Single FTB under time pressure, please advise🙇🏻🏠🏠
I am in my 20s working in tech
Annual salary: 65k total (base + bonus), translating to a borrower capacity of 250k–270k (4–4.5x)
AIP is in progress
60k savings + 40k family support
I can save about 2.5k per month
Target property price: 330k–350k
The reason for the time pressure is that layoffs are happening frequently in tech these days.
There are likely to be multiple rounds of layoffs in the coming year.
Reasons for rushing to buy:
If I get laid off, I will need to find a new job and pass probation, and my salary may decrease due to the current job market. So I want to buy as soon as possible.
In addition, in order to buy a house, I have been very frugal and have not invested in gold or stocks. I am still young and would like to make some large purchases after buying a house.
If I am not laid off, my total compensation could reach 78k in about a year, which would give me more borrowing capacity. I originally planned to buy at that time, but now for peace of mind I have decided to do it ASAP.
I understand that from AIP approval to mortgage drawdown can easily take 6 months or more.
My goal is to complete it within 3 months if possible.
Question 1:
Are there any ways to shorten the transaction timeline? So far I can think of:
Avoid sellers in a chain
Find efficient and reliable lawyers and surveyors
Question 2:
To maximise rental yield and value preservation, I’m currently looking to buy a 2–3 bedroom house in an okish and affordable area, such as Ballymun, Lucan,or Dublin 12. That would be my top priority. As a second option, I’d consider a three-bedroom apartment near the airport, like Santry, or along the northside DART line.
However, houses within my budget (350k) are old and might need renovation, which could make the process longer due to additional surveys?
Or should I prioritise speed and buy a 2-bedroom apartment first, since there are many options? If I am not laid off and get a salary increase later, I could upgrade to a house?
At my age, very few of my friends have already bought property. I am from another country and have limited experience with the Irish property market, so I am seeking advice.
Input would be very much appreciated!