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Buy now or wait

  • 16-08-2016 7:35am
    #1
    Johnny0232
    Registered Users, Registered Users 2 Posts: 4 ✭


    I currently have my house sold and with the mortage paid and fees I should have 170k from the sale. I'm moving back home with my parents for the interim as I'm looking to buy in cork city suburbs but can't find a good property. I'm currently unemployed but have savings of 80k. Should I wait things out and what would the best way to go about paying for a new house as I wouldn't have a chance of getting a mortgage being unemployed. Any advice would be appreciated


Comments

  • #2
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    I assume your of joobseeker benefit ? With 250k you won't be eligible for Jobseekers allowance when JB ends assuming you havent go a job by then. You could end up funding you're lifestyle from your savings.

    If you get a job you'll probably have to get a permanent one and be in it at least year to get a mortgage (could be longer).... depending on the loan to value ration the bank may take a risk and provide you one.

    Personally if it was me as a cash buyer I'd look to get something now around the max of the budget including expense, live in it and rent a room for extra income.

    Look to buy in an area where you skills are in demand if the budget allows

    That's just me.


  • #3
    [Deleted User]
    Posts: 24,714 ✭✭✭✭ [Deleted User]


    jobyrne30 wrote: »
    I assume your of joobseeker benefit ? With 250k you won't be eligible for Jobseekers allowance when JB ends assuming you havent go a job by then. You could end up funding you're lifestyle from your savings.

    I think you are making the same point but just to be clear, if he spends the money on a house then he can still get Jobseeker's Allowance as your home isn't counted in the means test. In fact he can keep 20k in cash also and this amount won't reduce his claim.

    That being said I would personally think you should wait until you have found a job to buy. It will be much cheaper living at home and you might even be able to save some of your dole towards buying the house.


  • #4
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    Annabelle Some Uncle wrote: »
    I think you are making the same point but just to be clear, if he spends the money on a house then he can still get Jobseeker's Allowance as your home isn't counted in the means test. In fact he can keep 20k in cash also and this amount won't reduce his claim.

    That being said I would personally think you should wait until you have found a job to buy. It will be much cheaper living at home and you might even be able to save some of your dole towards buying the house.

    Yeah that's the point I was making, cash would be means assessed and he would not be eligible for JA, he's home if he bought would not. I would disagree with you in cheaper living at home. Assuming the OP didn't get a job and wasn't eligible for JA he'd be losing out on near 10k JA payments annually. He may loose access to the medical card because of his means.

    The lose of medical card could affect what USC rate he pay should he find a job 1% v 3 % on income over 12k (if memory serves me correct) .

    Further to this if he losses his JA payments because of the means/financial assement he wont be apply for the jobs plus scheme which could give a potential employer a tax rebate of near 10k over 2 years depending on how long he's been unemployed. That makes him more expensive to employ compared to someone with similar experience and skills who happens to be on JA.


  • #5
    [Deleted User]
    Posts: 24,714 ✭✭✭✭ [Deleted User]


    jobyrne30 wrote: »
    Yeah that's the point I was making, cash would be means assessed and he would not be eligible for JA, he's home if he bought would not. I would disagree with you in cheaper living at home. Assuming the OP didn't get a job and wasn't eligible for JA he'd be losing out on near 10k JA payments annually. He may loose access to the medical card because of his means.

    The lose of medical card could affect what USC rate he pay should he find a job.. 1% v 3 % (if memory serves me correct) .

    Further to this if he losses his JA payment he can't apply for the jobs plus scheme which could give a potential employer a tax rebate of near 10k over 2 years depending on how long he's been unemployed. That makes him more expensive to employ compared to someone with similar experience and skills who happens to be on JA.

    Yeah I know what you are saying, I was thinking of living at home while he has the job seekers benefit but I suppose you don't get job seekers benefit for too long and sorting a house takes time.


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