Ever think you'll own your own place?

Glenster

Augeo wrote: »

A 300k mortgage over 30 years is probably about €1500/month .......... that aside I don't think a €60k income can borrow €300k, not to mind a €60k combined income.

How much deposit are you reckoning they'd need to make this €350k house a fit to the "you could swing that on salaries of 35 and 25k" comment?

KBC mortgage calculator. max loan amount €344,740. So a deposit of 35K and a mortgage of 315K. Over 35 Years that's a mortgage of 1230 pm.

I don't get the logic of someone refuting someone else based on a guess without doing even the most cursory research.....

ChikiChiki

Not in Dublin anyway at current prices. I'll save money abroad and wait for the next crash and see what happens.

Pete123456

Augeo wrote: »

A 300k mortgage over 30 years is probably about €1500/month .......... that aside I don't think a €60k income can borrow €300k, not to mind a €60k combined income.

How much deposit are you reckoning they'd need to make this €350k house a fit to the "you could swing that on salaries of 35 and 25k" comment?

Just threw 35k and 25k into AIB calculator and prelim approval for 270k came back. Thats with no dependents or other outgoings or taking exemptions or exceptions into account... an 80k deposit is a lot!

Glenster

Glenster wrote: »

KBC mortgage calculator. max loan amount €344,740. So a deposit of 35K and a mortgage of 315K. Over 35 Years that's a mortgage of 1230 pm.

I don't get the logic of someone refuting someone else based on a guess without doing even the most cursory research.....

That's entering €0 Total Monthly Commitments (This includes all financial commitments paid on a monthly basis, i.e. car loan repayments, maintenance payments, etc.) for both applicants, back in the real world............. also KBC

Winterlong

Zulu wrote: »

I have to say, I do wonder where the money is coming from for these houses over 600K.

It's a good question. I would guess:

Inheritance.
Rental income on already paid off properties.
Institutional investors.
High earning couple.
Redundancy package.

Glenster

Augeo wrote: »

That's entering €0 Total Monthly Commitments (This includes all financial commitments paid on a monthly basis, i.e. car loan repayments, maintenance payments, etc.) for both applicants, back in the real world............. also KBC

We don't have a car loan or maintenance payments. We live in the real world.

And is KBC bad?

Lollipops23

My OH is in the process of buying an apartment in Dublin North City Centre. He's lucky enough that he's been able to live at home while saving. He's on 40k and 28 years old, he's just been saving like the clappers since long before we met.

It's not easy (but then, buying alone never has been), but it is possible. Even should the economy take another bad turn, the location is pretty much bullet proof in terms of the rental market.

mashed13

You don't go to Malahide for your first property that's for sure... Exception can be given to a few lucky ones. People that buy those properties 500k+ may be already in their 40s, owning a successful business or having high end jobs...

There are so many affordable commuter towns around Dublin where you can get 1-2 bed apt for 150k or semi for 150k-200k, you may even get lucky to get nice fully detached for up to 200k. Even withing dublin itself you can get something if you don't mind horses in your backyard.

I'm only 24 working full time + studying, my wife is 26 full time nothing fancy, combined just over 50k, we just secured the mortgage of close to 200k, that'l be more than enough for something small in the suburbs withing 40min drive or so.. Took about 2-3 years to save up for deposit so can't complain much at the end of the day... In a years to come we may be better off and move, but we'll see...

At the end anywhere around the globe property prices in big cities are high...

Unfortunately if you are single on 30k job, you can forget about it

JuliusCaesar

Many people have a house (on a mortgage) but may be paying the mortgage into their 70s...because they managed to get a 35 year mortgage whenever, or remortgaged at some point. They may never be able to pay the mortgage off and so will never actually own their own home.

Wheeliebin30

Would make you laugh that 10% of all new builds must go to social housing.

Paying 400k for a house while your neighbour gets the same house for sometimes as little as 40 euro a week!!

Well I find it funny if not tragic.

Seanachai

BlinkingLights wrote: »

That could also be down to the fact that the anglophone countries tend to share a similar architectural heritage that stems from them all having been interconnected historically, linguistically and culturally - there's a hell of a lot of crossover between Ireland and the US, Canada, Australia and even NZ.

Irish suburbs don't look totally unlike Canada, parts of Australia (except the weather and the deadly insects), and can be really like New Zealand.
Also, there are similarities between US, IRL, UK, NZ, CA and aspects of certain nordic suburban settings too. I didn't find a whole load of difference between scattered one-off low density suburban homes in Cork and Reykjavik for example. and even parts of Norway.

France is more village orientated in rural areas, so's Germany and Spain's all high rise apartments and can sometimes look more like Miami or San Diego than a lot of Europe.

A lot of new-build one off stuff in Ireland definitely has more of a scandi-look than a US look though. There's a lot of use of glass and metal and stuff on some of the more architect-style stuff here.
It's the bungalow-blitz stuff and some of the McMansions that have that US vibe to them.

It makes absolute sense though when you think of it. Why would Irish homes follow a continental European pattern when we have had relatively much more contact with North America ?

I'd go for a wooden cabin close to where I'm from, or renovate an old cottage and keep it as close to the original as possible. Don't get me started on the McMansions, there must be some serious corruption in county councils if you can build a stone version of one of those Southern US mansions on a boreen in Wexford. Then they tarmac the yard and barely have a shrub or tree around it, they're horrible buildings, they shouldn't be allowed under planning law imo.

Pure tashte

It's hard to know, myself and OH are both mid/late 20s and have combined salary of around 65k, in Dublin, so definitely won't be getting a mortgage in the next 3-4 years. Of course, those wages would be able to get a mortgage in most parts of the country, but getting employment may not be as easy..

Seanachai

Wheeliebin30 wrote: »

Would make you laugh that 10% of all new builds must go to social housing.

Paying 400k for a house while your neighbour gets the same house for sometimes as little as 40 euro a week!!

Well I find it funny if not tragic.

I can understand your issue with a single person getting an equivalent house, where are families on low income supposed to get accommodation when the private rental market has nothing for them though?

Lollipops23

mashed13 wrote: »

I'm only 24 working full time + studying, my wife is 26 full time nothing fancy, combined just over 50k, we just secured the mortgage of close to 200k, that'l be more than enough for something small in the suburbs withing 40min drive or so.. Took about 2-3 years to save up for deposit so can't complain much at the end of the day... In a years to come we may be better off and move, but we'll see...

In Dublin? Hate to burst your bubble, but no. No it won't.

Glenster

Glenster wrote: »

We don't have a car loan or maintenance payments. We live in the real world.

And is KBC bad?

Do ye have a mortgage of 315K on €35k & €25k combined salaries in this real world you live in?

CelticRambler

Grayson wrote: »

My family live on the west coast now. They're always saying I should move there. If I moved there I'd be moving to the other side of the country, away from every friend I have.

Ah go way outta that! My original friends (and family) are all 400-1000km away; doesn't stop me keeping contact with them at all times of the day and night. And believe it or not, there are friendly people living in these out-of-the-way places too!

There's a popular misconception that we country-dwellers are cut off from the world. Sure, my nearest local supermarket is 10km away, but it only takes ten minutes to get there in the car. My suburban mother's drive to her nearest supermarket (1.5km) can take 20 minutes.

I was listening to part of the discussion about schools on Marian Finnucane at the weekend, and them saying about how rural schools/communities are much more diverse and inclusive than their sub/urban counterparts. That was almost an exact re-run of a discussion between my (suburban) sister and one of my country cousins. Sister had all the stress and aggro of putting her children's names down for half a dozen schools from three days after they were born and waiting to see where they'd end up. Cousin just sent hers to the one and only local school, as did I. The cousins have all ended up in UCD regardless of where they were educated (four families - France, Germany, Dublin, and rural Ireland)

panda100

pilly wrote:

The people I feel for most at the moment are single people who may intend to stay single for a while yet.

pilly wrote:

Very few options apart from houseshares

+1 to this. 34 year old singleton here with no desire to couple up or have kids. I am at the stage where I would like my own space though. One bed apartments in Limerick city centre are non exsistent to rent. I don't really want to buy as I don't want to be shackled to a mortagage for the rest of my life. However, lack of rental opportunities and poor tenancy rights means that it is probably inevitable I'll have to buy

mariaalice

I do feel sorry for some people, however reading articles like the one in the Irish time on Saturday is slightly irritating, a first time buyer complaining that they will have to buy in Bray to find something affordable because they cant afford D18 where they want to live.


http://www.irishtimes.com/life-and-style/homes-and-property/a-bit-of-a-dogfight-being-a-first-time-buyer-in-2017

mashed13

Lollipops23 wrote: »

In Dublin? Hate to burst your bubble, but no. No it won't.

I've been following a market for nearly a year now, there's so many reasonable options for up to 200k if you ain't picky..

pilly

mashed13 wrote: »

I've been following a market for nearly a year now, there's so many reasonable options for up to 200k if you ain't picky..

Exactly. "Picky" being the operative word. Like the couple quoted above as saying they couldn't buy in D18.

Wheeliebin30

Seanachai wrote: »

I can understand your issue with a single person getting an equivalent house, where are families on low income supposed to get accommodation when the private rental market has nothing for them though?

Where they can afford like most people have to do.

The idea that some people have 3 choices of where to be housed while some would be on little to no income is incredibly unfair on people working who can't afford the same area.

Glenster

Augeo wrote: »

Do ye have a mortgage of 315K on €35k & €25k combined salaries in this real world you live in?

We're still saving for the deposit and we've just moved back from the UK and haven't got our 1 year of working in Ireland yet.

But I'm on a bit more than 35K so we should be fine.

Glenster

mashed13 wrote: »

I've been following a market for nearly a year now, there's so many reasonable options for up to 200k if you ain't picky..

See you in Maynooth/ Tallaght mate.

Hollister11

LirW wrote: »

I fully agree, can't wrap my head around though why it's used as a synonym for "Omg all those blokes in D13 are on the dole anyway, who in their right mind would buy there?" Don't wanna dismiss that there are problematic parts in town but there is definitely some snobbery going on.


Also, heard on the radio yesterday that Celtic Tiger prices are expected to be back in 3 years from now. :pac:

D13 includes Sutton and Howth¡

Yourself isit

eviltwin wrote: »

Completely agree. I've friends who say they can't afford to buy a house when to be more accurate they can't afford the type of house they want. Another friend recently was forced, in his words, to buy a house in a rural area. He could have afforded Dublin but wanted a four bed detached with a massive garden. Definitely couldn't have bought similar in Dublin but a more modest house wasn't what he wanted. Now he's commuting and hardly ever gets to enjoy the home he bought. Property snobbery still exists.

That's not snobbery. That's size.

Yourself isit

Glenster wrote: »

KBC mortgage calculator. max loan amount €344,740. So a deposit of 35K and a mortgage of 315K. Over 35 Years that's a mortgage of 1230 pm.

I don't get the logic of someone refuting someone else based on a guess without doing even the most cursory research.....

Except the guy you are quoting said 30 years not 35. In reality you won't get 35 years much past your twenties.

Malari

pilly wrote: »

Exactly. "Picky" being the operative word. Like the couple quoted above as saying they couldn't buy in D18.

I was extremely picky when buying a house! It's the most expensive purchase I'll make and I'm going to have to look at it every day of my life...of course I'm going to be picky. I was happy to stay renting until I found something that was right.

pilly

Malari wrote: »

I was extremely picky when buying a house! It's the most expensive purchase I'll make and I'm going to have to look at it every day of my life...of course I'm going to be picky. I was happy to stay renting until I found something that was right.

Oh I agree, my point was that FTB's may not necessarily be able to afford certain areas and if they insist on buying rather than renting then they can't have it all.

For a lot of people too, their first house isn't their home for life.

Seanachai

Malari wrote: »

I was extremely picky when buying a house! It's the most expensive purchase I'll make and I'm going to have to look at it every day of my life...of course I'm going to be picky. I was happy to stay renting until I found something that was right.

If I had the income I would be willing to sacrifice social life, flash cars and other luxuries if it meant having the type of house in the area I wanted too.

slovakchick

Its a bit like the beverly hill billies when they moved into heart of holyrood they kept in touch with their clans and kins

CelticRambler wrote: »

Ah go way outta that! My original friends (and family) are all 400-1000km away; doesn't stop me keeping contact with them at all times of the day and night. And believe it or not, there are friendly people living in these out-of-the-way places too!

There's a popular misconception that we country-dwellers are cut off from the world. Sure, my nearest local supermarket is 10km away, but it only takes ten minutes to get there in the car. My suburban mother's drive to her nearest supermarket (1.5km) can take 20 minutes.

I was listening to part of the discussion about schools on Marian Finnucane at the weekend, and them saying about how rural schools/communities are much more diverse and inclusive than their sub/urban counterparts. That was almost an exact re-run of a discussion between my (suburban) sister and one of my country cousins. Sister had all the stress and aggro of putting her children's names down for half a dozen schools from three days after they were born and waiting to see where they'd end up. Cousin just sent hers to the one and only local school, as did I. The cousins have all ended up in UCD regardless of where they were educated (four families - France, Germany, Dublin, and rural Ireland)