ButtermilkJa
Registered User
- Messages
- 660
I'd be paying rent (which I swore I wouldn't as I consider it dead money, or at least I did in the healthy property market we had a few years back).
They are!! The only reason I went for 40 years was to reduce the initial payments. Otherwise I wouldn't have been able to get the mortgage on my own. My mortgage is €940 p/m at the moment so I'd say, as whathome has pointed out, that about €800 - €840 is purely interest. Crazy.The interest payments on that 40yr mortgage must be criminal...
That's what I'm increasingly leaning towards. If my figures above are correct then I wouldn't be losing much in terms of profit... and that's if the market stays the same. If it drops, and interest rates increase (my savings interest then increases too!) then I'm laughing.In these circumstances, with the attitude towards the market that I have, I would sell up and live it up for a few years.
Subtract my new rent/utility bills etc., which would be around €6,000 and that makes €16k. ).
Excellent, thanks for that!As it's your PPR there is no capital gains tax liability on sale.
I think with my lump sum deposit, it would have to be a very sharp and fast rise to force me out quickly. I can't see that happening but who can make a call on that? Otherwise I think I would have time to react and get back in. But it's a very valid point and one I hadn't fully thought of.What if the market doesn't crash but continues to rise? Will you be priced out?
Again another good point. This would be the most important I guess as I would see it as being more possible than the first situation. It may be difficult to get back in, but I'm in a good enough job with the usual salary increases each year so i don't see any dramatic change in my circumstances.What if the market remains more or less the same as today, will you be able to buy back in easily if your circumstances change?
I am paying €940 and I would rent for €400 +bills (appx €450).What is the saving on the monthly amount you pay in mortgage versus renting from a friend?
I'd be moving in with my friend in his 2 bed apt close by. €400 per month plus bills.What will you be renting for just 5k a year (1k for esb, heating, TV, phone\broadband,bin collection, tv licence etc).?
Fair enough, I'd feel the same. I was renting the second bedroom in my apt for the last year and I have to say, now that my tenant is gone, I would much prefer to live with somebody else than on my own. And like I said, it's with one of my close friends, so it wouldn't bother me in the slightest. Moving out of my own home and in with strangers would definitely be a no-go.I'm paying a fairly big mortgage but having to go an rent a room and live with other people would be a something I would hate to have to do.
with my lump sum deposit, it would have to be a very sharp and fast rise to force me out quickly. I can't see that happening but who can make a call on that? Otherwise I think I would have time to react and get back in. But it's a very valid point and one I hadn't fully thought of.
Buttermilkja said:It may be difficult to get back in, but I'm in a good enough job with the usual salary increases each year so i don't see any dramatic change in my circumstances.
Buttermilkja said:I am paying €940 and I would rent for €400 +bills (appx €450).
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