Operation escape the nest

Dwarf.Shortage

Twenty one years of age, final year student in a course with strong employment prospects and job secured in September. I had initially planned on moving out pretty soon after starting the new job but my home place is in a commuter town with a Dublin Bus line which means commuting to the city center office is doable.

Looking down the tracks I can see myself wanting to buy an apartment in 3-4 years. Income at that point would allow me to go to ~€300,000 with €38,000 of it being my own deposit. The allowance for €12,000 in tax free earnings from renting rooms in your own principal dwelling would suggest a nice two bed would make the most sense, me in one room and tax free rent from the other helping with the mortgage. I've had a good look around Daft and there's some lovely 2 beds out IFSC way and in the city centre for that kind of money.

I've basically accepted the fact that I'll be living at home and squirreling away a few euro as saving up the deposit whilst living in Dublin would be impossible given current rent prices. I've done out projections and I reckon I can put €700/€800/€900 per month aside in years 1/2/3 at which point I should qualify fully and be in the position to put away about €2,000 a month (short term) until I get to the €38,000. Assuming zero return I'm looking at three and a half years.

However assuming zero return is the exact opposite of what I want to do. Equities are too volatile so they're out, deposit rates aren't worth talking about and there probably isn't sufficient capital there to start playing with bonds. What advice would the members here give on an investment strategy for that 3.5 or so years to try and get there as quick as possible. I know the central bank rules dictate banks can waive the deposit requirement in the presence of strong earning prospects and that in 3 years things will probably have loosened up but I want to be prudent and plan without either effect. I've heard of REIT's paying around 5% and one would assume there's no significant shocks coming for the property market given it's in recovery mode, how would people feel about investing here?

I've rambled on a bit so I'll stop there, all thoughts appreciated and any questions just ask.

Dwarf.Shortage

Right so, scratchcards it is!

Sonnenblumen

Convince Snow White :P

Dwarf.Shortage

Sonnenblumen wrote: »

Convince Snow White :P

She wouldn't sign the prenupt, I pawned the ring and bought potato futures.

Sonnenblumen

Dwarf.Shortage wrote: »

She wouldn't sign the prenupt, I pawned the ring and bought potato futures.

Have a word with Walt, oh wait, he's dead! I guess that leaves Buzz Lightyear :P