I’m a 36 year old man, single, renting in a town in Ireland where my work is. I’d struggle to get work elsewhere as my job is quite niche, and work requires my presence in town. I make 56k per year.
My rental is cheap at €854 per month for a 2 bed, but the apartment is a little dingy, not easy to clean, and noisy at weekends (on the same street as a pub).
I’m mortgage approved for 225k, and have been trying to buy for a year, my criteria simply being somewhere I can afford that doesn’t lower my quality of life. Due to extreme supply constraints, I’ve not been able to find anywhere. I’ve bid on several places, but always been outbid. At a stretch I could probably afford a place for €295k accounting for my savings.
Currently I’m involved in bidding on a 60m 1 bed apartment with a D3 rating. The bidding is likely to go over 200k (from an artificially low €165k asking price). The place is actually quite nice, but I consider it to be overvalued at that price, management fees are €1895 per year, not sure about LPT. But it's probably better, quality of life wise, than my current situation, mainly because of the noise factor. A 2 bed recently went in the same complex for €210k which might be a reasonable guide for this one since it has some advantages despite being small. Its rare for 1 beds to come up at all in my area.
Should I go ahead and continue bidding up to that price? I can easily see this place struggling to sell at this price in the future. On the other hand, supply is so bad here I could be waiting weeks for a place I’d even consider visiting- being cautious and conservative has turned out to be a costly mistake, so far.
I’d appreciate just any feedback and thoughts/ questions, it can be tough trying to think through decisions like this by yourself. I’m a first time buyer, and I worry that I’m not considering all the angles. I'm wary of apartments having heard some stories of regret
My rental is cheap at €854 per month for a 2 bed, but the apartment is a little dingy, not easy to clean, and noisy at weekends (on the same street as a pub).
I’m mortgage approved for 225k, and have been trying to buy for a year, my criteria simply being somewhere I can afford that doesn’t lower my quality of life. Due to extreme supply constraints, I’ve not been able to find anywhere. I’ve bid on several places, but always been outbid. At a stretch I could probably afford a place for €295k accounting for my savings.
Currently I’m involved in bidding on a 60m 1 bed apartment with a D3 rating. The bidding is likely to go over 200k (from an artificially low €165k asking price). The place is actually quite nice, but I consider it to be overvalued at that price, management fees are €1895 per year, not sure about LPT. But it's probably better, quality of life wise, than my current situation, mainly because of the noise factor. A 2 bed recently went in the same complex for €210k which might be a reasonable guide for this one since it has some advantages despite being small. Its rare for 1 beds to come up at all in my area.
Should I go ahead and continue bidding up to that price? I can easily see this place struggling to sell at this price in the future. On the other hand, supply is so bad here I could be waiting weeks for a place I’d even consider visiting- being cautious and conservative has turned out to be a costly mistake, so far.
I’d appreciate just any feedback and thoughts/ questions, it can be tough trying to think through decisions like this by yourself. I’m a first time buyer, and I worry that I’m not considering all the angles. I'm wary of apartments having heard some stories of regret