Tell me your stories about buying alone.

bleary

To be honest in your mid 30s earning 24 k is not a great financial position to be in. If you're a clerical officer that only goes up to 40k which would be hard enough to live on in Dublin. I would try to get added to the housing list and you really need to up your income or m9ve somewhere cheaper if you ever want to buy yourself.
You sound a little immature annd unrealistic saying you will leave in 3 years if you can't buy somewhere. What have you been doing employment and savings wise for the last ten years?
I earned more for the last 20 years and saved hard for 5 years plus. It still wasn't easy to buy on one income somewhere as one income has to be above average to compete with two

messy tessy

bigroad wrote: »

I think another possibility is to get mortgage approval for what ever you can get .
Then buy a property as close to Dublin as you can get which will be a county or two out
And rent it out.
In a few years the value f the property should rise a bit with some of the mortgage paid off.
Then in a few years you can decide if you want to sell and trade up or leave the country.

This is mad advice. Do not even consider this.

mariaalice

https://www.myhome.ie/residential/brochure/134-the-orchard-greenwood-drive-ayrfield-dublin-13/4279288

It is possible to get something at an alright price it's not the worst area and has very good public transport links and its a 2 bed.

Mrs OBumble

limnam wrote: »

Why would it be drying up?

At all my jobs in Galway for the last five+ years, I've worked with people who travel up here every day from Limerick and surrounding areas. They do this because they cannot get work closer to home.

I hope things work out differently for you - but could be concerned about the trend.

catrionanic

mariaalice wrote: »

https://www.myhome.ie/residential/brochure/134-the-orchard-greenwood-drive-ayrfield-dublin-13/4279288

It is possible to get something at an alright price it's not the worst area and has very good public transport links and its a 2 bed.

Yes but if OP is earning 24k and has savings of approx 20k, the max he/she will be able to afford is 104k. Which is well short of the mark here. Even with a sizeable salary increase, that sort of property is still well out of reach. And that's without considering the fact that almost all Dublin properties have asking prices set considerably lower than what the agent and buyer are expecting to achieve, in order to attract interest.

OP: I'm sorry, but your chances of buying anything at all in Dublin are slim to none. The banks do give out exceptions, but generally only for single applicants earning an absolute minimum of 50k and with a sizeable deposit, and in reality, probably more.

As somebody else said, you also need to consider the costs involved in buying a property. Solicitor fees (average around 2k), stamp duty (1% of property purchase price), surveyor (€500), valuer (€150), furnishing property, etc. It wouldn't be long eating up 25-40% of your savings.

Your options are to relocate and buy elsewhere, change careers, or meet someone and apply as a couple.

I would be looking at getting on the social housing list too.

mariaalice

https://www.myhome.ie/residential/brochure/5-mcneill-hall-balbriggan-county-dublin/4124926

County Dublin as opposed to Dublin city one bed for less than 100k but for someone on an income like the op even if they purchased things like services charges could be a struggle.

riclad

Get on the list for low cost housing,
The government has announced its gonna pick area,s and sites to build 1000,s of houses for people on lower incomes .
i Would not expect those to be built before 2021 .
We are now close to the point where most single young people will not be able
to buy a house in dublin.Unless its one of the houses built for people on a low income.
Better to pay 1,100 on service charges than paying rent every month .

Treepole

Loveache wrote: »

That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.

Proper relocation isn't an option, but you plan on leaving Dublin if you can't buy a house

Sleeper12

You would qualify for affordable housing. Problem is that the affordable housing so far announced aren't in areas most people would want to live

alwald

mariaalice wrote: »

https://www.myhome.ie/residential/brochure/5-mcneill-hall-balbriggan-county-dublin/4124926

County Dublin as opposed to Dublin city one bed for less than 100k but for someone on an income like the op even if they purchased things like services charges could be a struggle.

This 1 bed flat has been advertised for a long time and still unsold - The building looks in an awful state and a BER G isn't appealing - I wonder why first time buyers with small deposits won't buy such property instead of paying 800 plus on a small room to rent in the city center.

Creamy Goodness

alwald wrote: »

This 1 bed flat has been advertised for a long time and still unsold - The building looks in an awful state and a BER G isn't appealing - I wonder why first time buyers with small deposits won't buy such property instead of paying 800 plus on a small room to rent in the city center.

Because it’s in Balbriggan, it’s a “cant build them fast enough” remnant of the Celtic tiger. Might be good as a museum to warn people off but a home? I’ll pass.

Corb_lund

I bought a 3 bedroom myself in Dublin recently, mid-late 20s on single income which isn't insanely high. Took me 2 years of serious savings but was doable.

Thargor

madwidow wrote: »

I thought OP wanted to hear other peoples stories?
Bought alone 6 years ago. Just as the properies started climbing back up and right befor my company was started 1st redundancy round.
Saved for 5 years prior. Initially planned and got accepted for affordable housing scheme but new builds pipes burst during the last bad winter and the builders were slow at the snag list. Ended up buying privately and asking same bank to increase the AIP by 10 grand no problem.. only figured i was lended 5.5 times my salary but my bank account got 7 year check with explanations for every large withdrawal for money laundering contrary to current 6 -12 proof of regular savings nowadays
.
Its quite scary now in the property market and rentals. A house share 550 per month by 2 people is history now.. lucky to have a single room for that price

Save hard definately. Either way a deposit for a house or funds for moving

Sorry are you saying you asked for and were given five times your salary but seven times showed up in the account? How did that work? If I could get to 4.5 I could buy a house now...

Deviso

Corb_lund wrote: »

I bought a 3 bedroom myself in Dublin recently, mid-late 20s on single income which isn't insanely high. Took me 2 years of serious savings but was doable.

Where abouts? I'm 22, and the only places in Dublin I'll be able to afford in a couple of years that I want to live in are Baldoyle, Clongriffin or Swords.

the_syco

Sleeper12 wrote: »

You would qualify for affordable housing. Problem is that the affordable housing so far announced aren't in areas most people would want to live

In other words, "problem is that the affordable housing so far announced are in areas" where the houses are cheap for a reason.

But IMO if they're good enough for people who work and have to pay the full whack, they're good enough for those who want them cheaply.

Loveache

Cheers for the replies. I'm now working on a four/five year plan with a few promotions. Not above living in Finglas (few there at 130k!) but still hoping for the property bubble to burst. Also if 'the one' shows up they'd be more than welcome right now but you do have to plan for your own self. It's going to be some tough saving with the ridiculous rents right now but I'm keeping faith.

Loveache

Treepole wrote: »

Loveache wrote: »

That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.

Proper relocation isn't an option, but you plan on leaving Dublin if you can't buy a house

I get that's unclear. What I mean is, I'm not going to live in say Leitrim and try to commute to and from Dublin every day for work. And have that be my life. Work, bus/car, sleep, repeat.
I'd probably get a new job in say Belfast where there are houses on a decent bus route to it for 85k sterling. Kiss goodbye to my social/romantic life though doing that.

Loveache

I don't know a great deal about social housing (yet) except that the max net for a single person to earn is 35k. Net. So it's high enough. I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord. I'm definitely going to put my name down though. It ain't right. If I were a couple we'd be good to go in two years, I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

Sleeper12

the_syco wrote:

But IMO if they're good enough for people who work and have to pay the full whack, they're good enough for those who want them cheaply.

I totally agree.

I'm in the Dublin 5 area. Many people want big developments in the area, like the one beside St Anne's park that was just refused. They actually think that they will get social or affordable housing in these new developments. What they don't realise is that the developers have to provide 10 percent social housing but they don't have to provide it in the same estate. If they have to provide 50 homes in a 500 home development in Raheny /Clontarf they will buy 50 homes in coolock, darndale, Ballymun etc. The council won't be getting a single unit in the original development

Sleeper12

Loveache wrote:

I don't know a great deal about social housing (yet) except that the max net for a single person to earn is 35k. Net. So it's high enough. I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord. I'm definitely going to put my name down though. It ain't right. If I were a couple we'd be good to go in two years, I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

You can earn up to 50k for a single person & qualify for affordable housing. This might suit your needs. It's not social housing. The house is sold to you at a reduced price but you still have to have a mortgage. You can lose your house if you don't pay. You can't sell it for a number of years. I think 7 years. If you sell before this I think you have to pay the extra you should have paid if it wasn't affordable housing

messy tessy

Loveache wrote: »

I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord... I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

Is this an actual wind up?

I'm at a loss where to begin with your attitude... How are you being discriminated against? The fact is you aren't earning enough to buy in Dublin, you don't have enough saved. Rent is not money wasted, you are getting a place to live and are not on the streets. Coming on here and ranting about landlords or social housing isn't going to solve your problems.

I would focus on your five year plan mentioned above and look at how you can earn more money/ upskilling/ changing career etc, and maybe look into the rebuilding Ireland scheme.

Eric Cartman

Loveache wrote: »

I don't know a great deal about social housing (yet) except that the max net for a single person to earn is 35k. Net. So it's high enough. I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord. I'm definitely going to put my name down though. It ain't right. If I were a couple we'd be good to go in two years, I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

ok , so you're one of those people.

Rent is a service, you receive access to a property in exchange for money , in turn you have no responsibilities over that property beyond paying every month, this is a solution that has worked forever for people. Its not money wasted, landlords in general are not 'greedy *****bags'.

bilbot79

You need a partner

Loveache

Eric Cartman wrote: »

Loveache wrote: »

I don't know a great deal about social housing (yet) except that the max net for a single person to earn is 35k. Net. So it's high enough. I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord. I'm definitely going to put my name down though. It ain't right. If I were a couple we'd be good to go in two years, I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

ok , so you're one of those people.

Rent is a service, you receive access to a property in exchange for money , in turn you have no responsibilities over that property beyond paying every month, this is a solution that has worked forever for people. Its not money wasted, landlords in general are not 'greedy *****bags'.

Look at Daft. There is (or was last week) a woman renting her SHED for 800 quid, and the tenant was to leave at weekends.
There is a housing crisis. People like her are abusing it. There are substandard properties at premium prices now and people have no choice but to pay them if they have to/want to live in Dublin.
Renting has a very big place and I think that landlords deserve fair treatment too, (and a hefty tax reduction) but it does need regulated. I am far from alone in seeing the greed in some of the landlords renting now.
And of course if you're (proven by rent and saving pattern) fit to make repayments on a house and have a deposit, but a mortgage is refused because a lone income doesn't fit the rules, rent simply is wasted money.

Loveache

Eric Cartman wrote: »

Loveache wrote: »

I don't know a great deal about social housing (yet) except that the max net for a single person to earn is 35k. Net. So it's high enough. I think given current circumstances I'd be low priority- fit,healthy, no dependants or intention of such, permanent job and 'ability to pay' a ****bag greedy landlord. I'm definitely going to put my name down though. It ain't right. If I were a couple we'd be good to go in two years, I think it's discriminatory to force people like me who can make repayments (proved by renting AND saving pattern) still rent because one income isn't enough. All that money wasted lining someone else's pockets is making me sick

ok , so you're one of those people.

Rent is a service, you receive access to a property in exchange for money , in turn you have no responsibilities over that property beyond paying every month, this is a solution that has worked forever for people. Its not money wasted, landlords in general are not 'greedy *****bags'.

Look at Daft. There is (or was last week) a woman renting her SHED for 800 quid, and the tenant was to leave at weekends.
There is a housing crisis. People like her are abusing it. There are substandard properties at premium prices now and people have no choice but to pay them if they have to/want to live in Dublin.
Renting has a very big place and I think that landlords deserve fair treatment too, (and a hefty tax reduction) but it does need regulated. I am far from alone in seeing the greed in some of the landlords renting now.
And of course if you're (proven by rent and saving pattern) fit to make repayments on a house and have a deposit, but a mortgage is refused because a lone income doesn't fit the rules, rent simply is wasted money.

Loveache

bilbot79 wrote: »

You need a partner

I know right?!

positron

Since OP asked for buying house as a single person, here's some old but similar experience.

I bought in 2005. Different market situations, prices were going up 10-20% year on year. Rents were high, queues for viewing. And you are unlikely to ever get picked if you are from a different county or country, have an accent or different skin colour. Mortgage was 4x my annual income - I was in my early 30s, 10+ years in IT job income and savings. Couldn't afford a half decent house in Dublin and ended up buying in Drogheda. Yep, long commute to work in Dublin, but less traffic and generally easier lifestyle for everything else.

Soon everything crashed and I was riding 50% negative equity train. Some sleepless nights for sure. Now 13 years later, prices seems to be where it was, but we are well settled, kids in school, great neighborhood etc.

Go for what ever feels right. And with plenty of hardowork, everything works out well in the end.

Addle

Loveache wrote: »

Cheers for the replies. I'm now working on a four/five year plan with a few promotions. Not above living in Finglas (few there at 130k!) but still hoping for the property bubble to burst. Also if 'the one' shows up they'd be more than welcome right now but you do have to plan for your own self. It's going to be some tough saving with the ridiculous rents right now but I'm keeping faith.

Good luck getting a mortgage if the bubble bursts.

the_syco

Loveache wrote: »

but still hoping for the property bubble to burst.

If it "bursts" again, banks could go from 3.5 your income to 2.5 your income.

What can you afford on 2.5 your income under current prices?

Loveache wrote: »

And of course if you're (proven by rent and saving pattern) fit to make repayments on a house and have a deposit, but a mortgage is refused because a lone income doesn't fit the rules, rent simply is wasted money.

Because a lone income won't be able to pay for the house that you're trying to buy.

Addle

What's your line of work OP that's it's only available in Dublin or abroad?