50k plus benefits in Dublin - Rent level

thenewone

Hi
I am wondering how much rent I will be able to afford. My base salary will be 50.000 and will have pension, private health insurance, dental, gym and som other smaller stuf included in my benefits package. I am single and would like to live in a 1 bedroom flat but not sure how much is needed on top of rent to live a nice comfortable life.

So my monthly "running costs" will all be tied to apartment as insurance etc is paid. Is 1400 too much of a stretch?

Michael D Not Higgins

It really depends on your costs. €1400 would be nearly half of your take home pay, which I would consider too high.

fits

thenewone wrote: »

Hi
I am wondering how much rent I will be able to afford. My base salary will be 50.000 and will have pension, private health insurance, dental, gym and som other smaller stuf included in my benefits package.

You will have to pay benefit in kind on some of those benefits, which will reduce your take home pay. You might be taking home around 2500 a month after that (hard to know until you start).

Youd be better off minimising rent costs as much as you can and saving the rest towards buying somewhere. Its cheaper to pay a mortgage in dublin at the moment.

Idbatterim

in your position, I would strongly consider renting somewhere as cheap as possible and potentially buying after one year...

It really depends on your circumstances, I think paying the current one bed rents in dublin, is off the wall, nearly regardless of income...

thenewone

Quicker responses than anticipated. Thank you. Take home2600? At 36k with similar package on top I got like 2400 so quite sure it will be just below 3k take home.

But even if all costs will be apartment related, gas,electric, broadband, water which I have calculated around 150 a month 1400 will be too much I guess.

Think either I will share with a friend and lower it substantially or at least go down to 1200 or less.

pilly

Given your tax circumstances are normal you should be coming home with almost €3k a month so I would say yes you can afford the €1400 and realistically to live anywhere decent on your own you will have to pay this amount. Just make sure that it includes any waste disposal and service charges if it's in an apartment block.

Then the things you need to estimate are:

1. Travel to work costs (take this in account when deciding on apartment, you could save by being close enough to walk to work)
2. Food
3. Electricity and or Gas
4. Internet/Telly
5. Phone

Those are your essentials so you're sorted after you've taken these into account. Once you budget you'll be fine, enjoy it!!

Gmol

Would you be prepared to live in Drimnagh......?

Taking home €3000/month and spending €1400/month on rent will result in very little if any savings.

It's all about priorities but earning €50k/annum and saving next to nothing wouldn't rock my boat.

If you want to live in a 1 bedroom flat though .....

Idbatterim

the way I see it, you rent somewhere on your own you can save at a glacial rate if at all for an eternity. the system here is f**cked, so you either accept it or form a plan. When I say accept it, go pay the E1400 and come back and tell me how much you will pay next year and the year after, it likely wont be €1400!!! If you plan on staying here, save intensely, and in one year, you can be done with the entire bull****...

This isnt an option for a huge amount of people, on 50k as a single person, it certainly is...

pilly

Yes but he has to live somewhere Idbatterim to take the job? And maybe he doesn't want to buy? Not everyone wants to be tied to a mortgage all their lives.

If I had my time over I wouldn't get a mortgage again, no way because when times are hard you'll get no help from any quarter because you allegedly have your own home, when in fact it's not yours, the bank can take it back any time if you can't keep paying it.

Idbatterim

yeah of course he has to live somewhere, if he has parents here Id live with them for the year if circumstances allow. Its hardly all of your life on 50k, you would buy somewhere for 200k. He can pay it back over 15 years if he likes...

If I had my time over I wouldn't get a mortgage again, no way because when times are hard you'll get no help from any quarter because you allegedly have your own home, when in fact it's not yours, the bank can take it back any time if you can't keep paying it.

so the alternative is to pay higher than celtic tiger rents, that will only get worse and with no security? We can agree to disagree, there are a lot of variables.

Also a lot of people would strongly disagree with you on that point, how many held off buying at rip off prices, rented and are now being done on rent again, while others had hundreds of thousands written off a mortgage. I am not saying buy at all costs or that its for everyone, but in this joke country. If you are living in Dublin and plan to do so for the medium to long term, unless you are currently on a good deal with the landlord as some are. I am damned if I will be stumping up forever more cash...

Currently planning my next move personally, its gone too far as I am concerned... The idiots in government wont do anything, you are on your own. Unless of course, you plan on jacking in the job or knocking some young one up and let the state i.e. us taxpayers sort out all of your worries, which is a route I have no intention of going down...

Idbatterim

Idbatterim wrote: »

yeah of course he has to live somewhere, if he has parents here Id live with them for the year if circumstances allow................

I'd presume he/she's moving to Dublin for a job.

pilly

I can see where you're coming from Idbatterim but I'm coming from the other end after being through hell for 6 years of recession trying to hold on to a house that to be honest I no longer want or need. But my alternative would be homelessness. I got no help from any quarter because I allegedly had my "own home", it's not your own home until you've made the last payment and I don't think I will ever reach that now.

I suppose I'm hankering back to the days when the average Joe Soap got a council house and had it for life through good times and bad.

I can not understand why the government decided it was a good idea to stop building social housing during an economic boom, doesn't make sense. A certain % of the population will always need social housing working or not.

Idbatterim

I can see where you're coming from Idbatterim but I'm coming from the other end after being through hell for 6 years of recession trying to hold on to a house that to be honest I no longer want or need. But my alternative would be homelessness. I got no help from any quarter because I allegedly had my "own home", it's not your own home until you've made the last payment and I don't think I will ever reach that now.

Pilly I can understand in the likes of the US etc why this would keep you up 24 hours a day. It must have been stressful even here. But legally they cant throw you out of your PPP here. In terms of the banks, what are they going to do, send around the heavies? they cant get blood from a stone... Note it was these hypocrites which are also massively culpable for the bust and there they are putting the fear into you. F**k them...

thenewone

Thought my grammar would hint that i m not Irish With that said I have lived in Dublin before but moved away from Ireland a year ago. So in short no credit history. So i think a mortgage is out of question.

Thank you all quite sure I will share with one old friend and get a 2 bedroom. At least 1st year.

FYI: 50k is my base salary if i hit my targets i will earn quite much more. I want to plan for worst case scenario certain months.

SarahMollie

Hi OP,

You say your basic is €50k, so do you also get commission or other performance related pay, or just the benefits listed above.

I'd probably expect you to come out with close to €3k per month, so €1400 seems high to me. Thats roughly 47% of your net income, and I don't think you should spend more than 30-35% really.

You'd be better off sharing with 1-2 others if possible, maybe if you spend €800 each, which should still get you a decent place.

Idbatterim

thenewone wrote: »

Thought my grammar would hint that i m not Irish With that said I have lived in Dublin before but moved away from Ireland a year ago. So in short no credit history. So i think a mortgage is out of question.

Thank you all quite sure I will share with one old friend and get a 2 bedroom. At least 1st year.

FYI: 50k is my base salary if i hit my targets i will earn quite much more. I want to plan for worst case scenario certain months.

thanks for clarifying. Ok the 2 beds are far better value than a one bed, as in often they are nearly the same price. Bills halved. Personally I wouldnt touch most apartments here, they are horrific. Im not advocating a mortgage from the get go or at all personally. Like I have said a number of factors come into it. Bear in mind our "progressive" income tax system here, will be earning more from your hard work than you do, over €34,800. Sounds like you have landed the job and made your mind up and well done on that...

pilly

Nice to share with someone too if you're not from the city. Especially if you get on with them.