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What would you do

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  • 27-01-2019 10:55pm
    #1
    trobbin
    Registered Users Posts: 181 ✭✭


    Property in great location, decent house that needs work. Would happily live in the house.

    However, it's expensive but affordable. Where I currently live I am very comfortable and can save 2.5k per month. I'm able to stay here for 3 years, but then I have to go. If I buy other place, I can afford mortgage, but can't afford to renovate the house, so I'd probably never get it right.

    But if I don't get the house now, maybe I won't be able in 3 years time?


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    #2
    dermob
    Registered Users Posts: 110 ✭✭dermob


    Weigh up the cost for both options for three years.
    Stay and you’ll have 3ok savings in 3 yrs vs cost of rent if any, etc. Buying depends on your ability to service mortgage/ renovation loan/ ability to save to renovate, cost of renovation, work outlook etc.


  • Options
    #3
    trobbin
    Registered Users Posts: 181 ✭✭trobbin


    dermob wrote: »
    Weigh up the cost for both options for three years.
    Stay and you’ll have 3ok savings in 3 yrs vs cost of rent if any, etc. Buying depends on your ability to service mortgage/ renovation loan/ ability to save to renovate, cost of renovation, work outlook etc.

    That's what I've been trying to do, but it isn't giving me the answer. If I stay where I am for 3 years I'll have 90k saved. But if I buy this house, (which I can if I want) I'll be unable to save much. Maybe I could save 500 per month and pay mortgage. So I'll more than likely struggle to do house up to desirable standard.

    One part says relax and stay where you are. Another says if you don't take this house, you might not get something as good again. In 3 years it's hard to know where prices will go and what will be available.

    I understand I need a fortune teller, lol. But just asking in case others had similar experiences


  • Options
    #4
    Bicycle
    Registered Users Posts: 798 ✭✭✭Bicycle


    We were in a similar position over 30 years ago.

    Had a house we could afford and relax in, but decided we weren't 100% happy with the quality of the house and the area.

    We rented for a year then found a house that stretched us. Moved in without any carpets - just a bed, cheap kitchen table, a cooker and a kettle. Bit by bit we did it up. Within a couple of years the house had increased in value by 50%. Whereas the house we were initially looking at only increased by about 10%.

    The second house is the one we wanted, the first house was one we would have moved from eventually. We are still in the second house, having done a big extension a few years ago. And we still love the area and the house.

    If I had known then what I do now, would I have done the same? Absolutely. Where we are is an easy walk from town, the kids were always able to walk home from school when they were growing up. Our wages increased and the mortgage became more affordable.


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