The craziness continues…how could anyone in this situation contemplate doubling up for investment purposes?..what advice would you offer Dave?
"Myself and my girlfriend have 2 appointments booked with my banks mortgage advisor and an estate agent for this week. We are not sure whats best to do in relation to house buying.
My girlfriend has a 2 bed apartment she bought a little over a year ago for €400,000, she previously had a 1 bed apartment which she sold to buy the 2nd one, so her mortgage is not too bad at €1000 odd a month.
I have been saving hard for 2 years now and have managed to save €25,000 with the intention of buying somewhere as an investment. We are due to get married next year, but have agreed to put that back a few years if need be so we can have a 2nd property as an investment, I know we are in a very lucky position to be able to do this , but we worked hard to get here.Anyway, with the current housing prices and the way it is heading I have found myself being able to afford a 2 bed apartment for €285,000.Ultimately our goal is to have a house and if possible have the 2nd property as the investment but now this chance to have 2 apartments possibly as investments has arisen.
Not sure if its easier to buy a house off the backs of 2 apartments or should we just stay with the one apartment and use the saved money as a house deposit.
The down side is if we sell the apartment we have already due to current prices we will loose money not being able to get the €400,000 she bought it for.
Any advice welcome.
Thanks and regards, Dave".