PropertyBug

LegacyUser

I'm 21, and I'm beginning to feel an obsession with buying a property. I'm in college, not working, so I don't have the funds obviously at the moment. I know as soon as I have money I'll buy a house/apartment. I just don't no if this is a good or bad thing.

I check Daft everyday to see whats up for sale and rent. I even look at property in the states and england. I always look at the property price register when a house I like goes up for sale to see if a profit or loss is being made. One of the best i saw is a house selling for 315K and 15 months later selling for 725K.

Property has always been in my family. My parents have 2 rentals. They make a few hundred month profit and use it for our college funds, grinds anything. All of my dads sibling (6) have at least one rented house except for one of his brothers. At one stage his eldest brother had 10 BTL, and a property development company, but he lost his bollocks during the recession.

I'm going to go into software development after college, so I'll have money. But i'd also love to go into property development. But this would have to be on the side. I currently work Saturdays doing garden construction and I love it.

My only issue is that I'm afraid that this obsession that seems to be strating is going to cost me a lot of money is the future.

Lux23

PropertyBug11 wrote: »

I At one stage his eldest brother had 10 BTL, and a property development company, but he lost his bollocks during the recession.

Is this not a warning to you not to get obsessed with property?

Plus you are hoping to go into software development but it could be years before you're earning enough to purchase your first home and you may never earn enough to buy an investment property. Maybe you should take a look at the accommodation and property section here as well, you will see plenty of landlords p***ing and moaning about what they just see as a chain around their neck.

Wesser

<snip>



If you love it then go for it. One way to make sure you always have cash is to keep the day job then you are protected.

Tokyo

Wesser: People have the option to post anonymously here for a reason - it's one of our most sacrosanct rules. Please don't try to out posters by their username again, as it can result in an infraction or forum ban.

witchgirl26

OP - I was similar to you in that I loved to look at daft & myhome when I was around your age but for me it was about having my own place as opposed to a BTL.

I'm 10 years older & still haven't jumped on the property market for various reasons so I would say it does take a fair bit of time. Also not all properties sell for a profit and there are pitfalls as you've seen in your own family.

What is it about buying a property that you're obsessed with? If it's just the money aspect and you don't have the funds at the moment, I'd suggest stepping away from the sites for a while and just focus on what you're doing now.

I'm not saying don't invest at some point but 21 is quite young and with the new rules, if you're not earning anything at the moment, you won't get mortgage approved. Back in the mad days, a friend of mine bought a house at 23 but he couldn't actually afford to live in it himself and had to rent it out. He sold it for not much of a profit about 2 years ago and was sick of it at that point. He was also a bit annoyed that he'd lost any first time buyer gain by using it on a property he never really got to enjoy and spent a chunk of his 20's looking after tenants.

LynnGrace

I'm not entirely sure what your question is, OP?

Agree with witchgirl, you have plenty of time yet, and you have seen the good and bad side through family experience. Also when you qualify, you might want to travel, for example?
Nothing wrong with doing research, but in reality, from what you have said, it will be quite some time before you can actually buy anything.

Lux23

As someone who is in their mid-thirties and not likely to be able to afford to buy their own place soon I would advise that you start saving for your deposit as soon as you can. But other than that enjoy your twenties and stop worrying about something you have no control over yet.

Cuddlesworth

PropertyBug11 wrote: »

I'm going to go into software development after college, so I'll have money. But i'd also love to go into property development. But this would have to be on the side. I currently work Saturdays doing garden construction and I love it.

If you live in Dublin you will be able to buy a nice Tree House, maybe upgrade to a shed with the money you make.

3.5 times income, 10% deposit. Even if you get 50k a year(very unlikley), a property under 200k with about 20k deposit. Better budget for a stab proof vest as well.

Hollister11

Cuddlesworth wrote: »

If you live in Dublin you will be able to buy a nice Tree House, maybe upgrade to a shed with the money you make.

3.5 times income, 10% deposit. Even if you get 50k a year(very unlikley), a property under 200k with about 20k deposit. Better budget for a stab proof vest as well.

I have to pull up hear. Look on the job sites. Decent developers with 3 years experience can earn 50K, with 5/6 up to 80-100K. Even more money if your in management.

Ursus Horribilis

Hollister11 wrote: »

I have to pull up here. Look on the job sites. Decent developers with 3 years experience can earn 50K, with 5/6 up to 80-100K. Even more money if you're in management.

That's before the taxman gets his claws into your wages and takes away a sizeable chunk of it. 50k is at best around 36k into your hand per year...

Taltos

Mod Note
Thread closed.
OP please contact the mods to discuss.