,8 area)? I'd be looking around 150-250k mark. My thinking behind it is that after say 5 years or so, if I need a different place, I could then rent out/sell the one bedroom apartment (all easier said than done I'm sure!).

Any advice would be appreciated, thanks.

You generally need more than the 10% deposit for a 1 bed. I think the bank told us they look for 25% but don't quote me.

1 bed prices generally get decimated in a downturn. If you're going to be there 10 years+ it might be worth it but there are 2 beds in Dublin on the higher end of your price range so I'd go down that route if it were me.

AlmightyCushion

Plenty of people had the same idea back in the mid 2000s and then shít hit the fan before they could trade up and they were stuck there up until somewhat recently. It's a very real risk you should consider. If I was you I'd look at getting a 2 bed at least.

I don't think anyone should buy a place unless they would be happy living there for at least 10 years in case of a downturn leaving you stuck there.

sheroman01

Thanks for the replies. I think you have successfully talked me out of it alright. For roughly the same price,I can get a two-bedroom apartment/house. Worst case, it's a spare bedroom, best case I rent it out and it helps for selling in future. Cheers.