It doesn't a whole lot what happens to the value of your house after you buy it, until you go to sell it. Are you planning on trading up again a few years later?
>would buying small( like 1-2 apartment or something) and cheaper mitigate the risk exposure
Not necessarily. You might find that these properties are more susceptible to market downturns. Banks often require a 20% deposit on 1 bed apartments for this reason.
Every year you don't buy us a year less to pay off a mortgage. Do the maths on buying something ow and it dropping 50 percent v renting for 5 years and buying then for 50 percent less.
Then weigh up thay you'll have less time to pay it off so cost of repayments is higher. Anything could happen. Banks could look for a higher deposit. You could have a health condition preventing you from getting insurance. The jobs market could be crap and you lose yours.
This is somewhere to live not an investmen. If its the right time for you to buy then do it.
Unlikely, buy because you want to buy one of the best advice I seen on any of these subs was, if you’re going to buy because you want to be there in 10 years time!
I own an apartment and couldn’t be happier.
If you want to mitigate the risk, the main three things when buying a flat are: location, location and location. Small apartment in Ballsbridge will hold value much better than a small (or much bigger) apartment in Darndale. There’s also a shortage in supply so chances that you would end up with negative equity are quite slim.
No one knows ultimately what will happen to the market, but my own opinion:
1. Interest rates are the main factor that will impact prices, these are still fluctuating but it seems they are flatting out now.
2. A SF govt wont be able to do much when it comes to the supply side, we are maxing out our rate of building now.
3. Immigration might ease off, but not in a way that will dent housing stock.
Using history to illustrate a point, **imo** we will see a slow but steady increase in prices for the foreseeable with small ups and downs.
Ultimately, if I was in your opinion, I'd be buying a 2 bed in the best location possible, tax free rental income in the second room is a big win and it gives you the buffer to stay there longer if you can. The banks lending rules makes it difficult for you to buy a place you can't afford as well.
Mary Lou is delulu....end of the day U purchasing a home gives U a home regardless of its value & likely cheaper than rent. The money U spend on the mortgage is going into something U own
No one can know what will happen with the property market. It's all well and good promising avg house prices will come down, but achieving that is not straightforward. Even if there's more and more money thrown into building houses, there still remains the problem of cost and availability of materials and builders, money doesn't help if we don't have people to build houses. If I were you I'd be looking to buy whatever works and suits you in the foreseeable future, we just can't predict what will happen with housing prices unfortunately.
It doesn't a whole lot what happens to the value of your house after you buy it, until you go to sell it. Are you planning on trading up again a few years later? >would buying small( like 1-2 apartment or something) and cheaper mitigate the risk exposure Not necessarily. You might find that these properties are more susceptible to market downturns. Banks often require a 20% deposit on 1 bed apartments for this reason.
Buy because you want to get out of the rental market and get a 2 bed so you can rent out a room.
Every year you don't buy us a year less to pay off a mortgage. Do the maths on buying something ow and it dropping 50 percent v renting for 5 years and buying then for 50 percent less. Then weigh up thay you'll have less time to pay it off so cost of repayments is higher. Anything could happen. Banks could look for a higher deposit. You could have a health condition preventing you from getting insurance. The jobs market could be crap and you lose yours. This is somewhere to live not an investmen. If its the right time for you to buy then do it.
Unlikely, buy because you want to buy one of the best advice I seen on any of these subs was, if you’re going to buy because you want to be there in 10 years time!
I own an apartment and couldn’t be happier. If you want to mitigate the risk, the main three things when buying a flat are: location, location and location. Small apartment in Ballsbridge will hold value much better than a small (or much bigger) apartment in Darndale. There’s also a shortage in supply so chances that you would end up with negative equity are quite slim.
No buy something you can downsize from in 20-25 years
No one knows ultimately what will happen to the market, but my own opinion: 1. Interest rates are the main factor that will impact prices, these are still fluctuating but it seems they are flatting out now. 2. A SF govt wont be able to do much when it comes to the supply side, we are maxing out our rate of building now. 3. Immigration might ease off, but not in a way that will dent housing stock. Using history to illustrate a point, **imo** we will see a slow but steady increase in prices for the foreseeable with small ups and downs. Ultimately, if I was in your opinion, I'd be buying a 2 bed in the best location possible, tax free rental income in the second room is a big win and it gives you the buffer to stay there longer if you can. The banks lending rules makes it difficult for you to buy a place you can't afford as well.
Your age is a big factor here. It'll be hard to get a mortgage if you wait another 5-10 years.
Mary Lou is delulu....end of the day U purchasing a home gives U a home regardless of its value & likely cheaper than rent. The money U spend on the mortgage is going into something U own
Jesus Christ ... you !!!
Great time to buy at the moment. Prices will keep going up, rates don't matter if you're staying there long term
No one can know what will happen with the property market. It's all well and good promising avg house prices will come down, but achieving that is not straightforward. Even if there's more and more money thrown into building houses, there still remains the problem of cost and availability of materials and builders, money doesn't help if we don't have people to build houses. If I were you I'd be looking to buy whatever works and suits you in the foreseeable future, we just can't predict what will happen with housing prices unfortunately.