Dying to leave home! Help!

lenovoguy

Hi there

I'm a mid 20's male, from Dublin and am looking at moving out. I probably should have done it sooner, but because I live near where I work and went to college, there was no real incentive to. I'm recently single, I live with my Mam (shock horror!) and I pay about €500 per month in rent to her.

Now, I'm aching for a place of my own. I feel I don't really have any privacy where I am, and I think I'm basically just too old to be still living at home, given the fact I have a stable financial situation. My options really are continuing in my current situation, saving a few bob every month and hoping that I meet someone to share the cost of a mortgage deposit to buy a property with. If I went down this route, saving about €500 P/M I'd probably be 30 before I could afford a mortgage.

The other option (which i would prefer) is to just move out ASAP and rent.
My mam is a former estate agent who has said on a few occasions that "rent is dead money," which I believe is just an expression used by people servicing mortgages to justify their indebtedness. However, it has planted seeds of doubt in my mind, and with the current economic climate as it is, nobody's job is 100% secure, so it's made me nervous about moving out. The other thing that has stopped me so far is that my mum is now in her 60's, separated from my dad with zero financial support from him, and my siblings have all got their own houses with families, so I'd hate the thought of her in there on her own all the time.

In any case, I was looking at renting in the Rathmines/Harold's cross area by myself for around €700 P/M and there seem to be a few places on Daft etc. - is this a reasonable rent expectation for a flat in that area? If anyone had any constructive advice or had a similar situation prior to moving out, I'd love to know what they think would be the best next step for me.

Thanks

MagicMarker

lol, if you were giving me 500 per month I'd be telling you rent is dead money too.

Do you definitely want to live on your own? Because you can rent a room in a house with 1 or 2 others for less than what you're paying now.

700 for a one bed apartment in Harolds X/Rathmines sounds good btw. But I wouldn't pay it.

not even wrong

lenovoguy wrote: »

I live with my Mam (shock horror!) and I pay about €500 per month in rent to her.
...
However, it has planted seeds of doubt in my mind, and with the current economic climate as it is, nobody's job is 100% secure, so it's made me nervous about moving out.

If you're already paying €500 (!) a month rent you have absolutely nothing to lose in moving out on your own. If the worst comes to the worst you can always move back in again.

The other thing that has stopped me so far is that my mum is now in her 60's, separated from my dad with zero financial support from him, and my siblings have all got their own houses with families, so I'd hate the thought of her in there on her own all the time.

At some stage you're going to have to move out and the sooner you do the easier it will be for everyone. Not to mention that you're not an only child -- is it really fair that you should be the one to put your life on hold to keep your mother company while your other siblings get on with their own houses and families? Sounds like they could contribute a lot more in terms of calling to see her.

In any case, I was looking at renting in the Rathmines/Harold's cross area by myself for around €700 P/M and there seem to be a few places on Daft etc. - is this a reasonable rent expectation for a flat in that area?

The other thing you could do would be to look at a flatshare, you should easily be able to find a nice double room for €500 a month. It's not a place of your own, but it's a step up from living with the mother.

spoonface

lenovoguy wrote: »

Hi there

I'm a mid 20's male, from Dublin and am looking at moving out. I probably should have done it sooner, but because I live near where I work and went to college, there was no real incentive to. I'm recently single, I live with my Mam (shock horror!) and I pay about €500 per month in rent to her.

Now, I'm aching for a place of my own. I feel I don't really have any privacy where I am, and I think I'm basically just too old to be still living at home, given the fact I have a stable financial situation. My options really are continuing in my current situation, saving a few bob every month and hoping that I meet someone to share the cost of a mortgage deposit to buy a property with. If I went down this route, saving about €500 P/M I'd probably be 30 before I could afford a mortgage.

The other option (which i would prefer) is to just move out ASAP and rent.
My mam is a former estate agent who has said on a few occasions that "rent is dead money," which I believe is just an expression used by people servicing mortgages to justify their indebtedness. However, it has planted seeds of doubt in my mind, and with the current economic climate as it is, nobody's job is 100% secure, so it's made me nervous about moving out. The other thing that has stopped me so far is that my mum is now in her 60's, separated from my dad with zero financial support from him, and my siblings have all got their own houses with families, so I'd hate the thought of her in there on her own all the time.

In any case, I was looking at renting in the Rathmines/Harold's cross area by myself for around €700 P/M and there seem to be a few places on Daft etc. - is this a reasonable rent expectation for a flat in that area? If anyone had any constructive advice or had a similar situation prior to moving out, I'd love to know what they think would be the best next step for me.

Thanks

If you're paying 500 now to live with your Mum and you can share with others for the same price then at no extra cost you'd be more independent. I would suggest sharing with at least one other person, both for company and social life and because it works out a lot cheaper. If you continue living with your Mum, you could still be there when you're 30. Do you really want that? It could be time to get up on your feet now and don't worry about mortgages etc, just fly the nest and become more independent.

spoonface

P.S. I moved out myself when I was 24 and it was only really because I got a job abroad. Otherwise I would probably still have been living at home, just the
old fella and myself, for years to come. The sooner you stand on your own 2 feet the better.

Giblet

Rent is a short term commitment that will save you money over buying in the current climate. She sounds like she wants to keep her 500 a month. Negative equity is dead money, so is paying your mother.