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Finally got my business to where it needs to be to buy a home

  • 23-11-2021 4:52pm
    #1
    Registered Users Posts: 225 ✭✭ newboard


    Hi all, I'll be looking to purchase my first home in the new year after finally building up my business over the last number of years to where I need to be. My salary plus profit in 2020 was €75k, and 2021 is looking to be around €110k, giving an average of the two at around €90k. I have €25k in cash saved in my personal account but the business bank account is sitting at around €60k with no creditors, loans etc so there are funds there to access if needs be. I'll likely draw down 10-20k to get the 10% in any case.

    I'll be looking for a 2-3 bed around South Dublin or Dublin City Centre. I'm not too fussy on exact location but I would definitely sacrifice some size/quality for a nicer area.

    I'm very new to house hunting, here are my general views and assumptions at the moment and would love any feedback, advice or corrections;

    1. I'm open to buying a house or apartment.
    2. I'll probably have to purchase an older house/apartment rather than a new build given the high price of new builds in the greater Dublin area (Ideal location would be D6/D6W)
    3. My budget will probably be approx €350k which is probably quite tight for what I'm looking for
    4. As far as I understand it, you've to add 10% to anything you see on Daft to gauge the final sale price
    5. I can take a directors loan from the business bank account to go towards deposit, at a low interest rate as it's my first home purchase
    6. I've engaged a broker who has had a preliminary look through my business bank account and hasn't raised any flags
    7. My personal credit rating is supposedly decent

    Any advice at all would be brilliant thanks for reading



Comments

  • Registered Users Posts: 2,150 ✭✭✭ Yellow_Fern


    So much depends on the house. Some people love apartments but you have to watch out if there is noise proofing, a solid management company and to avoid storage heaters. The orientation of the house has a enormous impact on the living conditions.



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