Do many people rent on their own

Stacksey

Want to move out of house and home and not interested in moving into friends houses or people i dont know, i'm thinking of maybe renting an appartment on my own, i have mortgage approval but just dont feel like buying for the time being, do many people do this?

who_ru

lots of people i would imagine, i'm thinking of doing it in the new year, make sure you look into leases and the legalities behind them. also i've heard of people not getting their deposits back in properties controlled by a certain developer who made many court appearances this year. some reports i've heard suggest tenants out of pocket by anything up to 2k. so ask who owns the building.

and of course haggle, do not pay the asking price. good luck.

NothingMan

Just keep in mind that you're also paying all the bills too. They'll add up. But depending on where you're looking you could get a studio apartment for around €500 maybe less, or a very nice 1 bed for €700.

Living on your own rocks, pity my stupid sexy gf is there to make me clean up after myself .

Stacksey

NothingMan wrote: »

Just keep in mind that you're also paying all the bills too. They'll add up. But depending on where you're looking you could get a studio apartment for around €500 maybe less, or a very nice 1 bed for €700.

Living on your own rocks, pity my stupid sexy gf is there to make me clean up after myself .

She must read your posts on here

xoxyx

I rent on my own, but if you have mortgage approval I would seriously be looking at buying. I live in the city centre and the rent I'm paying is around 4/3 of what I'd be paying on a mortgage. Problem is, as I'm renting on my own, I would be buying on my own so can't get mortgage approval.
If you do buy, there are still plenty of people like me who would happily rent your property if you wanted to move and that would cover your mortgage and insurance, etc., with money left to spare!!!
You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

NothingMan

z_topaz wrote: »

I rent on my own, but if you have mortgage approval I would seriously be looking at buying. I live in the city centre and the rent I'm paying is around 4/3 of what I'd be paying on a mortgage. Problem is, as I'm renting on my own, I would be buying on my own so can't get mortgage approval.
If you do buy, there are still plenty of people like me who would happily rent your property if you wanted to move and that would cover your mortgage and insurance, etc., with money left to spare!!!
You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

I have to disagree. Buying is a big commitment and not one which should be taken lightly. If you don't feel ready to commit to 30+ years then don't.

Rent isn't dead money like most people say, and I think the thought that you have to own a house probably has a few people in trouble now.

IronMan

z_topaz wrote: »

I rent on my own, but if you have mortgage approval I would seriously be looking at buying. I live in the city centre and the rent I'm paying is around 4/3 of what I'd be paying on a mortgage. Problem is, as I'm renting on my own, I would be buying on my own so can't get mortgage approval.
If you do buy, there are still plenty of people like me who would happily rent your property if you wanted to move and that would cover your mortgage and insurance, etc., with money left to spare!!!
You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

Sigh..... The old rent is dead money mantra needs to be killed off once and for all. Hell, I have a large deposit, and a secure job and I wouldn't consider buying property for at least another 2-3 years. The more my deposit lump sum builds up, the less my mortgage term will be in the long run. Rent is not dead money. It is the most sensible option at the moment.

xoxyx

Sorry but rent is dead money. I've been renting for seven years which is over (calculating; reeling over in shock) €75,000 that has not gone towards the purchase price of a house that will serve as equity for another house, will, eventually, will lead to security in my old age. Renting is false economy IMHO because at least if you buy, there's light at the end of the tunnel and sooner or later you won't have to keep paying for your home.

RentDayBlues

Light at the end of the tunnel? Not if you are in severe financial difficulty because you over extended yourself to get a mortgage. If you're not ready to buy they at least look at it this way - if the rent gets too much for you to pay you can look for somewhere cheaper, unfortunately you cant do this with a mortgage.

Mortgage repayments are low at the moment due to the low interest rates but these will come back up, yes rents may increase too but with the huge oversupply of rental property is is likely that interest rates will go up long before rental prices do

BendiBus

z_topaz wrote: »

I've been renting for seven years which is over (calculating; reeling over in shock) €75,000 that has not gone towards the purchase price of a house that will serve as equity for another house, will, eventually, will lead to security in my old age.

Given mortgage interest, of that 75K, at most 35 of it would have gone to making a dent in the mortgage. The rest would have been interest - also dead money.

In addition, the value of anything you bought, depending on where & when you bought it, could easily have fallen by more than 35K, in which case you would be worse off.

xoxyx

BendiBus wrote: »

Given mortgage interest, of that 75K, at most 35 of it would have gone to making a dent in the mortgage. The rest would have been interest - also dead money.

In addition, the value of anything you bought, depending on where & when you bought it, could easily have fallen by more than 35K, in which case you would be worse off.

Coulda, woulda, shoulda - either way - paying rent is doing nothing for your financial future - fact!

NothingMan

z_topaz wrote: »

Coulda, woulda, shoulda - either way - paying rent is doing nothing for your financial future - fact!

And getting a mortgage that you may someday be unable to afford certainly does something for your financial future. Possibly ruin it. There are pro's and cons to renting and buying and what is good for the goose isn't necessarily good for the gander.

2 + 2 = 5. FACT!

xoxyx

NothingMan wrote: »

And getting a mortgage that you may someday be unable to afford certainly does something for your financial future. Possibly ruin it. There are pro's and cons to renting and buying and what is good for the goose isn't necessarily good for the gander.

2 + 2 = 5. FACT!

You're the one bringing mortgages into this, not me. I stick by what I said but there's no need to put words in my mouth, or badly done sums into my post!

NothingMan

z_topaz wrote: »

You're the one bringing mortgages into this, not me. I stick by what I said but there's no need to put words in my mouth, or badly done sums into my post!

The badly done sums was to highlight that saying fact doesn't make it true. And it was in my post, not yours.

The overwhelming majority of people who buy a house do so with a mortgage. So I think it's entirely relevant. If I had an extra few hundred thousand lying about i'd probably buy somewhere outright. But right now in my life I want to travel at some point/not ready for a commitment to a mortgage so renting is by far the better option for me even though a mortgage would be cheaper.

I am paying rent to live in a nice place. It's not dead money it's providing me with something.

who_ru

i'm afraid it's crystal clear that renting is a much more sensible option than buying at the moment, there are lots and lots of young people out there regretting the day they ever bought property in this country.

if your rent is approx 10,000 for next year but the house you want falls in value by 15,000 over the same period could somebody please explain to me how rent can be seen as dead money in that situation which is happening now - fact - and will continue to happen next year.

DonnieBrasco

just dont feel like buying for the time being

dont buy then.

if you buy, and regret buying.. it might be awkward and expensive to undo.

rent can be considered dead money, but as nothingman pointed out, you do get intangible returns like flexibility etc.

as z_topaz pointed out - dont do it too long or it will turn to dead money.

economignorant

z_topaz wrote: »

If you do buy, there are still plenty of people like me who would happily rent your property if you wanted to move and that would cover your mortgage and insurance, etc., with money left to spare!!!
You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

You came out with that pile of crap and and thought you were offending people renting. Give me a fcuking break, after all the crap that has gone on and the dead money (paying interest on a house that has fallen by up to 40% and will never recover) being paid, so much for the knowledge economy. Where did you get your information on buying houses from; Brendan O'Connor?

bangersandmash

z_topaz wrote: »

If you do buy, there are still plenty of people like me who would happily rent your property if you wanted to move and that would cover your mortgage and insurance, etc., with money left to spare!!!
You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

I had to double-check the dates on the posts in this thread as I had assumed somebody had dragged up an old thread from the heydays of 2006. Sadly that doesn't seem to case.

I have to laugh Topaz. One minute you say it's cheaper to buy than rent, the next you're advising the OP to buy because they can make a profit over and above their mortgage by renting out their first property. Presumably it will be rented to one of those crazy people who hasn't realised that rent is dead money :rolleyes:

Jokers aside OP, many professionals rent on their own. Modern 1 bed apartments in Ireland are often more suited to a single person rather than a couple. However you will pay a premium to have your own space, albeit less than you would have paid during the bubble. But you will still find it considerably more expensive than house sharing.

Just because you have mortgage approval does not mean you have to use it. Ask yourself a few questions. Do you think there is any chance you will need a larger property in the next 5-10 years, if you meet someone and/or have kids? Do you think there is any chance you might need to relocate for work reasons in the next 5-10 years?

If you're hesitant about these questions, why not rent a property that suits your needs right now? I'd be wary of buying a small property in the current market based on short-term needs with the hope of selling it on or renting it out in the near future.

stringbox

z_topaz wrote: »

You're crazy (no offense intended) to spend dead money on rent if you don't have to!!

This attitude is the main reason the country's screwed and has no future.
Ironic, non?

alwaysadub

im renting a little house by myself and i totally love it. Shared a house for bout 3yrs, on my own now for over a year and i wouldn't change it for the world. Except when you come home to the house in a mess and have no one to blame but yourself:)
But like as already said you are the only one to pay the bills, buy food etc so make sure you factor all that into your sums.

BrownianMotion

economignorant wrote: »

You came out with that pile of crap and and thought you were offending people renting. Give me a fcuking break, after all the crap that has gone on and the dead money (paying interest on a house that has fallen by up to 40% and will never recover) being paid, so much for the knowledge economy. Where did you get your information on buying houses from; Brendan O'Connor?

Haha I think z_topaz must be one of those smart ballsy guys Brendan O'Connor was talking about.

who_ru

BrownianMotion wrote: »

Haha I think z_topaz must be one of those smart ballsy guys Brendan O'Connor was talking about.

something tells me that z_topaz is a girl.

anyway it was an opinion expressed and the OP was seeking advice so she gave hers. don't have to agree with etc etc etc....

BrownianMotion

The op asked if many people rent on their own. I didn't see any request for advice on whether to buy or rent.

So if someone offers their idiotic rent is dead money argument without an invite I think it derserves derision.

Anyway back on topic, I have plenty friends who rent alone. It's not the most economic of arrangements but it works for them as they enjoy the space. Just make sure you consider that you don't get to split the bills, tv licence etc. as other posters have pointed out.

PLIIM

I rented on my own for years. I loved it. Go for it.
I bought my house in 1996. Made the last payment on the mortgage in 2005 after overpaying as my salary and bonuses increased.
I pay no rent or mortgage now and its fantastic.

To me rent wasnt dead money when i couldnt afford to buy a house. But when i could, it became dead money to me, so i bought the house. I wouldnt have it any other way now.

ztoical

I live on my own and love it. Have done the 10 students sharing a house thing, the sharing with one/two friends thing and the sharing with boyfriend thing and while all had there positive points I wouldn't go back to sharing [well maybe the boyfriend sharing option but that would be it] I like my own space, I know some friends who can't live on their own and would go a bit mad if they did but some people do prefer their little bit of space. My only down side is I like cooking and tend to cook enough for an army rather then one but then I just invite people over.

As long as you can afford it then go for it. Also rent isn't dead money depending what stage of your life your at....seen alot of friends feel pushed into thinking they had to buy a house cus they could afford it and are now stuck in an area they don't like or need to move for work reasons and they are stuck trying to sell the house. It's not so easy to just rent out a place if you need to move, managing the property takes work and there's tax and other legal issues that need to be followed up on.

professore

z_topaz wrote: »

Sorry but rent is dead money. I've been renting for seven years which is over (calculating; reeling over in shock) €75,000 that has not gone towards the purchase price of a house that will serve as equity for another house, will, eventually, will lead to security in my old age. Renting is false economy IMHO because at least if you buy, there's light at the end of the tunnel and sooner or later you won't have to keep paying for your home.

HELLO ? There are literally tens of thousands of empty apartments and houses all over the country (including Dublin) which are essentially worthless for years to come because supply far exceeds demand. See 2006 census: http://www.rte.ie/business/2007/0329/property.html. Since then 71,356 were added in 2007 and 44,923 added in 2008. Our demographics are also all wrong going forward - immigrants have left in droves, prices are dropping like a stone, and we are going to hit 14% unemployment next year. IF you can get a house or apartment where the price is 2-3 times your annual gross salary then go for it. Otherwise it's too expensive.

Eglinton

z_topaz wrote: »

Sorry but rent is dead money. I've been renting for seven years which is over (calculating; reeling over in shock) €75,000 that has not gone towards the purchase price of a house that will serve as equity for another house, will, eventually, will lead to security in my old age. Renting is false economy IMHO because at least if you buy, there's light at the end of the tunnel and sooner or later you won't have to keep paying for your home.

Every day I get the bus. It costs €1.60 each way. Just think, over the last 10 years, I could have used the €7,000 I've 'wasted' on Dublin bus to buy my own double decker bus, used the bus lane for quick access to town blissfully happy in the knowledge that some fools are still paying to 'lease' a half hour stint on someone else's bus.

:rolleyes:

Rent is not dead money. As other's have said it's a service which most of us need at some point in our lives. How long we use that service depends on individual circumstances. If you want your own place, have the deposit and are willing/able to pay the mortgage then that's your choice.

Renting often gives people the chance to live in places they could never afford to buy. It's convenient and flexible.

gurramok

I live on my own(mostly, my other half stays over now and then) paying rent, its a price worth paying for your own privacy and comfort and very handy when living next to the city.

With regards to the rent is dead money diversion, i pay 11k a yr rent. The asking price of an identical apt has plummeted from about 330k to 275k now in just 7 months since I moved into my present place and the asking price is still falling. For the smart aleks out there, its fallen 20k since we last discussed my circumstances on this forum a short while ago!
I certainly did not throw away dead money.

PLIIM

gurramok wrote: »

I live on my own(mostly, my other half stays over now and then) paying rent, its a price worth paying for your own privacy and comfort and very handy when living next to the city.

With regards to the rent is dead money diversion, i pay 11k a yr rent. The asking price of an identical apt has plummeted from about 330k to 275k now in just 7 months since I moved into my present place and the asking price is still falling. For the smart aleks out there, its fallen 20k since we last discussed my circumstances on this forum a short while ago!
I certainly did not throw away dead money.

That 11k i would have spent a year goes into my pocket now
33k in the last 3 years. Rather it in my pocket than a landlords.
Got married. The wife doesnt have to pay me rent either

Seriously though. Rent isnt dead money. You pay for a service and you get a service. A roof over your head. If it satisfys someones needs then no need to buy.

Graces7

One aspect many forget in all this is that when you rent, maintenance and replacement of eg washing machines is included in the rent.

That can add up over the years...

Since we moved in here the washing machine AND fridge have had to be replaced.

eth0_

Do you think you could haggle down apartments for rent at 800 per month to 700? I've actually never haggled over rent before, it never occured to me. But I guess landlord's could be getting desperate now.

NothingMan

eth0_ wrote: »

Do you think you could haggle down apartments for rent at 800 per month to 700? I've actually never haggled over rent before, it never occured to me. But I guess landlord's could be getting desperate now.

Definitely. There is still some landlords not willing to haggle but they're idiots. We went to view our apartment and when we said we were looking at similar for cheaper the first thing the agent said was the landlore would accept €75 under asking price.

If you don't haggle you're paying more than you have to.

johndaman66

Graces7 wrote: »

One aspect many forget in all this is that when you rent, maintenance and replacement of eg washing machines is included in the rent.

That can add up over the years...

Since we moved in here the washing machine AND fridge have had to be replaced.

Also in addition and again surprisignly it hasn't being mentioned so far in the thread seen as the thread is now quite clearly a rent versus buy debate is that when you rent you can up sticks and move without too much hassle generally if need be. If you bought more often than not you will not be afforded the same privelage on a whim. Another reason I'd certainly consider renting a much more favourable option for younger people who might be setting of on their career paths.

johndaman66

eth0_ wrote: »

Do you think you could haggle down apartments for rent at 800 per month to 700? I've actually never haggled over rent before, it never occured to me. But I guess landlord's could be getting desperate now.

Most certainly I'd be thinking. Nothing ventured nothing gained, if you don't ask you don't get etc. I'm sure that if he/ she had any cop on they'd at least meet you half way. Don't buy into this crap "I can't do it for any less than 800" or if they say something like that. Can they afford to have the appartment vacant.

Maybe time to learn to haggle eth0...its the name of the game these days;)

Remember that one of your greatest bargaining tools when haggling as a buyer is that you can walk away at any stage, although I accept its perhaps not necessairly quite this simple in the case of an appartment you are already renting.

PLIIM

johndaman66 wrote: »

Also in addition and again surprisignly it hasn't being mentioned so far in the thread seen as the thread is now quite clearly a rent versus buy debate is that when you rent you can up sticks and move without too much hassle generally if need be. If you bought more often than not you will not be afforded the same privelage on a whim. Another reason I'd certainly consider renting a much more favourable option for younger people who might be setting of on their career paths.

Thats true.
Wen you are young and single and your career hasnt yet got going mobility is important.
When you have kids, schools, wife to worry about, stability is more important.

LimeFruitGum

Go for it OP.

Renting your own flat is bliss and I'm happy to pay the extra money so I don't have to share with tv-hoggers or detergent-dodgers.

Bills are actually OK. NTL is the same amount everytime and I switched to Bord Gáis to save money. Once you do up a monthly budget and stick to it, you should be able to manage.
You also get tax relief on things like your rent and service charges, every little helps