After buying a new home, how much money do you generally need to be comfortable?

Pip1989

So I am a first time buyer and just bought a new home which is still being built by the builder and will be ready in April 2018.

The house was €290,000 and I got a mortgage for €255,000 off the banks.

So I must come up with the €35,000 difference in which the Help to Buy Scheme is giving me €14,500 of that so I am coming up with €20,500 plus also the money to pay fees like Solicitor and Engineers etc so all in all about €25,000 is needed on my part.

I have all this money but my fear is having no money left over when we actually move into our new home. We have a couple of thousand still in the bank, but doing up a house is going to be expensive plus we have a child now too so I want to have some bit of savings for Emergencies etc.

In general, how much money would most people tend to have in the bank after getting their new home, its brand new so also wondering how much you think would be needed to spend on all the essentials to move in(The builder is covering the cost of the kitchen so that's one big expense covered by him).

I am constantly wondering this as with a family and a mortgage money goes nowhere these days and want to have an idea of what money I should have in my bank going into the new home to be comfortable. Our mortgage repayment will be €1,000 a month also.

I really appreciate any feedback from people on this.

Thanks very much.

LirW

You'd be surprised how many people have a tight first year financially after moving into their new home.
A lot of people end up to spend every last euro they have as a budget.
I understand where you're coming from. The costs to furnish a house really depends on what you already have. If you already have kitchen appliances and other white goods, that's a huge chunk off. Otherwise Ikea and adverts it is for many in the beginning.

It would probably be good to make a list now for what you need. The likes of furniture, cutlery, kitchen goods. You can start looking on adverts, they have a lot of cheap or free stuff as well as local buy and sell groups, I saved a fortune by just constantly looking and driving around a little bit.

We still spend around 4k on furniture (beds, couch, wardrobes if you don't have them built in, a good few small things like dinnerware, towels etc). Kitchen appliances were another 2.5k, we didn't get the very cheapest stuff but got a new washing machine and dishwasher as present.
Flooring was a bit over 2k throughout the whole house. Also got a bunch of essential cleaning stuff in DEalz, that was around 50 Euro or so but you'd be surprised of the amount of time you spent cleaning after moving.
And have a bit money reserved for some larger grocery bills because you have to start pretty much from scratch.

We bought and renovated and are finding ourselves on 0 savings right now. You'll quickly build a bit back up again when you budget well. But I wouldn't say it's unusual having an empty savings account after buying.

Lumen

You can get second hand furniture for practically nothing. I couldn't give our old stuff away.

As long as you have basic flooring (i.e. not bare concrete), plumbing, white goods you'll be grand.

Rothmans

Lumen wrote: »

You can get second hand furniture for practically nothing. I couldn't give our old stuff away.

As long as you have basic flooring (i.e. not bare concrete), plumbing, white goods you'll be grand.

Would woodworm be a concern with second hand furniture?

harr

Do one room at at a time ... and don’t go mad till you can afford better furnishings ...the likes of adverts have good condition furniture at very reasonable prices.
When we got our house we did the childs bedroom first and got second hand stuff for sitting room and gradually added new furniture.
You could kit out a sitting room and kitchen fairly reasonable from ikea , granted not the best quality but it looks well.
I would say forget about the garden if you have one or just do garden yourself not very hard to put down a lawn.
We saved a few quid each week and put it into the credit union and after two years borrowed the rest to finish the interior.

manonboard

Rothmans wrote: »

Would woodworm be a concern with second hand furniture?

No not really. Whilst technically possible. Second hand furniture is just coming from regular peoples well cleaned homes. Most upgrade for a change of color, or because Christmas is coming. Rarely is there any real problem with the furniture itself. It's just part of the consumer mentality.
You can always have a look at it when you get there, but if you were visiting a friend, you'd never think about woodworm. Same thing.

Have a homedressing party. it will get you started. Invite all friends and family.

My friend did one. I painted two rooms (everything was brought by me, is how it works!) Other people brought chairs and light shades and stuff

jon1981

Deleted User wrote: »

Have a homedressing party. it will get you started. Invite all friends and family.

My friend did one. I painted two rooms (everything was brought by me, is how it works!) Other people brought chairs and light shades and stuff

Ahhh stop... if I was invited to one of those I'd tell them to go jump! Imagine if this ****e caught on...

LirW

Deleted User wrote: »

Have a homedressing party. it will get you started. Invite all friends and family.

My friend did one. I painted two rooms (everything was brought by me, is how it works!) Other people brought chairs and light shades and stuff

Finally having my own fortress and then inviting people? Are you mad? :pac:

Sleeper12

My first home was 25 years ago and I remember living pay check to pay check, absolutely nothing in the bank for about 2 years. It's not an ideal situation, a little risky maybe, but I think most people are like this for the first year.

Congratulations on your new home. 😊

GingerLily

Will the house have flooring be included? I'm buying a new building and the biggest expenses a few flooring and then blinds/curtains, could easily go into 5 figures.

Averagevegan

10k if you have to buy everything.

30e/m^2 For flooring.
100e per room for paint
500e for each bed, mattress, linen etc
500-1000 per m for wardrobes
1k for sofa
500 per room for odds and ends

All very rough ball park numbers with nothing fancy.

DoozerT6

Yeah when I bought my place I had literally nothing in the bank for the first year or so. It's amazing the little things that add up every month. Floors, painting, curtains/blinds will take up the bulk of the initial lump you'll spend, then furniture - some second hand stuff can be almost perfect. Buy new mattresses though, and good ones aren't cheap. Buy now in the sales if you can, and store them somewhere if you have space.

Take people up on their offers to buy you something for the house - small kitchen appliances, delph/cutlery sets, iron/ironing board, small hoover to start you off, nothing TOO expensive. Maybe set a max spend for people. You may find too that other people will buy you useful 'new home' gifts like nice wine glasses, lamps, towels, sheets, picture frames etc.

You will need double adaptors and extension cords/plug boards You're welcome! Also a clothes horse, sweeping brush and dustpan.

bleary

You've at least 3 months to save more.
You can get tons of furniture on adverts done deal etc. I have downstairs kitted out for less than a thousand upstairs probably a bit more.
Loads I could still do but i dont need to.
Floors ,tiles and appliances will be most expensive in new house
most places will hold things for u.
U really only need a bed and some curtains, few plates and cups

pwurple

New builds can easily cost a lot.

Are tiles and floors included? Appliances? Have you done a paint specification or is it wall to wall magnolia undercoat you get?

On furniture, 100% secondhand. Every place I lived in bar Ireland, Criagslist was the way to furnish your house fast. The stuff was snappd up. Here, things can be on done deal or adverts for months and never sell. It is bizaar. Anytime I am refurshing I look for secondhand first. New mattresses, but i have never bought a new bedframe in my life.

Curtains, put a budget in for those. They are always more expensive than you think. I have curtains in all the bedrooms, but not in my living rooms yet (4 years later).

James Bond Junior

You will be amazed at the amount of people who will have a set of curtins or a an old suite they want rid of. Also keep an eye on donedeal or adverts for furniture. I got a dining room set for €100 in almost new condition. I also got a coffee table, tv stands and curtin poles on adverts. All were in as good as new condition and when you are ready to let them go to replace for your own tastes etc just throw them back up on adverts or donedeal or even give to a charity shop. You could always rent a wet vac to clean stuff too for very little money.

meeeeh

You can spend as much as you want to on furnishings. We haven't had a sofa in sitting room for seven years and only bought when we could afford one we both liked. We have stuff from Ikea, we have stuff we owned before, stuff that we got from relatives and there are still items we need to buy, rooms we need to finish. Then there is garden. Yes you can kit out a house for under 10k but most likely you won't because you will be looking at two types of tiles and thinking how much nicer the more expensive are. I'm not saying you should spend mindlessly but there are items that you will want to spend money on. I would make a list of essential rooms or items, get them and take time with everything else. Also prioritise work that causes a lot of disturbance (flooring, bathrooms, kitchen...)

Grawns

Rothmans wrote: »

Would woodworm be a concern with second hand furniture?

Bed bugs might be.

mirrorwall14

We moved into a new house last year and lived very tightly for the guts of a year. We were lucky in that ours had the old washer and dishwasher included. We brought our own dryer ~200, our own bed *(second hand frame our own mattress) ~450. Child’s cot we already had. Got ikea Kallax for his room for 35e on adverts. Bought two kallax units new for the sitting room over the first year. We owned our own couch and chair bought in Finline factory sale for €1200 or so. Table was left by owners, chairs came from adverts free. Then went up for free six months in when we got my sisters old ones when they upgraded. Shed (necessary for storage) cost 500 new, got that three months in. Attic stairs about 7 months in and another 500+. Saved a bit more and floored the attic at almost a year in, also cost around 500. Our parents kindly gave us a present of a new bed for the spare room. Headboard for free from adverts. Work desk for the spare room for free on adverts. Miscellaneous lockers and shelves received from family and bought cheaply on adverts. In fact adverts alerts was my life for the first three or four months!

Still to be bought: lawn mower, shelving for store cupboard in the kitchen, shelving for the wardrobes (it’s literally all hanging space which is crap), move curtain rails so they are actually useful (they’re installed over a foot above the windows??). Blackout blinds were installed luckily so curtains are a luxury and we only have a set in the spare room currently for visitors. Bathroom storage doesn’t exist.

We will also need/want to replace the fridge, table and chairs with sturdier ones, install an attic light and extra sockets all over the house. There’s a big job to be done on the floors upstairs we are saving for but in the meantime things have loosened a lot so towel rails, hooks for coats, all the little things that add up are more or less done and we can look at the more luxury expenses like my coffee machine I’m collecting tomorrow and the smart stuff we are now looking at (echo, hue bulbs etc). Everything else will be choice or necessary maintenance like the gas boiler service.

Loving it. Will love it even more over the coming years

Grawns

mirrorwall14 wrote: »

Still to be bought: lawn mower

I can recommend a push mower as a great cheap buy for a small to medium garden. My garden is 100 square metres and I can do it in 10 to 20 mins. Surprisingly easy but still good exercise. The grass loves it. No noise. And no faffing about with cables or petrol.

jimmycrackcorm

Pip1989 wrote:

In general, how much money would most people tend to have in the bank after getting their new home, its brand new so also wondering how much you think would be needed to spend on all the essentials to move in(The builder is covering the cost of the kitchen so that's one big expense covered by him).

We had nothing to sit on for months except cushions. We were lucky though that there was a first time buyers grant that provided the essential kitchen needs.

Rothmans wrote:

Would woodworm be a concern with second hand furniture?

Woodworm is a global epidemic whose than the threat of global warming. Fortunately woodworms are a great source of protein.

Doltanian

Your borrowing €255,000 and getting another €14,500 from the Help to Buy? I'm sorry but this is just wrong, your taking on too much debt for an over-priced house and it sounds like you have only between 5 to 8% of the price of this house saved. I hope you have a good high-paying job because being honest this does not look good long term.

justfillmein

Averagevegan wrote: »

100e per room for paint

not a chance would you need that per room starting off a new house.
woodies have a 10L bucket of magnolia for i think €22.
few of them would do the whole house. its clean and fresh too.

worded

Johnson paint magnolia is an excellent colour and very cheap

I don’t like anyone else’s version

There are fancy names for different colours but they are just not worth it IMHO

http://www.johnstonespaint.ie

justfillmein

you can look on adverts and make alerts for any furniture that comes up. you need to get in quick tough when you get the alerts because those type of things usually get snapped up straight away.

also, dont be shy to ask your family or friends for any items they might have in storage that they don't use anymore.
anything will help when you have nothing.

I have been living on my own just over 10years now, and i'm only now at the stage where I have everything that I want after replacing any second hand things I got at the start:cool:

justfillmein

worded wrote: »

Johnson paint magnolia is an excellent colour and very cheap

I don’t like anyone else’s version

There are fancy names for different colours but they are just not worth it IMHO

http://www.johnstonespaint.ie

I use johnstones in all the rooms in the house except the hall.
still use the bucket of magnolia from woodies because kids bikes, prams and whatever else has the walls scuffed quite often.
so I need to touch up the walls regularly

Ginger83

Sleeper12 wrote: »

My first home was 25 years ago and I remember living pay check to pay check, absolutely nothing in the bank for about 2 years. It's not an ideal situation, a little risky maybe, but I think most people are like this for the first year.

Congratulations on your new home. ��

We live like this week to week every week. Its crap but thats life.

OP congrats on the new house, just take your time and do 1 room at a time.

bb12

when i moved into my new build, it was literally an empty shell. i splashed out on getting my ensuite tiled and bedroom carpeted so i could move in immediately. got loads of furniture from antique auctions, adverts, ikea etc. built and installed an ikea kitchen which is still going strong. lived with concrete floors for several years but painted them to keep the dust down. eventually bought polished porcelain tiles at a 75% discount, bought all the tools and learned to install them myself to save thousands and it worked out quite well. installing laminate flooring is a breeze. bought blinds from ikea and with the help of a hacksaw and jigsaw was able to custom fit them to windows. if you're anyway diy inclined you'll save thousands and feel a sense of accomplishment when you complete a job. i've still one room left to do 6 years later but i don't need it so no hurry. you can move in as cheaply or as expensively as you choose.

Pip1989

Doltanian wrote: »

Your borrowing €255,000 and getting another €14,500 from the Help to Buy? I'm sorry but this is just wrong, your taking on too much debt for an over-priced house and it sounds like you have only between 5 to 8% of the price of this house saved. I hope you have a good high-paying job because being honest this does not look good long term.

The house was €290,000 and the government give €14,500 towards the deposit of which is €35,000 in total. How do you know it's an over priced house when you don't even know what type of house it is or what location. Also we have in total about 15% of the price of the house saved so after paying all our deposits and fees etc we still have €17000 saved as of right now! Yes we both work and I have a very good paying job!

Samuel T. Cogley

The advantage of roughing it for a few months woth second hand bits is you get a sense of the place - how the light falls etc. Doing the whole house straight away you'll always think 'If only I'd...'.

As other have said take your time and get by as best you can.

Andrew Beef

We bought the basics (beds, a couch, etc) but bought good ones (rather than having to replace them down the line).

Then we tend to buy something every month.

There’s a lot to be said for loving somewhere and working out where you actually need things rather than filling a place up early on.

There’s also a lot to be said for “less is more”; clutter is not a good look.

PhoenixParker

Pip1989 wrote: »

The house was €290,000 and the government give €14,500 towards the deposit of which is €35,000 in total. How do you know it's an over priced house when you don't even know what type of house it is or what location. Also we have in total about 15% of the price of the house saved so after paying all our deposits and fees etc we still have €17000 saved as of right now! Yes we both work and I have a very good paying job!

You'll be grand with 17k. That's more then enough to get a few rooms livable with good quality and to have money aside for emergencies.

I'm going to contradict the advice here and say buy once and buy right. If that's a second hand piece you love then great but otherwise just get something that'll do you for the long haul right off the bat. You can afford to, and buying second hand furniture with a plan to replace it will cost you more unless it's actually free.

Focus on floors and window dressing to start. Floors in particular are difficult to replace once a room is full of furniture.

Then get a decent couch, kitchen table and beds with mattresses for each person. Everything else you can find/get built in as you work out specifically what you need and want where.

mloc123

worded wrote: »

Johnson paint magnolia is an excellent colour and very cheap

I don’t like anyone else’s version

There are fancy names for different colours but they are just not worth it IMHO

http://www.johnstonespaint.ie

Magnolia is such a horrible colour... but I am now a F&B paint snob I guess

PhoenixParker

PhoenixParker wrote: »

I'm going to contradict the advice here and say buy once and buy right. If that's a second hand piece you love then great but otherwise just get something that'll do you for the long haul right off the bat. You can afford to, and buying second hand furniture with a plan to replace it will cost you more unless it's actually free.

+1 on this.

The idea of moving into your lovely new build modern house and then furnishing with bits of mismatched second hand furniture, cheap paint etc is a bit daft imo. Personally I'd budget for kitting out at least the kitchen, living room and master bedroom to high specs as part of my overall budget.

worded

mloc123 wrote: »

Magnolia is such a horrible colour... but I am now a F&B paint snob I guess

The difference between magnolia and a fancy named flavour called Elephants Breath or snakes arse is so minimal. I’m now a fan of Johnson’s Magnolia. Forget Woodies version,it’s way different.

OP get a sample of it and try it, it’s perfect IMHO

worded

Emerson White Dial wrote: »

+1 on this.

The idea of moving into your lovely new build modern house and then furnishing with bits of mismatched second hand furniture, cheap paint etc is a bit daft imo. Personally I'd budget for kitting out at least the kitchen, living room and master bedroom to high specs as part of my overall budget.

That all fine if you have the “cash” to do it.
Do not get into further debt kitting the gaff out. You have all your life to do it.

I know lots of people who had no carpet or flooring for 1-2 years on moving in 20/30 years ago.
We live in the want it now generation, credit junkeys

Much prefer to pay cash I have than put it on a credit card. You will be happier on a free couch or 150 one cash than on a 1300 one paid over 5 year and costing 1600 with cost of credit added

Or make your own - see Pinterest
Or free - adverts etc

LirW

While 17k is a good budget, there are people not having half of that when moving in and there will be some compromises.
If you can afford good floors, fancy furniture etc, go for it. If you can't then go for what's the most important to you. But don't fall for these finance plans that shops offer, no point in making more debt when you're already knee deep in it.

pwurple

Emerson White Dial wrote: »

+1 on this.

The idea of moving into your lovely new build modern house and then furnishing with bits of mismatched second hand furniture, cheap paint etc is a bit daft imo. Personally I'd budget for kitting out at least the kitchen, living room and master bedroom to high specs as part of my overall budget.

Buying second hand is not necessarily lower quality by any means. My living room has a 1940’s bookcase with brushed brass hardware that is secondhand (because it’s older than I am) and is absolutely stunning. My kitchen has a beautiful dresser with weight and presence to it. Most interior designers will steer you towards at least one piece with character for a room. Otherwise it’s all very bland.

Matchy matchy living room and bedroom sets out of a harvey norman leaflet are not everyone’s style, It’s all personal afterall.

If you know what you are looking for, decent joinery, good quality materials and well cared for, it beats the mass produced “affordable” tatt you get new. Sounds like the OP isn’t going to be rocking up to Caseys on their budget, so the advice of looking for quality secondhand in their budget is sound.

I agree on paint. Never skimp on paint, otherwise it’s “buy cheap, buy twice.”

Averagevegan

justfillmein wrote: »

not a chance would you need that per room starting off a new house.
woodies have a 10L bucket of magnolia for i think €22.
few of them would do the whole house. its clean and fresh too.

This is probably true for a new build.

If it's second hand, There could be a lot more painting involved ie windows, doors, skirting, ceilings

Of course nobody "needs" to paint.

Pip1989

Emerson White Dial wrote: »

+1 on this.

The idea of moving into your lovely new build modern house and then furnishing with bits of mismatched second hand furniture, cheap paint etc is a bit daft imo. Personally I'd budget for kitting out at least the kitchen, living room and master bedroom to high specs as part of my overall budget.

Yeah it's a brand new built house and it will already be fully painted and all bathroom ware etc and kitchens are included too already! To be honest I don't fancy buying second hand furniture, I've waited for my own brand new house for a long time and I plan on putting as best of stuff I can into it and new preferably!!

appledrop

If you have to get all white goods for kitchen , all floors you will need about 10k. I would recommend spending well on floors carpets, tiles etc. We are 5 years in house + all floors carpets etc still in good condition. Buy some furniture second hand etc if you have to but get the basics right.

mloc123

worded wrote: »

The difference between magnolia and a fancy named flavour called Elephants Breath or snakes arse is so minimal. I’m now a fan of Johnson’s Magnolia. Forget Woodies version,it’s way different.

OP get a sample of it and try it, it’s perfect IMHO

It really isn't, paint makes a room...

worded

mloc123 wrote: »

It really isn't, paint makes a room...

My folks got a flavour of paint mixed and it cost an extra 20 - 30 %

I prefer my magnolia and I would challenge anyone to pick which was which.

I’ve spoken to the lads that work in paint shops and they say that people pay for the fancy names when the dkffenece is so slight it’s simply not worth it

OP please get a sample of Magnolia and test it to see if you like it. I could be wrong .... I could be right .... it’s personal taste

Lumen

Magnolia = rental.

DoozerT6

worded wrote: »

My folks got a flavour of paint mixed and it cost an extra 20 - 30 %

I prefer my magnolia and I would challenge anyone to pick which was which.

I’ve spoken to the lads that work in paint shops and they say that people pay for the fancy names when the dkffenece is so slight it’s simply not worth it

OP please get a sample of Magnolia and test it to see if you like it. I could be wrong .... I could be right .... it’s personal taste

Sorry to be pedantic, but...the word is shade, not flavour.

Andrew Beef

We just repainted our house and the guys commented that it was great to see none of the bland magnolia sh1te!

Grawns

worded wrote: »

The difference between magnolia and a fancy named flavour called Elephants Breath or snakes arse is so minimal. I’m now a fan of Johnson’s Magnolia. Forget Woodies version,it’s way different.

OP get a sample of it and try it, it’s perfect IMHO

Johnstone trade paints will colour match any colour from any brand. There's a shop in Palmerstown I swear by.

justfillmein

there needs to be a magnolia thread:D

justfillmein

Lumen wrote: »

Magnolia = rental.

thats because its cheap.

If I had just moved into my new place, paint wouldn't be one of MY top priorities. I'd magnolia everywhere:p until i knew exactly what way I wanted each room designed.

myshirt

When you hear regularly that it cost 30-40 grand to do up a show house, it's scary.

10k should be well sufficient if you box smart.

Go the adverts route, and get there bit by bit and you'll do it for a fraction of that.

John_Rambo

justfillmein wrote: »

there needs to be a magnolia thread:D

Ha! You're right there!

I was on cement floors for a year with a mix of cut off carpets and rugs, second hand furniture and garden furniture and a tiny box TV with rabbits ears. Not a hope of foreign holidays for two years, but I was really young. No car (city centre house), no dishwasher, one sink, one bathroom with one of the two bedrooms rented out and my next door neighbours were prostitutes.

It was different then though. Nobody gave a ****e if you hadn't a car with a certain badge or year. There wasn't as much pressure on people to have a show house as their first house.

I'm beginning to sound like some sort of working class hero, I'm not. Things are much much tougher now for people buying houses. I bought on my own, impossible for me to do that now.