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Ireland’s Renters! Caught Between a Rock & a Hard Place!

Today’s was  looking particularly stark for Sligo.

For Rent

One apartment, High Street, 900 per month, one bedroom.

For Sale

Eight apartments from 99k to 200k depending on the size & number of bedrooms etc.

Let’s look at the price of a one bed in Quayside, 115k.

I pulled the numbers below off Bing

Mortgage amount: €115,000.

Repayment period: 20 years 

Variable interest rate: 4.45%

Monthly repayment would be €629.

So why is everybody not buying instead of renting? It’s a no-brainer.

Is it because of the 10% deposit rule, to qualify for a mortgage in Ireland?

Might be kind of hard to save a deposit of 11K when the rent is €900 monthly.

If I didn’t know better, I’d say there was a conspiracy behind it.

1 thought on “Ireland’s Renters! Caught Between a Rock & a Hard Place!”

  1. It’s not a conspiracy – lending with small collateral fueled the boom that led to the last recession. Separately, from the lenders perspective, if you can’t save 11k in the above example than you’re a high risk of default.

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