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Should I Buy A Property For Kids Going To 3rd Level?

  • 16-01-2023 10:15pm
    #1
    Registered Users Posts: 6 Ismaithliommilseáin


    I was looking for your opinions on the following. I have 4 kids who will all go to Dublin to 3rd level. My eldest is currently in 1st year in TCD in student accommodation and has a further 4 years in college. Then we will have the other 3 kids coming up over the next few years. I reckon that if I have to pay Euro 1000/month for a minimum of 4 years for each of my 4 children, I will have to spend close to Euro 150,000, if not more, in rent. I am considering buying a 3/4-bed property somewhere around Dublin 6/Dublin 14/Dublin 8 which would be not too far from TCD. One unknown is what colleges my other kids will go to. Maybe they could end up going to DCU on the north side or UCD, so maybe there is a location that would cater for all 3 colleges.

    My kids could stay in the property and any free bedrooms would be rented out to other students. We then wouldn't have the nightmare of looking for accommodation before the college year starts and I wouldn't be throwing money down the drain on rent. The budget would be about Euro 500,000, financed by savings (60%) and mortgage (40%). I would be grateful for any feedback. Also you might have ideas about what location might suit.



«1

Comments

  • Registered Users, Registered Users 2 Posts: 10,155 ✭✭✭✭Caranica


    I would say consider Blanchardstown/Clonsilla. Bus routes to Trinity, UCD, TU Dublin and DCU. You'll get better value.





  • College age kids wont want to live in Blanchardstown.



  • Registered Users, Registered Users 2 Posts: 10,155 ✭✭✭✭Caranica


    Plenty of college age kids live in Blanchardstown. Shopping centre, cinema, theatre, sports campus Ireland. Plenty of student jobs too

    Post edited by Boards.ie: Mike on


  • Registered Users, Registered Users 2 Posts: 2,194 ✭✭✭Fian


    Dundrum, somewhere near the luas line. Easy to cycle/walk into UCD, cycle/luas into city centre.

    If you need DCU there are buses running direct from UCD to DCU or you could get a luad to city centre and bus out to DCU.

    You could get a 3 bed terraced former council house for that budget in dundrum. You'll have no trouble finding students who will be delighted to take up extra rooms when available as well.



  • Registered Users, Registered Users 2 Posts: 1,328 ✭✭✭herbalplants


    Eastwall and you don't need to have a budget of 500k and walking distance from few universities.

    Remember the shills only get paid when you react to them.



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  • Registered Users Posts: 6 Ismaithliommilseáin


    Thank you very much for your input so far.



  • Registered Users Posts: 6 Ismaithliommilseáin


    Would you consider Drumcondra?





  • I can’t see myself really worrying if I was them considering.

    Post edited by Boards.ie: Mike on


  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    With 4 kids getting use of it, it can make sense especially if you are clever about it

    They can rent the rooms out under the rent a room scheme and earn up to €14,000 - this includes payment for utilities. That can save you additional payments.

    Afaik but best to get tax advice, providing accomodation for children in full time education is not subject to gift tax

    A 3 bed is probably the best option and at an accessible price.


    I'd look at this - not perfect condition, but ideal for students with garage for bikes etc.


    https://www.myhome.ie/residential/brochure/148-mulvey-park-dundrum-dublin-14/4658374



  • Registered Users Posts: 1,273 ✭✭✭The Spider


    Southside if possible, Dundrum, Rathfarnham, Terenure etc. I know if they were my kids that’s where I’d be aiming, no safe way to walk home at night on the north side, sorry there just isn’t, Eastwall not a chance would I have my kids going there as for Blanch forget about it, it’s not exactly ideal student life, buy what you can afford in the best area, and one that doesn’t put any of the kids in proximity to dodgy types.



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  • Registered Users, Registered Users 2 Posts: 1,328 ✭✭✭herbalplants


    I agree with your post but God that property above is awful for 500k!! Seriously that house is so overpriced.

    There is one walking distance from city.

    https://www.myhome.ie/residential/brochure/6-susanville-road-drumcondra-dublin-3/4670863

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 12,046 ✭✭✭✭the_amazing_raisin


    I know nothing happens fast in the property world but it may be prudent to wait 6 months to a year. There's talk if a recession on the horizon and that may bring prices down, particularly in Dublin where houses are seriously overvalued

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • Registered Users, Registered Users 2 Posts: 1,328 ✭✭✭herbalplants


    Sorry to but in but there is plenty of dodgy kids in the wealthy areas!

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭Count Dracula


    Whatever you do try to avoid crusty areas like Drumcondra, Phibsborough or other associaed NIC type areas. Rough at night and dingey. You will get exceptions, but I find areas near prisons terrible value.

    Whoever mentioned Dundrum is on the money.

    Op, if you have 300 k swinging around you are dead right to invest it in your kids future. It is a great idea. You should get somewhere on the Luas for in and around 650 -800. It will hold its value extremely well. I would also implore you to consider the type of student existence you would prefer your kids to have. I am not getting into the nitty gritty of enforcing them a life as junior Landlords, but if I were you I would massively take a firm handle on who they end up couching it with for a solid 4 years. You want your kids studying and meeting focused, forward thinking students, not a crowd of pipe smokers from Westmeath, Cavan or Carla. Let them live in Blanch and Glasnevin and faff around for bus fare drinking cans of Cheap pisssh.

    You strike me as the type of parent that want's the best for your kids, make sure you get that message home to them. Dundrum is a decent affluent area in South Dublin. It is a great opportunity for your kids to get the start out they need in life. But I would definitely control that gaff and don't let them away with turning it into a party zone. don't get me wrong, I loved a good time in college, but every year had " that gaff" which was just populated by drop out's, hags looking to get one in the oven and imbeciles smoking joints and spouting shight, you don't want your kids mixing with losers, just make sure of it.

    It is a great idea, but if you are balls deep on 500k I would get somewhere decent for the extra 150-200k

    It's for your kids, don't leave their futures on the table waiting to be picked up. There is rumours of a new gated community being created in the old Asylum, some of the soccer moms are kicking off on traffic congestion - not your problem. Your kids are going to cycling or on the Luas - if you are buying them a gaff they can fork out for their own car?

    Good luck OP, it is great to see someone having great foresight such as yours, your entire concept makes complete sense. Always spend your money where you spend your time.



  • Registered Users, Registered Users 2 Posts: 6,871 ✭✭✭Alkers


    What is your existing financial situation?

    Do you have a mortgage on the house you live in?

    What would you do if the property market crashed?

    Do you have any other investments?

    What are your kids ages - will they be in college at the same time?

    Your kids might not want to live where you buy the house.

    Part of the college experience is leaving home and learning the ropes, not being provided for.

    Do / will your kids work part time or do you fully fund them? My concern is they won't appreciate the gesture as they're not having to work to put themselves through college as a good portion of people do.



  • Registered Users, Registered Users 2 Posts: 18,824 ✭✭✭✭kippy


    I remember about twenty years ago speaking with a person who told me they had considered buying a property in Dublin when their eldest started college there (they were from the south of Ireland). They never did for one reason or another..the younger two kids also ended up in college in Dublin. I spoke with that person about seven years later and they deeply regretted just not buying something that suited the kids there when the first one started college.

    While buying property at any time can be stressful and potentially risky it isn't the worst idea in the world even in today's uncertainty.



  • Registered Users, Registered Users 2 Posts: 4,622 ✭✭✭maninasia


    Of course it makes sense, but its going to cost ya too. Apartments are cheaper than houses, think about 2/3bd apt.



  • Registered Users, Registered Users 2 Posts: 39,656 ✭✭✭✭Mellor


    Makes sense when you consider that you'll (or they'll) be sinking close to 200k on rent over the years. But you you should also consider the tax. The rent value you are not earning is considered a gift and subject to CAT at 33%. Comes to 64k payable, but you could write off under annual and lifetime gifts. No cost.



  • Registered Users Posts: 1,273 ✭✭✭The Spider


    There certainly are, but I’ve lived all over Dublin, and I can safely say the south side experience is a world away from the north side experience. Having grown up in a dodgy enough area in another city, there is absolutely no chance on earth I’d let my kids anywhere near an area similar to the one I grew up in.

    I had some good times on the northside, but then again it was the first part of Dublin I lived in when I moved there, I nievly thought all Dublin was like that, dodgy as hell,until I moved south side, couldn’t believe the difference.

    south side is boring but it’s safe



  • Registered Users, Registered Users 2 Posts: 4,042 ✭✭✭spaceHopper


    The 155 goes from bray to ucd to the city center to dcu, That opens up a lot of place. Take shankill, you would be near the dart luas and busses to town and to dcu. Same with cherrywood.

    Some of these properties are in what are not so great but really not dangerous area of shankill. no 9 has been for sale for while


    https://www.myhome.ie/residential/dublin-18/house-for-sale-in-shankill?maxprice=500000



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  • Registered Users, Registered Users 2 Posts: 564 ✭✭✭Q&A


    It's a nice idea but be sure you are going in with your eyes open and you are sure of all the permutations.

    The first one that comes to mind is if you buy in Dublin how will it impact your ability to support any/all of your kids if they the go to college elsewhere. There is no guarantees they will get the course they want in the college they want or indeed stick with the course. College is great but a high percentage drop out/realise they want to do something different.

    Even if they go to Dublin will they want to live together. There's a lot of personal development that happens in those years. It's very possible they will want assert their independence and/or live with their friends.

    Do you want to be a landlord and what is the plan for the property after college? How does taking on another mortgage impact your financial position i.e., mortgage repayments on an additional property. As commendable as your intentions are just be sure you're able to deal with changes to the master plan.



  • Posts: 1,539 ✭✭✭ [Deleted User]


    Why not an apartment? Less maintenance, no gardens to look after.... will you be selling the property after they all graduate?

    I'll probably be shot for saying this, but I'd leave houses for families that need them.

    For students, I'd consider a three bed if you can get it or a two bed with decent sized bedrooms - your own kids could share a bedroom if needs be?

    I wouldn't be making them excessively comfortable away from home either, or they might never move out!!

    Something like this?

    https://www.myhome.ie/residential/brochure/apartment-4-brunswick-court-stoneybatter-dublin-7/4671837



  • Registered Users, Registered Users 2 Posts: 5,374 ✭✭✭Padre_Pio


    Don't forget that you can rent it to your children when they start working too and if they part time jobs during college or summer.



  • Registered Users, Registered Users 2 Posts: 361 ✭✭DFB-D


    You might consider if classes will be held on campus in the future.

    I can see online learning increasing, meaning in class could be reduced to one or two days a week.

    But in saying that, property is a never a bad long term investment. If you plan on less than 15-20 years, buy in a dip and sell high. I believe we may be entering a dip, so waiting a year or so might be prudent.



  • Registered Users, Registered Users 2 Posts: 4,622 ✭✭✭maninasia


    This is a good proposal, central, 4bd 4 bath. I trawled through apartments and didn't find anything better. You can get 'cheap apartments in Finglas area and Tallaght or out on edges of the city but this is actually more valiue for money in a way and a bit safer area and super convenient.

    It's not remotely one of the world's coolest neighbourhoods though !



  • Registered Users, Registered Users 2 Posts: 10,155 ✭✭✭✭Caranica


    Such sweeping generalisations are really not going to help anyone. I've lived in D15 for almost 20 years and never had any trouble. Can't say the same for when I lived in "a good area" on the south side. There are edgy areas all over Dublin, irrespective of side of the river. Even the wealthiest areas are only a stone's throw away from less desirable areas.



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭Count Dracula


    All true.

    But who enjoys living in a rough area walking around with your head down, not being able to attend certain pubs for fear of your safety. You will always hear of people in Dublin 15 saying crap like " I never have any problems , you need a bit of common sense" etc etc.

    I would not be spending 600k on a property to help tone up my common sense skills, I am fine thank you very very much, if I managed to claw 600k together I reckon my life skills are doing just fine?



  • Registered Users, Registered Users 2 Posts: 1,186 ✭✭✭OEP






  • Yea for 20 years but when did you leave?

    Dublin 20 years ago is a lot different than Dublin today.

    Frankly parts of Dublin 2-3 years ago are just not the same today.



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  • Registered Users Posts: 491 ✭✭SwimClub


    It seems to make short term financial sense given the massive rent you would be paying.

    You need to think about your exit strategy though as others have said, with 4 kids you have a responsibility to all of them.

    Do you keep the house down the line, who gets it and what about the others, will they get equal support.

    Do you make it clear in advance that you sell as soon as they are all out of uni and give them a deposit each for example.

    You might be favoring the eldest with this, might the fact the house is in a given area restrict the others uni and career choices, etc.



  • Registered Users Posts: 1,095 ✭✭✭JohnnyChimpo


    This is one of the most hilariously stereotypical Boardsie posts I've seen in a while. You should tell the lads living in €1.5m redbrick mansions on Iona Rd. that they're trapped in the crustiest part of Dublin and are gonna get the heads taken off them if they venture outside of their porch vestibules without a helmet on.

    The classist drivel of the rest of your post isn't really worth addressing, except to acknowledge that you probably never went to a single college session in your life



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭Count Dracula


    Iona Road is kind of a cheapskates Ranelagh is it not ?


    Just saying.


    Northsiders can get very tetchy over the brass tacks sometimes. Note to self.



  • Registered Users, Registered Users 2 Posts: 35,321 ✭✭✭✭o1s1n
    Master of the Universe



    Indeed, Phibsborough is an absolutely great place for students to live - really thriving young community, plenty of hipster spots, overall just has that up and coming vibe that goes well with student life. Some gorgeous red brick houses too. Sure you even have the DCU campus up the road in Drumcondra which is lovely.

    Sounds like The Count wants to keep their kids wrapped in cotton wool.



  • Registered Users Posts: 2,714 ✭✭✭Nermal


    The only foolproof way to ensure your children don't live in 'that gaff' is to live in it yourself with them.



  • Registered Users Posts: 491 ✭✭SwimClub




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  • Registered Users Posts: 1,508 ✭✭✭Manion


    Lots of recommendations here but you've not given much in the way of what you're looking to optimize for so people are coming in with their own view points based on what they would like as an idle place to live, however the alternative to you purchasing a property is that all your children have to compete for student accommodation which could easily see them living in much worse areas of Dublin then have been mentioned.

    All things being equal you should look at North Dublin given that you don't know where your kids will go to college and you have Trinity, DCU, TUD as well as Maynooth are all serviced well from the North of the city. I'd hedge for good transport links over any anecdotal advice around niceness of the X,Y,Z area. The closer to the city center you get the better the options, but with obvious trade offs.

    Your plan makes sense, I went to college with someone whose parents did this.



  • Registered Users, Registered Users 2 Posts: 20,459 ✭✭✭✭Donald Trump


    ...



  • Registered Users, Registered Users 2 Posts: 20,459 ✭✭✭✭Donald Trump



    Exempt if it is towards their maintenance and they are in full time education below the age of 25



  • Registered Users, Registered Users 2 Posts: 1,328 ✭✭✭herbalplants


    I agree 1000%.

    There is no difference between northside and Southside. Plenty of dodgy and dirty spots on Southside.

    I was in Stella cinema a week ago and couldn't get over how dirty and run do Ranelagh looked.

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 1,328 ✭✭✭herbalplants


    Seems the Count is acting like a Count in a country who nobody is too many generations from the Bog 🤔

    Remember the shills only get paid when you react to them.



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  • Registered Users, Registered Users 2 Posts: 20,459 ✭✭✭✭Donald Trump


    Whatever about Drac's Northside/Southside debate, one would need to question the investment return on spending money to send a child to UCD.

    Is there any point in flushing money down the toilet on a child that wasn't able to get the points to go to a better institution in the first place? The potential upside is limited to a job as a teacher, or at a stretch as a pen-pusher in the civil service.


    At least in the OP's case, the first has already gotten into a decent place



  • Registered Users Posts: 1,095 ✭✭✭JohnnyChimpo




  • Registered Users, Registered Users 2 Posts: 35,321 ✭✭✭✭o1s1n
    Master of the Universe


    And if someone wants to study Veterinary Medicine in Ireland?

    2022 CAO points range of 601-625 in UCD, clearly an underachiever not worth investing in.



  • Registered Users, Registered Users 2 Posts: 20,459 ✭✭✭✭Donald Trump



    Don't get me wrong. I am sure it is fine for some people. The likes of UCD or Athlone IT are perfectly fine for people who live within walking distance or easy commuting distance. They serve a function to overall society. It would be better for the child to go to UCD than take up the smack etc. If these places can keep them off the streets and out of trouble that has some value in and of itself.

    Education should be inclusive. I would see those types of places as being like the Special Olympics of education. Everyone gets a medal (degree) and is a winner. So they do indeed have some indirect value in society.



  • Registered Users Posts: 1,095 ✭✭✭JohnnyChimpo


    You'd want to be some confused OAP to get riled up by this quality of bait, at least put some effort into it, man



  • Registered Users, Registered Users 2 Posts: 20,459 ✭✭✭✭Donald Trump



    You are free to argue that the child would be better taking up smack than going to UCD if you want. I am free to disagree with you. I think it still has some value, along with, as I said, the likes of Athlone IT.


    It's a bit off topic anyway. But no harm for the OP to take into consideration nonetheless.



  • Registered Users, Registered Users 2 Posts: 1,304 ✭✭✭monseiur


    Keep it going Mr. Trump, I had a good LOL, needed after Blue Monday😁



  • Registered Users, Registered Users 2 Posts: 9,867 ✭✭✭Red Silurian


    Buying a house of any type for the purposes of your kids going to college makes complete sense. Even if you only charge the other students a minimal amount, just to maintain the upkeep, you could buy now for 500k and sell again in 10 years time for that same 500k.

    Better idea is if you club in with 1-4 other parents and everybody contributes 20-50% get all of your kids through college effectively for free



  • Registered Users, Registered Users 2 Posts: 35,321 ✭✭✭✭o1s1n
    Master of the Universe


    My point re Veterinary Medicine being that if you want to study it, you have to go to UCD. It's Ireland's leading Vet school and to my knowledge, the only place in the country which offers it as a course at that level. You can't study it anywhere else.

    UCD also has a school of Medicine, which covers everything from graduate entry medicine through to masters in immediate care, sports medicines, midwifery and many other avenues in healthcare, which have lead to thousands of people becoming doctors, paramedics, nurses, professors of medicine, the list goes on.

    I'm not sure what you seem to think UCD does? It's not just handing out arts degrees for being the right level of woke.



  • Registered Users, Registered Users 2 Posts: 35,321 ✭✭✭✭o1s1n
    Master of the Universe




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