Should I buy or should I rent?

Whether you’ve a master bedroom that would rival the best hotel suites in the world or you’re kipping on a friend’s sofa, the bottom line is you need to lay your head somewhere at the end of the day.

While it would probably be easier to stay living with our parents forever, for a lot of us the dream is to go home to your own home.

However, buying might not necessarily be for you.

First of all you have to work out what you can afford. The cost of property added to the amount of a deposit that would be required may mean that there are more options open to you on the rental market if you’re living in the right now.

There’s also the question of what life stage you’re at. It’s one thing to chase the traditional 3 bed semi when you’re settled down and starting a family but if you’re only at the start of a relationship then entering into a home ownership contract with someone may be just a little bit too much, too soon.

Then there’s long term factors to consider. If you plan to travel in the years ahead then having a mortgage and house to worry about while you’re away might not be for you. You could also be a person who is on the move. That big city job might be all well and good now but do you still plan to be there in a few years’ time?

It might be overall cheaper to repay a mortgage than pay rent in Ireland right now but factors such as the possibility of rising interest rates in the next few years need to be considered. Renting might not be for everyone but it does give you the option of flexibility if that’s what you need.

The benefit of renting is that you may be able to afford to live in pricier areas that you would never realistically be able to afford to purchase in.

Ultimately the decision on whether buying is right for you is down to you. The only right time to buy is the time that suits you.

Don’t worry too much about market influences or what your peers are telling you. Weigh up the pros and cons and, above all, be patient. Expect a rollercoaster of emotions, expect disappointment and expect a bit of sacrifice along the way.

If that’s not for you right now then maybe buying isn’t either.

Trust your gut, your instinct and weigh up everything. Buying a home is one of, if not the biggest, purchases you will ever make. It’s a journey to get there but when, or if, you set out on that journey is entirely up to you.

Contact MyHome.ie