Why should I wait until after the budget to buy house

I have decided to buy house (in 2007 it was valued at 375000) and most people bought at that price in the estate. There is one house remaining and I bid 200000 which has been accepted by the builder. Its a house I really want to live close to family etc. Trouble is I am having serious second thoughts mainly got to do woth the budget. Question is why should I wait after budget to buy. I know the obvious answer because the price will fall further. But what will be the specfics in the budget that will accelerate price falls even further. I just dont want to loose the house as its a nice place and its reasonably priced (or what i can afford with ease)


I seen a 3 bed semi for €99k in tallaght on daft, I went out today for the lack of nothing better to do to see why it was at 99k, there was about 6 boarded up houses in the estate. We have ALOT further to fall I reckon…

We’ll probably see reduction in rent allowance as part of a shakeup of social welfare. This will put more downward pressure on rents and consequently yield which will in turn force the investment value of property down further. Personally if I were you I would not lumber yourself with an albatross round the neck of a mortgage. Best to keep a bag packed, a full tank of diesel at the ready and be ready to blow the proverbial popsicle stand if things get really bad. The upcoming budgets remind me of how anaconda, or pythons kill - constriction. Every time you exhale they ratchet the pressure up a notch, every time til the last. If it goes like that I for one won’t be hanging around.

I agree, though emigration isnt an option for everyone. I mean you could do it but some people simply wont. The uncertainty, the cuts, the taxes, the future, it hasnt been priced into the market yet but it should be priced into your offer. You should try to get the best value possible. Tell the builder you think the market is going nowhere but south and offer 150k on the basis that you want to avoid negative equity. Its a fairly good reason to lower the offer…

I know but I just dont think I have the balls to go any lower. The wife is really really putting preasure on for us to get this house. Ive tried to explain to her that the price is going to go down further but she justs wants to settle down with the kids and does not want the hassle of renting and moving stuff. Wont go into our living arrangements at the mo but they are not to our liking. My head is telling me I am making a huge mistake but the urge to settle down is great and we are getting the house at nearly 50% off peek prices. (I know thats relative).

the sale wont close before the budget i daresay

do you actually have the mortgage in place or just a promise from the lender?

dont sign buliders contract it will be seriously loaded against you give a booking deposit only and make it subject to finance/contract/building survey

Cuts may be on the way but I wouldn’t hold my breath on this one :blush:

I have a mortgage in place for 80% of the value of the house. Why do you ask?

I have not signed builders contract. The house is already built.

Listen, as with any market the possibilities are endless. This one went so high people could almost touch the moon. If the market is flush with uncertainty do not discount the possibility, however likely or unlikely, that prices could get ‘ridiculously’ low and you will be absolutely kicking yourself. You’ll watch prices get lower as rates(and your repayments) climb higher and it’ll make you wanna :sick:

Wait till the uncertainty subsides, the good thing being that when the bottom does come it wont turn upwards overnight and you wont miss the boat


Go ahead and buy, it will save the taxpayer a few euro.

So the mortgage is around 160k? That, in my book, is a lot of money to be owing in the middle of a financial crisis. It becomes even more money when you factor in how much you’d be paying over the lifetime of the mortgage. At the loosest of guesstimates, you could factor in another 90k, which you have to find from somewhere. Here’s a useful calculator from the Guardian, into which you can enter loan terms, interest rates etc and get an idea of the actual cost of a house purchase.

There’s only one thing for it then.
You’re going to have to man up to your wife and tell her no.
N O spells no.
Not yet, pet.
Don’t forget the country is in the middle of a baby boom right now, for one reason and one reason only: thousands of couples went ahead and bought at insane prices because so many men allowed themselves be bullied into it against their better judgement.
Now of course they’ve been proven right, but it’s too late, there’s no point telling the woman I told you so because already she’s outwitted him, one step ahead, saying we mustn’t think about all that now there’s a new baby on the way…
So for the long term sake of your wife and children yet unborn, you have to man up, and tell her pet this is not the time to be taking out a mortgage. This is not the time.
N O spells no.

buying a house is not all about the investment. If you can comfortably afford the house and you like it and it would be good for your family…you should go for it. Your kids are only young for a short period of time in the context of a lifetime and a settled home life is worth a lot of money in the bank.

+1. Had to pull that out of the hat once so far in my marriage and it worked a treat. In fact, I think the wimmins respect you for it…

How many wimmins are you married to?? :open_mouth:

There is not a single person in this thread talking about property investment. Not one.

It might just sound that way because people are discussing monetary savings, but in reality this is simply a proxy for discussing the improved quality of life the buyer and his family might have if he holds off. It has nothing to do with “investment” and everything to do with having more money in your pocket to pay for family holidays, childrens’ education, better clothes, better food, more time off work…etc. etc. Nothing to do with investment except in the sense that all those things are an investment in your family’s happiness/well-being.

The poster may feel he can afford it right now, but pay cuts and interest hikes could well change that situation (the pay cuts are a given, in light of tax cuts indicated for the budget).

“It has nothing to do with “investment” and everything to do with having more money in your pocket to pay for family holidays, childrens’ education, better clothes, better food, more time off work…etc. etc. Nothing to do with investment except in the sense that all those things are an investment in your family’s happiness/well-being.”

Larry, Larry, Larry that is in a nutshell one of the best statements I have seen in a long time.

No, the opposite. Apologies for any lack of clarity.

how about renting a house that you currently can’t afford (to buy)? That would take the edge off for your wife. We’re currently renting a modernised period house when we can’t afford a wreck of a period house. Our kids are perfectly happy here.