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Here’s How Much You’d Save In Dublin By Switching From Renting To Buying
Published 11:52 17 Apr 2018 BST
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Published 11:52 17 Apr 2018 BST
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If you're currently renting in Dublin, you'll know just how bizarre it is. Paying ridiculous amounts of money for tiny rooms and houses, knowing all the while that it's essentially dead money that you'll gain no long-term rewards from.
Of course, saying that you'll just decide to buy a house instead isn't as simple as clicking your fingers. It's just as extortionate as renting and you need to be equipped with a deposit all the while battling off opposition buyers also.
However, The Irish Sun has revealed that switching from renting to buying could save a homeowner nearly €150,000 over the lifetime of a 25-year loan.
They admit that in South County Dublin it is still much cheaper to rent than buy, highlighting a possible price bubble in the region.
However, they suggest that buying in all other parts of the capital will see you save some serious amount of moola.
"You can save €479 each month by swapping your €1,869 rent for a €325,671 gaff that comes with a bill of €1,390," they state.
"Over 25 years, that is a potential saving of €143,700 for those who become property owners.
"And in West County Dublin, the average mortgage payment is €1,309 — €292 a month less than the €1,601 rent someone would be hit with."
Monthly savings in South City Dublin (€212), North City Dublin (€280) and North County Dublin (€190) were also revealed by the publication.
Now, to just try and save up some money to buy that house while we're still renting...
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