First up, my stats - FTB, age 31, will be buying solo.
I’ve always put buying in the back of my mind as was never sure if I wanted to settle in Ireland forever. I still don’t know for sure!
However, a couple of years ago I started working remotely full time, and want to start taking advantage of it and start spending a few months a year in Berlin, Budapest, or wherever, while still spending enough time here to keep my Irish tax residency. I’m hoping to spend at least some of the year away every year for the next 5 or so years.
The plan is to buy somewhere in Dublin, use it as a base when I’m here, and rent/Airbnb it when I’m not. I’m a huge commitment phobe so the idea of a mortgage is a bit daunting, but I’m getting antsy because I am not getting any younger and the longer I leave it, the shorter my mortgage will be, and the higher the repayments. It doesn’t help that prices keep going up and up. In an ideal world, I’d like to wait til there’s another crash and buy then, but wouldn’t we all? There’s every chance that I could travel everywhere and at the end of the day, decide to settle here. I don’t want to be in a situation where I wake up one morning at 40, still renting, prices even higher than now, and I can only spread the payments over a 25 year mortgage, because I wouldn’t bite the bullet at 31.
I will have a circa 30k deposit saved up by Christmas and am thinking of applying for a mortgage in January or February.
I want the property to hopefully be a 2 bed somewhere near town. Given I work from home, in theory I could buy anywhere in the country, but I don’t want to be isolated in the middle of nowhere - my friends, family and social life are in Dublin.
My question is - is it normal to be nervous and not know if you want to live in Ireland forever when you buy? I know that the idea of a “starter home” was huge in the boom, and it’s considered better for a few reasons to buy the house you see as your “forever home” but I’m just not there yet. Am I being insane to be considering buying now? I can hopefully always sell it, but I’m sure many people in the Boom said that, and are now trapped in Leitrim or Cavan in negative equity with no options. I want to learn from other people’s lessons.