Buy Family Home? 60% of the cost in savings so would have to borrow 100k.

Hi we are looking to buy a family home at the moment. We have 60% of the cost in savings so would have to borrow 100k.

Given the current uncertainty in the Eurozone, the possible new recession that was announced during the week, the imminent Budget, and the recent trends of the property market, do you think this would be a wise move at the moment or should we hold off for another while to see if the market falls more?

We are very worried about our savings also and feel that it might be safer to buy now.

Any advice would be greatly appreciated.

You may not get many responses to this as there are far too many unkown unknowns!

We are not allowed to specualte on house prices but I am in a very similar situation to yourself. I have decided to buy a beautiful family home and to be honest am not at all worried about future house prices as I have something very tangible and was not comfortable having no home and that amount of money sitting in banks with all that's happening with the euro etc...but it's totally your call.

Thanks for replying, it is even good to hear that very positive reply it makes us feel more sure about what we are doing! Does that make sense?

One thing for sure - according to a recent survey about 70% of those renting want to buy and most of these claim that if the banks were a bit easier on loans they'd buy very soon.
Many have some saving , have jobs -all they need is the loan approval.

This suggests there is a pent-up demand to buy. And don't forget - we have a large young population- not all of them emigrating and many of them wanting their home.
Also the lack of building of new homes, especially in sought-after areas (e.g.. not the middle of Leitrim)could mean more demand than supply.
Property in Ireland is now comparable in price to many states in europe -no longer a dear country to buy a home.

O.K. - i admit I've given the optimistic view. But if things turn really bad in the wrold economy ,or the Eurozone,whatver , then we're in trouble no matter what we do with our money..
..so buy the house now - at half what you would have paid five years ago,lucky person !

naomhbooboo said:

Thanks for replying, it is even good to hear that very positive reply it makes us feel more sure about what we are doing! Does that make sense?

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Well sometimes hearing what somone else is doing gives us that extra sense of security...I'm delighted with my choice but as I said you need to make your own...

me and the gf bought our first house this year and couldn't be happier. economic considerations came second for us - we bought because we wanted to. anything could happen in life, so just go with what feels right, do your best and hopefully everything will work out.

Thanks for all your replies. Looks like we could make an offer this week. Fingers crossed