Should i buy now or wait?

howdydo1999

Hi Folks,

I am in a bit of a predicament at the moment, i want to buy in Dublin but imo the market is overheated so i am inclined to wait for 2-3 years and then buy (after brexit, 2020 elections etc ). Interested to hear your thoughts and advice for my situation below:

Age 29
Gender: Neutral ( joking, male)
Salary: 65k basic -72k ( bonus included )
Children: 1 ( 8 month old son )
Currently renting: 800e PM
Savings: 135k

I am mortgage approved for 130k ( i could've went for more but i want to be mortgage free asap as i don't want to pay a mortgage forever).

I am in the market for a 2-3 bed house within 30-40 minute commute to Dublin city centre, my budget atm is 265k but if i wait for another 2-3 years i will be able to save an additional 30-40 grand so that would bring it up to the 300k mark. I am also hoping that prices may drop slightly on the houses i am looking at, i am not expecting big drops (10-15% would be acceptable).

Should i wait another 3 years and save more money ( hope prices drop a bit ) as this will vet me better property for my money or should i pull the trigger right now on low quality stock ?

Note: rent does not bother me at the moment as it is manageable but i don't plan on renting by mid 30's.

Any advice much appreciated.

Thank you,

howdydo1999

It is worth noting that i plan on having 2 more kids when 35 ( within 6 years )

L'prof

Your rent is relatively low, as long as your happy with your location I’d save for a few more years and see what happens

Paul Tergat

Admire your ability to change circumstances

https://www.boards.ie/vbulletin/showthread.php?p=109377367

https://www.boards.ie/vbulletin/showthread.php?p=109585531

https://www.boards.ie/vbulletin/showthread.php?t=2057973582

The Hound Gone Wild

Your budget for a house in Dublin stretches to areas like Finglas, Ballymun, Tallaght & Clondalkin. There are pockets in those areas full of normal working families looking for a quite life. There is serious value to be had in those pockets with excellent public transport access. However those areas are generally surrounded by areas full of wasters, antisocial behaviour and general unpleasantness.

You need to ask yourself if it worth it for you to sacrifice peace of mind for a shorter mortgage. As someone who grew up in one of the areas listed above and who's parents still live there I can tell you I'd sooner buy an apartment in a better area than go back.

Brego888

Paul Tergat wrote: »

Admire your ability to change circumstances

https://www.boards.ie/vbulletin/showthread.php?p=109377367

https://www.boards.ie/vbulletin/showthread.php?p=109585531

https://www.boards.ie/vbulletin/showthread.php?t=2057973582

Great research.

So OP over the past 3 months your wages have fluctuated by 30k, your rent by €200, your child's age by a year and a half and your own age by 3 years?
If looking for advice you should probably stick to the one lie.

el Fenomeno

Always flabbergasted at why people would create a thread purely based on lies? It's not even trolling, at least I don't think it is. Is there a trigger I'm missing?

Paul Tergat

Brego888 wrote: »

Great research.

So OP over the past 3 months your wages have fluctuated by 30k, your rent by €200, your child's age by a year and a half and your own age by 3 years?
If looking for advice you should probably stick to the one lie.

Credit to Autecher to be fair who found it in a thread i linked. Strange behaviour.

HamSarris

The psychological need of such threads is not advice but compliments. Basically, the person makes up a story about being a successful, young professional and awaits comments like, “wow how did you build up so much savings at your age?”. It fulfils a psychological need that is not being met in their real life – i.e., they are not respected in their real life so need praise online.

If seen a few of these type of threads, usually not as obvious as this one. One key giveaway is they go into personal and financial details far beyond that needed for the question – these details are designed to present themselves as more impressive. Most people are quite cautious giving details online and will typically say my budget is €XXX rather than going into personal details. There is also a false sense of desperation in their request for help that is incongruent with their comfortable financial position, like please help me I don’t know what to do with my 200k.

Graham

Mod Note

How exciting, amateur dramatics, detectives and psychology all in on place.

Closing this now folks, please report any future suspect posts.