Will you buy a place of your own?

toiletduck

Do you plan to buy your own place? Or is it even an option? The housing situation is definitely one I think we should be quizzing our prospective politicians on more.

I don't see how a lot of people in Dublin can ever be in a position to buy what with the new lending rules (which I think are a good thing) and the ever rising prices. I'm stuck flatsharing at the moment and absolutely hate it. I hope to have a decent amount saved in a year or so and hopefully buy my own place. But then I've friends who are adamant about not getting tied down. I just couldn't face renting indefinitely! At least not in this country.

What's the solution to the current situation in the country? Rent controls? Re-zoning? Build up?

toiletduck

toiletduck wrote: »

Do you plan to buy your own place? Or is it even an option? The housing situation is definitely one I think we should be quizzing our prospective politicians on more.

I don't see how a lot of people in Dublin can ever be in a position to buy what with the new lending rules (which I think are a good thing) and the ever rising prices. I'm stuck flatsharing at the moment and absolutely hate it. I hope to have a decent amount saved in a year or so and hopefully buy my own place. But then I've friends who are adamant about not getting tied down. I just couldn't face renting indefinitely! At least not in this country.

What's the solution to the current situation in the country? Rent controls? Re-zoning? Build up?

Maybe that would be better in the accommodation forum, haven't a clue what your financial situation is but for example there is one bed apartment for sale in Baldoyle for 140k probably go for less, not a bad area and its got the dart and near the coast.

ytpe2r5bxkn0c1

Things are back to how they were decades ago. In my day a single person could rarely afford to buy. It took two incomes to qualify for a mortgage of 80% and one of those incomes went fully to paying the mortgage. We build our home when we married and wouldn't have it any other way than to own our own house.

The Randy Riverbeast

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

jester77

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

Buona Fortuna

The Randy Riverbeast wrote: »

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

The staff take care of all of that.

No, not and never. That was my stance up until about a year ago. Now though I'm in the midst of saving to hopefully buy my own place. What changed? Probably getting older, probably the mistakes of some during the recession showing me what not to do in terms of committing to a mortgage.

I hope to get at least €100k saved in the next 2-3 years along with my long-term OH (she has a mortgage on the house we live in at the moment, but we both want to move) and be in a position to fund at least half of the purchase ourselves. Although 'purchase' will most likely be 'build'.

I will only be going for a mortgage under the conditions that it doesn't cripple us for life. So we'll be going for a mortgage that reflects our realistic future needs rather than our utmost desires.

corner of hells

Hopefully in the next two or three years , Ive some savings and am going to try buy a property outright.

Dr. Mantis Toboggan

jester77 wrote: »

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

corner of hells wrote: »

Hopefully in the next two or three years , Ive some savings and am going to try buy a property outright.

Now kiss.

thattequilagirl

Aiming to buy in 12 months time, saving a decent chunk every month toward a deposit. Eligible for a mortgage of about €160k so the challenge is to get the €16k deposit together AND get made permanent at work.

Easca Peasca

Will probably end up building as opposed to buying. Either way, I don't see myself renting for much longer.

VisibleGorilla

Yes, not in Ireland though.

KomradeBishop

Not this side of the next decade - unless I want to be voluntarily ripped off.

magicmushroom

I would love to buy somewhere of my own but sadly, as a singleton with very modest savings, it's impossible.

I rent already, so I am already paying out more than the cost of a mortgage each month.
I do save around €200 a month but even though I could prove to the banks I can comfortably afford a mortgage, have never been a day late on payments for my rent once in the past 3.5 years and that I also have the ability to save - it's not enough to get a mortgage!

Hopefully one day, but it's not in my immediate future.

corner of hells

Dr. Mantis Toboggan wrote: »

Now kiss.

I think you may need kiss something else.

I have a mortgaged property already , a share in a second property and enough to buy a third property.

The Backwards Man

Had three houses, now only have two. As P Flynn said, it's not all sunshine and roses keeping houses, you should try it sometime.

KomradeBishop

http://www.irishtimes.com/life-and-style/homes-and-property/take-5/take-five-for-990-000-1.2538182

CruelCoin

jester77 wrote: »

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

Depends where you buy.

I bought a 4-bed, 3-bath for 105k. Deposit on that can easily be saved in that timeframe.

CruelCoin

The Randy Riverbeast wrote: »

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

This is the biggest difference.

My house is ****ing rock solid. Anything that gets remotely squeaky gets fixed/replaced. The difference in my mentality between renting and now owning shocked me.

Rhea Rose

This Irish thing about 'having to' buy a house is something that's always made me feel incredibly un-Irish. I just don't get it. If I rent, I can live where I want and move when I choose. I love having that freedom and I'd be slow to give it up.

If I buy a house, I'll be tied down with a mortgage for 40 odd years and won't own the place til I'm about to kick the bucket anyway. Why? I mean, what's the point? I'm almost 30 now and people often assume I'm 'saving for a mortgage deposit'. Eh no, I'm too busy saving for my next adventure!

At the moment, I rent my own place in Dublin and I work from home (or anywhere), so it's the perfect set-up for me. I'll move again in the future, either to a new place here or a new country, and I still have that option. I want to have that option.

Then again, if I was minted I'd just buy a gaff in every country in the world and I'd be sorted

corner of hells

Rhea Rose wrote: »

This Irish thing about 'having to' buy a house is something that's always made me feel incredibly un-Irish. I just don't get it. If I rent, I can live where I want and move when I choose. I love having that freedom and I'd be slow to give it up.

If I buy a house, I'll be tied down with a mortgage for 40 odd years and won't own the place til I'm about to kick the bucket anyway. Why? I mean, what's the point? I'm almost 30 now and people often assume I'm 'saving for a mortgage deposit'. Eh no, I'm too busy saving for my next adventure!

At the moment, I rent my own place in Dublin and I work from home (or anywhere), so it's the perfect set-up for me. I'll move again in the future, either to a new place here or a new country, and I still have that option. I want to have that option.

Then again, if I was minted I'd just buy a gaff in every country in the world and I'd be sorted

Is it an Irish thing ? Originally it was really very easy to buy a house , 10% of the value of your mortgage and building societies really didn't care how you got your deposit with most mortgages being over twenty or twenty five years and 2.5 time your salary.

I don't envy any first time buyer , I do admire them though .. if I was starting again I'm not sure id bother with all the rules and criteria now.

Teyla Emmagan

I am hoping to trade up soon. My current house only has a small patio area outside. I want a garden!

Rhea Rose

corner of hells wrote: »

Is it an Irish thing ? Originally it was really very easy to buy a house , 10% of the value of your mortgage and building societies really didn't care how you got your deposit with most mortgages being over twenty or twenty five years and 2.5 time your salary.

I don't envy any first time buyer , I do admire them though .. if I was starting again I'm not sure id bother with all the rules and criteria now.

This idea that you have to own your own house is very much an Irish thing, in my experience. For example, in the likes of Germany people will rent their whole lives and it's the 'norm' rather than the exception. There are much better conditions in place for this also.

Menas

Teyla Emmagan wrote: »

I am hoping to trade up soon. My current house only has a small patio area outside. I want a garden!

You can have my garden if you promise to keep it nice.

Jet Black

Hoping to buy in the next few weeks, gone sale agreed on a property at the start of the year. Broke my bollo* saving the deposit. I have about €50 a month left after saving, bills and rent were payed.

corner of hells

Rhea Rose wrote: »

This idea that you have to own your own house is very much an Irish thing, in my experience. For example, in the likes of Germany people will rent their whole lives and it's the 'norm' rather than the exception. There are much better conditions in place for this also.

In comparison to Europe we're average , I'm not able to link anything buts its worth a look , lots of countries appear to have in excess on 70% house ownership.

Germany is indeed as you say.

Rhea Rose

corner of hells wrote: »

In comparison to Europe we're average , I'm not able to link anything buts its worth a look , lots of countries appear to have in excess on 70% house ownership.

Germany is indeed as you say.

I've traveled a fair bit and, in my experience, there just isn't the same expectation in other countries. Sure, people invest in their own homes because they want to, but it's not a given that they will - or indeed that they have to.

corner of hells

Rhea Rose wrote: »

I've traveled a fair bit and, in my experience, there just isn't the same expectation in other countries. Sure, people invest in their own homes because they want to, but it's not a given that they will - or indeed that they have to.

It must make for interesting conversation on your travels as you ask ordinary Joe Public about thier house/property ownership.

Rhea Rose

corner of hells wrote: »

It must make for interesting conversation on your travels as you ask ordinary Joe Public about thier house/property ownership.

Well that's pretty much my point, it doesn't happen to me anywhere outside of Ireland. Whereas, in Ireland, I've been asked plenty of times.

No need to be smart.

qo2cj1dsne8y4k

I have a house already that I co own. I've been looking at starter homes, considering buying something but it would be to rent out for a while so I'm still undecided on what to do or how to invest.
Eventually myself and my partner will build our house as opposed to buy in an estate

corner of hells

Rhea Rose wrote: »

Well that's pretty much my point, it doesn't happen to me anywhere outside of Ireland. Whereas, in Ireland, I've been asked plenty of times.

No need to be smart.

I'm not , its an observation.

Like I said I agree with you about Germany but its worth Googling to get an idea about the rest of Europe.

Rhea Rose

corner of hells wrote: »

I'm not , its an observation.

Like I said I agree with you about Germany but its worth Googling to get an idea about the rest of Europe.

Yes, you said that. And I informed you that my comment is based on my own experience. So, I have no need to Google it.

corner of hells

Rhea Rose wrote: »

Yes, you said that. And I informed you that my comment is based on my own experience. So, I have no need to Google it.

No problem.

Buona Fortuna

Are you two going to rent to start with or buy a place together?:pac:

Elessar

No, at least no intention to. I'm an only child and the family home will pass to me, but I guess I'm lucky in that regard.

corner of hells

Buona Fortuna wrote: »

Are you two going to rent to start with or buy a place together?:pac:

We're going traveling first , to see how we get on.

PandaPoo

Bought a house two years ago, looking to convert the attic and stick an extension on it...been saying that for two years. Probably be easier just to move

I do love having my own house though, being able to put nails in the walls, repaint it, change the furniture etc

spakman

VisibleGorilla wrote: »

Yes, not in Ireland though.

Bought in 2014 before prices took off again, and before the new mortgage rules. Consider myself very lucky.

john the one

magicmushroom wrote: »

I rent already, so I am already paying out more than the cost of a mortgage each month.
I do save around €200 a month but even though I could prove to the banks I can comfortably afford a mortgage, have never been a day late on payments for my rent once in the past 3.5 years and that I also have the ability to save - it's not enough to get a mortgage!

Who says? If you can show you are paying rent plus saving and have your deposit down, you shouldnt have an issue getting a mortgage.

Rhea Rose

corner of hells wrote: »

We're going traveling first , to see how we get on.

Ah fcuk, I was in in a bit of a mood this evening (ill)- but this has cracked me up:pac:

osarusan

We own a property in Japan.

Once my job situation sorts itself out and we know we will be staying in one place, we will look to buy a home.

RobertKK

I will have owned my house for 20 years in October this year, I was given the house when I was 20 along with the farm.

corner of hells

Rhea Rose wrote: »

Ah fcuk, I was in in a bit of a mood this evening (ill)- but this has cracked me up:pac:

Terrible annoying fcukers round here .

john the one

Buying a house in the next few weeks, by myself. It was stressful and i'm still not out of the woods but in a few weeks i will have high speed broadband and a bathroom i can leave the door open in when i'm using it.

I also plan on having a wooden mug to drink my beer from like the dwarves in LOTR. The simple things.

corner of hells

osarusan wrote: »

We own a property in Japan.

Once my job situation sorts itself out and we know we will be staying in one place, we will look to buy a home.

I own a bit, of field in Roscommon , at the moment I use a small boat to cross it.

Skatedude

With the 3.5 times your salary rule on mortgages,as I'm single thats 100k for me , which is pretty much useless for Dublin.

Only option is way out in the middle of nowhere really. All my friends and family where living here for 3 generations and now priced out of the market.

PARlance

Bought a house in Dublin (with the gf at the time, now wife) 8 years ago. It was just at the start of the crash, we didn't need a deposit and were both in good jobs. Trackers were being phased out so we took the one we had been offered.

We moved out of a two bed house that we were renting and took on a mortgage. We were paying the same on the mortgage as we had been paying on rent from the start. We've just moved down West and have rented the house out, we're clearing the mortgage and a little bit to cover any taxes, maintenance. 22 years left on the mortgage and the hope is that it will continue to do that. Interest rates are not a major worry at present but by the time they start to rise again we'll be in a position that the capital will be well eroded. The house will be paid off when I'm 55 and it'll be a nice pension for us to add to the pot.

We've decided to rent for the next 2-3 years. I'm not one of these that see it as wasted money. It serves a purpose. We're getting twice the house for half what we were paying on the mortgage down here so we'll save the difference until we decide to buy or build.

I don't get the "crippling" arguments at all. Buy within your means and you won't be crippled. It is getting harder to get on the ladder with the deposits sought but I think that's prudent.

I don't see the ownership culture changing. We're not an anomaly with that culture. I do think it's important to get on the ladder as soon as possible. Renting is fine but I don't fancy renting in my retirement with no income. The anti-buyers rarely look that far ahead.

I don't want my accommodation to be a drain on me in retirement, I don't fancy the potential of landlords making house moves a possibility in my 50's, 60's etc.

Get on the ladder as soon as possible and don't go nuts is my view.

Alf Veedersane

Rhea Rose wrote: »

This Irish thing about 'having to' buy a house is something that's always made me feel incredibly un-Irish. I just don't get it. If I rent, I can live where I want and move when I choose. I love having that freedom and I'd be slow to give it up.

If I buy a house, I'll be tied down with a mortgage for 40 odd years and won't own the place til I'm about to kick the bucket anyway. Why? I mean, what's the point? I'm almost 30 now and people often assume I'm 'saving for a mortgage deposit'. Eh no, I'm too busy saving for my next adventure!

At the moment, I rent my own place in Dublin and I work from home (or anywhere), so it's the perfect set-up for me. I'll move again in the future, either to a new place here or a new country, and I still have that option. I want to have that option.

Then again, if I was minted I'd just buy a gaff in every country in the world and I'd be sorted

There's a lack of longer-term security renting in Ireland. Two places I really liked living in and where we got on with the landlord, we ended up having to leave because the landlord wanted to sell or wanted to move in family coming home.

If you're secure in the knowledge that you will be able to stay in a place you like for minimum five years, you're more likely to do things like paint rooms etc.

If there was more security as in Germany and, I'm not sure on this but maybe France, then people here might have a different outlook on renting.

I always said I would never buy but as I get older (into my late 20's..whoa!) I can see myself buying in a few years. The rental situation in Cork is shocking. Very expensive and most rental houses are not in great condition, and that's if you can find a house to rent! Luckily we are renting a nice enough house but it does have its problems.

Will be hard to save for a deposit but luckily I have an alright paying job. Just need to save more. Most of my friends that bought houses received "gifts" from their families to put towards the cost of buying a house. Unfortunately myself and my OH won't be getting any of that, so will need to pay for everything ourselves. Better get saving fast!

RayM

If I was prepared to move to Leitrim or somewhere, I could afford to buy something quite nice without a mortgage, right now... and then maybe eventually save enough to move to somewhere that isn't Leitrim. Mortgages scare the shit out of me. As does long-term renting.

Inspector Coptoor

Have gone sale agreed on a place in South County Dublin.

Hope to get the keys in the next two weeks.

End of terrace 4 bed for €430k.

Saved like a man possessed the last few years with my wife and we're ready to buy.

20% deposit saved and affordable mortgage repayments.

Looking forward to moving out of our poky one bed apt after nearly 6 years