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

  • 16-01-2023 9:15pm
    #1
    Registered Users Posts: 6


    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.



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Comments

  • Registered Users Posts: 9,978 ✭✭✭Caranica


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



  • Registered Users Posts: 2,185 ✭✭✭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 Posts: 1,036 ✭✭✭herbalplants


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

    Living the life



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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?



  • Moderators, Social & Fun Moderators Posts: 6,755 Mod ✭✭✭✭Raichu


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



  • Registered Users 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 Posts: 10,353 ✭✭✭✭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 Posts: 1,036 ✭✭✭herbalplants


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

    Living the life



  • Registered Users Posts: 6,767 ✭✭✭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 Posts: 18,191 ✭✭✭✭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 Posts: 4,609 ✭✭✭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 Posts: 38,790 ✭✭✭✭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 Posts: 3,930 ✭✭✭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 Posts: 4,729 ✭✭✭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 Posts: 329 ✭✭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 Posts: 4,609 ✭✭✭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 Posts: 1,113 ✭✭✭OEP




  • Moderators, Social & Fun Moderators Posts: 6,755 Mod ✭✭✭✭Raichu


    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.



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