Buy or rent?

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pingin

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I very nearly bought a three-bedroom house in need of refurbishment in south Dublin. My friends and everyone else are saying I'd be foolish to buy at the moment as I could find myself in negative equity very quickly.

They're advising me that renting would be a better option right now. I'm sharing a house with a landlord at the moment and paying €500 a month plus bills. Have to move from there soon though as he's becoming a pain in the backside. I'd like to stay in the Dundrum, Clonskeagh, Milltown area, if possible.

I'm seriously considering putting off buying and renting for another year or so. But what to pay for a rented house in south Dublin? I earn €2,500 a month. My mortgage repayments (20 years) would come to approximately €1,300 per month. I've seen two bedroom houses for renting at €1,200–€1,300. Is this good value for money?
 
pingin said:
I very nearly bought a three-bedroom house in need of refurbishment in south Dublin. My friends and everyone else are saying I'd be foolish to buy at the moment as I could find myself in negative equity very quickly.

They're advising me that renting would be a better option right now. I'm sharing a house with a landlord at the moment and paying €500 a month plus bills. Have to move from there soon though as he's becoming a pain in the backside. I'd like to stay in the Dundrum, Clonskeagh, Milltown area, if possible.

I'm seriously considering putting off buying and renting for another year or so. But what to pay for a rented house in south Dublin? I earn €2,500 a month. My mortgage repayments (20 years) would come to approximately €1,300 per month. I've seen two bedroom houses for renting at €1,200–€1,300. Is this good value for money?
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Huge mortgage for your salary. You cant afford it. You would be utterlly and completly mad to buy now. Insane actually.
 
I've never lived in an apartment, always in houses. Maybe I'm wrong but apartments (especially the Celtic Tiger shoebox variety) conjure up images of all-night parties, no soundproofing and competition for parking spaces. Plus, I would like to have a small garden.

Maybe I'm being too choosy?
 
I take your point lionstour. However, I was thinking about the rent-a-room allowance (if it still exists after the budget) which would knock a few hundred off. Also, I'm not a big spender and I'm saving 800 a month on top of my rent. Of course, if I got a mortgage, I wouldn't have anything to put into savings.

The bank seem to be quite keen to lend though, but maybe they just want my money...
 
pingin said:
I take your point lionstour. However, I was thinking about the rent-a-room allowance (if it still exists after the budget) which would knock a few hundred off. Also, I'm not a big spender and I'm saving 800 a month on top of my rent. Of course, if I got a mortgage, I wouldn't have anything to put into savings.

The bank seem to be quite keen to lend though, but maybe they just want my money...
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Could you rent a room with someone else. Maybe with someone who is not the landlord. Landlords who live in tend to be a pain in my opinion
 
I've come to the conclusion that I'm better off living on my own at this stage, unless I meet a stunning Polish blonde in the next six weeks! Having shared with different people over the years I'd like to go solo for a while. It would also give me a flavour of how to run my own household, taking care of bills etc.

I have a potential offer from another owner/occupier but I have an awful feeling that I wouldn't live up to her high standards, nice and all as she sounds.
 
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