Benefits of house versus apartment?

Pingin -it's unlikely you'll now get a house in fair condition,even a little one on the south-side within reasonable commuting distance of city-centre for your goal of under 150k - unless you are prepared to buy in certain areas that some people may not like.

Crumlin, Dolphins Barn ,especially just south of the canal have some quite reasonable properties for under 150k and you could briskly walk to city-centre in 30 mins.
However, there's no denying that -despite genuine friendliness of the neighbours - there are some social problems and there a low perception of the area.

Nobody can predict property prices but there doesn't seem to be that much gloom anymore about house prices in reasonable areas within moderate commuting distances. Even decent two-bedroomed apartments are no longer crashing in price.

If you do want a house would you consider renting out two bedrooms under the rent-a-room scheme whereby you can let for up to 10.000 euros tax-free It's a bloody good scheme if you're a bit short of monthly payments . And don't only think southside. Ballyfermot is a settled area close to town with really nice people =-I had a shop there for years and I think it's a great area for first-time buyers, even old ones like you.

Do tell us what you decide-but be prepared to raise your purchase price goal of under 150k.
 
pingin said:
My own first preference would be for a house, but it looks like I can't afford it now, much to my regret
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then wait and buy a house when you're ready. why buy now something that you dont really, really want just because you get extra tax credit? there's so many apartments on the market right now, that you probably won't get a good price for it in few years when you finnally find that swedish chick, reproduce and want to buy a house
unless:
1. you are loaded and dont know what to do with the money :rolleyes:
2. you find really cool apartment and you'd want to stay there for good
that's what i'd do anyway...
 
[broken link removed]

I've just finished a remarkably similar renovation, shopped around for everything, lots of stress, but it cost just a shade under €25k.
 
I really would question the wisdom of taking on such a burden at your age and with say 15 years to retirement...

First there is the borrowing aspect, forget for a moment the crazy borrowing rules of the celtic tiger, prior to that and still to day in mainland Europe, a reasonable mortgage is considered to be between 2 and 3 times your annual salary and payments should not account for more that about 20% of your monthly net salary. Based on the few figures you have provided that would suggest a reasonable amount for you to borrow would be somewhere around 100K...

Next there is the idea that the house will suit you for the rest of your live, which is not so - a house requires a lot of work and while you may enjoy doing it now, as you get older it will be come more a burden than anything else... I see it with both my parents and my parent-in-laws, it is no longer fun for them.

Which brings me to the next point, sinking so much in to a single asset at your stage is high risk - there is no real market right now, so you can't tell if you are buying at a reasonable price nor who it will be later if you need to dispose of it.

Another aspect to consider is the costs of running and maintaining a house. Even if you are using only a few rooms, you'll still have to heat and maintain the whole house....

In your case I would strongly favor the European attitude - concentrate on building your savings for retirement and rent a property that is appropriate for your situation in life, then later switch to something else that suits you as you grow older... it is the low risk option and ensures you will be able to enjoy your retirement rather than being concerned with financial worries.

pingin said:
I get the impression—and it may be a mistaken one—that the rental sector in mainland Europe is well regulated and controlled. People rent for a long number of years and have a sense of security. We don't have that here.
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Not really the case, there are some differences, but the main thing is that landlords want good tenants and once they find them they will try to hold on to them... But it is still possible for them to get you out on one or two months notice.

pingin said:
As for renting now and buying later, I feel that I'm under pressure, since the tax allowance for first-time buyers will be discontinued at the end of this year. That, plus the age factor...
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This does not make any sense, because once the tax relief expires you will end having to pay more, so why all the rush to pay more????
 
I really feel I have the best of all - i have a duplex with a shared garden...love it
 
This topic got you all going!

I could rent for a while longer but the longer I wait, the higher still the repayments are going to be. Maybe that's the wrong way to look at it, as some of you have said.

There's a lot of psychology going on here. I feel as though I'm a 'failure' because most people I know own their own homes and I don't. Mind you, most of them are married and have two incomes.

There's a whole 'country' thing too, in that I've lived in houses with their own front doors and back gardens. I'd like to be able to potter and work in a shed. I want to be able to hang my pictures on the walls or paint the rooms any colour I wish.

I do want to go back to the country in five to ten years. I'm told I may even inherit a house there one day. That would end up actually being a burden if I already owned a property in Dublin.

Jim2007, you advise me to invest in my retirement. However, with good quality rental apartments costing €1000 and upwards p.m., there won't be much left for savings. I've seen a very nice apartment for €1000 near where I work but I don't know if that's good value or not.

Sarah, you've got a house full of character there and I'm sure you'll be very happy in it. You duplex sounds lovely too Amtc.

Sorry about all these random thoughts; it's just the way my brain is at the moment!
 
Thanks for the compliment - I know what you mean, I love the duplex because I have the own front door, painted inside how I want, 56 pictures on walls, have stairs, have outside space, but yet don't have the upkeep ( I have a tiny private bit but the rest is done by management company so I have the illusion of the outside, but have enough of a small space to grow herbs, pots etc.)


As I said to someone recently if I want to walk around naked in my own place, I can (not that I do!).
 
amtc said:
As I said to someone recently if I want to walk around naked in my own place, I can (not that I do!).
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And why not? Its something I miss from living in a ground floor apartment. My poor postman has caught sight of me in my knickers or worse on numerous occasions as Ive thought a quick dash inside would be safe!

However, ownership doesnt guarantee nakedness, I had total privacy in the place I rented before I bought, and walked around naked all the time.
 
oldnick said:
Pingin -it's unlikely you'll now get a house in fair condition,even a little one on the south-side within reasonable commuting distance of city-centre for your goal of under 150k - unless you are prepared to buy in certain areas that some people may not like.

Crumlin, Dolphins Barn ,especially just south of the canal have some quite reasonable properties for under 150k and you could briskly walk to city-centre in 30 mins.
However, there's no denying that -despite genuine friendliness of the neighbours - there are some social problems and there a low perception of the area.

Nobody can predict property prices but there doesn't seem to be that much gloom anymore about house prices in reasonable areas within moderate commuting distances. Even decent two-bedroomed apartments are no longer crashing in price.

If you do want a house would you consider renting out two bedrooms under the rent-a-room scheme whereby you can let for up to 10.000 euros tax-free It's a bloody good scheme if you're a bit short of monthly payments . And don't only think southside. Ballyfermot is a settled area close to town with really nice people =-I had a shop there for years and I think it's a great area for first-time buyers, even old ones like you.

Do tell us what you decide-but be prepared to raise your purchase price goal of under 150k.
Click to expand...

We bought in one of those 'low perception' areas and nick is right. We have never had a minutes problem there and the kids are generally fine but the litter problem really irritates me.

Anyway, in relation to buying, my checklist included, a place that was bright and sunny, one with my own front and back door, a clothes line, a bit of a garden to entertain people in summer and just a tiny bit more room than our previous one bedroom apartment had afforded us. In the end we bought a house but had the above items been available in a duplex or ground floor apartment, it would have been fine with me. I think just make a list of the things which are absoutely necessary for you and then look.
 
truthseeker said:
And why not? Its something I miss from living in a ground floor apartment. My poor postman has caught sight of me in my knickers or worse on numerous occasions as Ive thought a quick dash inside would be safe!

However, ownership doesnt guarantee nakedness, I had total privacy in the place I rented before I bought, and walked around naked all the time.
Click to expand...

Do you have to bring every thread down to this level? ;):D
 
Hi Pingin, I live in a 2 bedroom house in Lower Ballyfermot. Although I paid vastly more for mine, you can get houses here for €150k and under now.

At the time I was buying I also considered an apartment, but the reasons I went for a house were:

(1) I feel it's more secure as you're not at the mercy of neighbours propping the main door open for their party guests or whoever;
(2) you can't add a single square foot to an apartment but you can to a house; and
(3) you don't have to pay management fees with a house.

Also, I have a 45 foot long garden that faces south and gets amazing sun.

As another poster mentioned, the areas in your price range may not be your first choice. TBH Ballyfermot would not have been my first choice at the time either, but having been here for 4 years now I love the place - it's friendly, safe, a nice age mix of residents, well settled, all the facilities you could want and still close to town. You definitely find what you're looking for if you cast your net a bit wider than the areas you're currently looking at.
 
Thanks for that dubgem. I think I need to start pulling down some of my psychological barriers and to consider other areas.
 
pingin said:
Thanks for that dubgem. I think I need to start pulling down some of my psychological barriers and to consider other areas.
Click to expand...

I think you'll find it's a positive rather than a step-down, a lot of older areas have out-of-date bad reputations, while newer areas have some problems that haven't had time to be aired yet (although I'm sure they'll settle down with time). Either way, do your research. I asked a lot of questions on forums such as this (although I got a lot of information that turned out, in retrospect, to be out of date and overly negative, so be judicious).

Best of of luck anyway, I'm sure when you find the home for you you'll recognise it :)
 
dont forget the management company fees if you buy an apartment. I was paying over 1400 per year where I had my old apartment. thats almost 120 per month. To make it wose they were a pain to deal with, always had money issues and were almost struck off by the companies office for not filing accounts.

I now own and live in a 100 year old house. I have my own roof and am not worried that my management company will go burst and leave me without essential services!

With regards areas - I am living in Kilmainham and I love it to bits. And a few properties around here for the 150k mark.
 
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