Tuesday 22 August 2017

I signed my life away for the sake of city centre apartment

Alison O'Riordan, a gung-ho first-time buyer purchased her city pad while the market was still buoyant but now struggles to pay the bills and a sizeable mortgage

Alison O'Riordan

TWO years ago I bought my apartment and swapped the leafy suburbs of my family home in Rathmines for life as a city slicker in the sought-after riverside location of Grand Canal Quay in Dublin 2.

When I began my search of properties in early 2008 I knew exactly what I wanted. A two-bed apartment designed for modern living with a roof garden and outdoor space with great views of the happening city. When I saw just this in May of that year, it accelerated my impulse to buy immediately, even though the market was softening.

The two-bed showroom apartment on the fifth floor of a six-storey building cost me €525,000 at the time which included a parking space in my development for €45,000. I now see my apartment devalue massively on a daily basis.

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