Buy or rent

[taradog]

We are a couple ((f)53 and (m) 65 respectively) and for various (bad investment/decisonmaking) reasons not houseowners . We have limited savings. We are both employed, as well as operating a small business and nett income is between €6K-€7K p.month. We rent our home. There would appear to be a lack of houses (not apartments) in Ireland for rent on a long-term basis (10+ years) as there are in other European countries. We do not have a family so long-term house ownership has limited appeal. Somebody suggested we would be better off finding an investor who will purchase a property and rent it to us very longterm while we maintain it and pay market rent/mortgage. Are we economically better off renting at this stage and does anybody have any ideas re other options? Thanks

 

[pc7]

taradog, where are you renting currently, what prices are house/apartments for sale in that area, then you could work out how much a mortgage would be over a shortterm due to your ages/wage income etc.

 

[taradog]

Thanks PC7. I don't even know if our ages would be a detterent to any mortgage application. Or would result in say a 2k -3k mortgage payment a month. In this scenario the simple question is are we better off paying €1k (with increments) a month rental for the next 20 years rather than add on that considerable interest burden of a mortgage. At the end of the day we have no need to bequeath a house.