help: buying apt v saving for house

[ned official]

Hi All,

Need some help or good advice. Currently renting 2 bed apt for myself and my wife. We earn about 85k gross between us both permanent Jobs. No kids yet but plan to have one in next 2 years. We are both professionals and expect to be earnings 100k 2 years from now. We are saving for dream house but need around 50k deposit. We have 10 k at moment and saving 1200 pm and paying rent 1050 pm. Apt has just come up for sale exact one we are renting. Mortgage would be 850 pm and family member could give us cash loan for shortfall in deposit. would we be better buying apt now for short term with view to sell it 2/3 years down line then buy dream house or keep renting and saving? Location of apt is north county dublin 20 mins from city on dart line. What would the pros/con's?

 

[Newbie-employee]

Biggest drawback is what so many thousands are experiencing; if the property-market turns again after you've bought - are you able to rear your kid in the apartment. Don't think it couldn't happen to you, or that the market cannot drop again.

 

[ned official]

Biggest drawback is what so many thousands are experiencing; if the property-market turns again after you've bought - are you able to rear your kid in the apartment. Don't think it couldn't happen to you, or that the market cannot drop again.

Thanks for reply. Apt is down 200k from tiger prices (mad thinking about it) 2 min walk from dart and 10 min from beach. It is in gated development with plenty of green area tennis court etc. 20 mins from city prices can't drop or am I a fool for thinking that?

 

[Newbie-employee]

What does the property price register say? What is the average rental yield per sq.m. there? What are the management charges as a % of cost? Have you bought property before (so you have an understanding of the process of buying) ? Have you examined thepropertypin.com ?