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First Time Buyer - New Build

  • 23-03-2023 10:37PM
    #1
    Soul_wanderer
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi All,

    I am a first time buyer and I am availing of the HTB scheme and FHS in order to purchase a new, one bedroom apartment (in a fantastic location). Having been a long-time lurker on this forum, I have consistently read 'location, location, location'.

    However, I work in the tech sector, and as we have all witnessed in recent months, the tech sector is laying off staff in large, multiple waves. There is a small possibility that I may be laid off within the year, next year, the year after etc. Who knows.

    I fear that if this happens, I will not be able to sublet the apartment due to the rules within the scheme. Does anyone have any advice? I really do have my heart set on this apartment, and it is the only new build apartment which I can find below EUR 500k in Dublin.

    I have thought of the following two possibilities:

    1) If I did lose my job, I could try and sell it, but I am not sure how easy it would be to sell a one bedroom apartment at approx EUR 450-500k (even if it is in a super location).

    2) Is there any way of subletting it? Even to a family member?

    Any advice would be greatly appreciated.

    Thank you.



Comments

  • #2
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 14,013 ✭✭✭✭Cuddlesworth


    1 - Paying anything towards a mortgage effectively means you can't be evicted in Ireland from your PPR. So if you loose your job, don't bury your head in the sand, work with the bank, pay the barest minimum and ride it out.

    2 - You would have to buy out the FHS portion but in general I wouldn't bother with renting anything if you don't know what your really getting into.


    Your post in general strikes me of a person overreaching financially.



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