What would you do .

Eurox6

What would you do in this position

32 year old , On 45 Grand a year, Zero saving form wages but 160 grand in from inheritance in bank

How would you approach buying a house ?

pc7

Depending on your location, eg (some areas you could buy straight out) but may not be feasible for work/family life. I'd start by immediately setting up a savings account either bank or credit union depending on how much you think you'd need to borrow for what you'd like to buy.

o1s1n

https://www.boards.ie/discussion/2058290394/what-would-you-do

Bit unsure from this post - are there two 32 year olds both on 45k a year going for a joint mortgage or is it just one person that's 32 years old on 45k?

Either way, should be able to get something decent with that inheritance of 160k.

If it was me I'd try to get the maximum amount of mortgage approved based on the income(s) and start viewing properties.

Then make a decision based on what you like. Do you want to max out the mortgage amount and add on the 160k or do you want to have a smaller mortgage with the 160k making up the shortfall.

You'll know more once you start viewing places - best to leave all your options open.

Buddy Bubs

You'll have to start saving to show banks you can afford mortgage, even with the 160k inheritance. After that, it's sit down and do some sums on how much you want and can afford to spend on a house, where you want to live, whether you want to keep some inheritance money in the bank or use it all for smaller mortgage, buy alone or buy with partner, short mortgage or longer mortgage. Nobody here can answer for you.

You should make decision as part of a full financial plan, pensions etc...with a proper financial planner. I worked as one for a few years, it definitely benefits.

pjdarcy

Move to Ballina and buy yourself a 3 bed detached bungalow

https://www.daft.ie/for-sale/detached-house-the-hoops-carrowkelly-ballina-co-mayo/3991404

Eurox6

https://www.boards.ie/discussion/comment/120418960#Comment_120418960

Just 1 person sorry

o1s1n

https://www.boards.ie/discussion/comment/120419042#Comment_120419042

That's actually a good point.

OP you never said where you were from/looking to buy?

If you're happy to live in a tiny town in the countryside then don't bother with a mortgage and buy outright.

I'd go absolutely nuts living somewhere like that though and know a lot of other people would too.

RichardAnd

https://www.boards.ie/discussion/2058290394/what-would-you-do

You'll get a mortgage of four times your annual salary. That, along with the cash, will comfortably buy you a house or an apartment in Dublin.

Other people above are mentioning buying rural houses. Unless you have lived rurally, I strongly warn against this. It's very easy to see a country house on a nice day in summer and think that life there would be a dream, but rural living is dramatically different if you're used to living in a town, and some people are simply not wired for it.

kaymin

https://www.boards.ie/discussion/2058290394/what-would-you-do

If you have no track record of saving then you won't get a mortgage regardless of salary so you'll be limited to buying a house for a max of 160k.... unless you're paying rent from salary which could be considered savings / repayment capacity.

riclad

you wont buy a house for 160k unless its a rural area ,just start saving with a bank , the important think is save x every month, eg as much as you can save without causing inconvenience ,eg build up a good credit rating, a good regular saving record ,look for a mortgage in 8 to 12 months .it depends where you live ,a city, town, it expensive living in rural area,s ,theres no local bus service.

https://www.daft.ie/property-for-sale/dublin?salePrice_to=200000

https://www.daft.ie/for-sale/bungalow-6-church-terrace-dublin-7/4678542

do you want to buy a house or an apartment?in a city or a small town ?

iniscealtra

Start saving and don’t spend the inheritance. Figure out where you want to buy and come up with a plan.

Eurox6

https://www.boards.ie/discussion/comment/120437362#Comment_120437362

A house with a back Garden is must , will do anywhere close enough to commute to Dublin,

There is no urgent rush so a year or 18 months of savings is something which is very possible ,

The Spider

Dunno where you’re at, but a few decent options in Gorey 45 minute drive to Sandyford in low traffic, or bus up to city centre in an hour, ha take you longer to get in from malahide

https://www.daft.ie/property-for-sale/gorey-wexford?salePrice_to=200000