I’m looking for advice on whether or not to buy in Galway at the moment. Apologies if this has been asked before, but didn’t find a similar post.
I’ll give some background on myself and my situation first. I’m 23, have a secure job in the army earning around 41k per annum, which should rise to 52k next january(IF promo freeze is lifted) and. I am looking to buy an apartment in Galway as a long term investment. If you asked me a week ago I would have run a mile from the idea. But over the weekend, my father approached me with a very generous offer to part fund an investment in a particular apartment he saw for sale.
I don’t want to give too much detail about the property, out of paronoia that the auctioneer is here checking out prospective buyers thresholds. But, its a two bed modern penthouse apartment overlooking Galway Docklands very close to the city centre, has underground parking. It has two double rooms, one of them en suite. Rents in the area for a similar apartment go for between 800-900 p/m. Renting is usually never a problem for a city centre apartment, and I heard(could be wrong) that rents increased in Galway city last year.
I tried to install the property bee with no success last night, I’ll try again when I get home and edit more detail into this article. But I have heard the peak price for the apartment was 510k. Currently it has an asking price of 290k and if I were to buy it I expect to pay no more than 230k. I would be paying 150k of the price, with my father supplying the rest of the money as a gift.
I realise there is not alot of info here to go on, and have no problem supplying more information, if any needs/wants to know more.
Basically, my father thinks I should definitely go for it, but I don’t want to squander my, or more importantly his, money.
So basically I’m looking for two answers, should I buy now, and what price would be reasonable(I can pm anyone the exact property if they wish)
Any and all opinions would be appreciated, and don’t take it easy on me!