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24 with good salary and deposit, should I buy an apartment or house?

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    #62
    JimmyVik
    Registered Users Posts: 5,367 ✭✭✭JimmyVik


    https://www.boards.ie/discussion/comment/118365194#Comment_118365194

    I know a couple of poeple that were in the same situation as yourself, but depending on how you handle it, and pure luck for the most part, it can work out. Bought an apartment in 2006 and then family grew. But instead of buying in 2010 the rented for a couple of years and rented out their own place. in 2017 one of them bought a house and is still renting their apartment they bought in 2006. Probably worth €50k more than they bought it for today but bringing in rent of €1450pm. But thats another story. They are selling it now anyway because they dont want to be landlords anymore, but they will put a nice amount of cash into their pockets. Probably enough to pay off the mortgage on the house.

    The other couple had actually bought an apartment each in 2006 and when they met and moved in together 2012 they bought a house and rented the 2 apartments. Both apartments are easily covering their mortgage and then some. They too have given their tenants notice as they want out of the landlord game. Apartments are worth maybe €50k each more than they paid for them, but they only have 14 years or so left on the mortgages, so plenty of change to keep.

    But its people who are paying rent now who have it hard. Rents going up 10% a year and less rentals available. You couldnt keep that up til you die. A mortgage will be gone in 30 years.



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