Will you buy a place of your own?

toiletduck · 18-02-2016 05:09PM #1

Do you plan to buy your own place? Or is it even an option? The housing situation is definitely one I think we should be quizzing our prospective politicians on more.

I don't see how a lot of people in Dublin can ever be in a position to buy what with the new lending rules (which I think are a good thing) and the ever rising prices. I'm stuck flatsharing at the moment and absolutely hate it. I hope to have a decent amount saved in a year or so and hopefully buy my own place. But then I've friends who are adamant about not getting tied down. I just couldn't face renting indefinitely! At least not in this country.

What's the solution to the current situation in the country? Rent controls? Re-zoning? Build up?

18-02-2016 05:17PM

toiletduck wrote: »

Do you plan to buy your own place? Or is it even an option? The housing situation is definitely one I think we should be quizzing our prospective politicians on more.

I don't see how a lot of people in Dublin can ever be in a position to buy what with the new lending rules (which I think are a good thing) and the ever rising prices. I'm stuck flatsharing at the moment and absolutely hate it. I hope to have a decent amount saved in a year or so and hopefully buy my own place. But then I've friends who are adamant about not getting tied down. I just couldn't face renting indefinitely! At least not in this country.

What's the solution to the current situation in the country? Rent controls? Re-zoning? Build up?

Maybe that would be better in the accommodation forum, haven't a clue what your financial situation is but for example there is one bed apartment for sale in Baldoyle for 140k probably go for less, not a bad area and its got the dart and near the coast.

ytpe2r5bxkn0c1 · 18-02-2016 05:22PM

Things are back to how they were decades ago. In my day a single person could rarely afford to buy. It took two incomes to qualify for a mortgage of 80% and one of those incomes went fully to paying the mortgage. We build our home when we married and wouldn't have it any other way than to own our own house.

The Randy Riverbeast · 18-02-2016 05:24PM

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

jester77 · 18-02-2016 05:31PM

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

Buona Fortuna · 18-02-2016 05:36PM

The Randy Riverbeast wrote: »

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

The staff take care of all of that.

18-02-2016 05:39PM

No, not and never. That was my stance up until about a year ago. Now though I'm in the midst of saving to hopefully buy my own place. What changed? Probably getting older, probably the mistakes of some during the recession showing me what not to do in terms of committing to a mortgage.

I hope to get at least €100k saved in the next 2-3 years along with my long-term OH (she has a mortgage on the house we live in at the moment, but we both want to move) and be in a position to fund at least half of the purchase ourselves. Although 'purchase' will most likely be 'build'.

I will only be going for a mortgage under the conditions that it doesn't cripple us for life. So we'll be going for a mortgage that reflects our realistic future needs rather than our utmost desires.

corner of hells · 18-02-2016 05:44PM

Hopefully in the next two or three years , Ive some savings and am going to try buy a property outright.

Dr. Mantis Toboggan · 18-02-2016 05:47PM

jester77 wrote: »

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

corner of hells wrote: »

Hopefully in the next two or three years , Ive some savings and am going to try buy a property outright.

Now kiss.

thattequilagirl · 18-02-2016 05:48PM

Aiming to buy in 12 months time, saving a decent chunk every month toward a deposit. Eligible for a mortgage of about €160k so the challenge is to get the €16k deposit together AND get made permanent at work.

Easca Peasca · 18-02-2016 05:48PM

Will probably end up building as opposed to buying. Either way, I don't see myself renting for much longer.

VisibleGorilla · 18-02-2016 05:50PM

Yes, not in Ireland though.

KomradeBishop · 18-02-2016 05:50PM

Not this side of the next decade - unless I want to be voluntarily ripped off.

magicmushroom · 18-02-2016 05:50PM

I would love to buy somewhere of my own but sadly, as a singleton with very modest savings, it's impossible.

I rent already, so I am already paying out more than the cost of a mortgage each month.
I do save around €200 a month but even though I could prove to the banks I can comfortably afford a mortgage, have never been a day late on payments for my rent once in the past 3.5 years and that I also have the ability to save - it's not enough to get a mortgage!

Hopefully one day, but it's not in my immediate future.

corner of hells · 18-02-2016 06:13PM

Dr. Mantis Toboggan wrote: »

Now kiss.

I think you may need kiss something else.

I have a mortgaged property already , a share in a second property and enough to buy a third property.

The Backwards Man · 18-02-2016 06:18PM

Had three houses, now only have two. As P Flynn said, it's not all sunshine and roses keeping houses, you should try it sometime.

KomradeBishop · 18-02-2016 06:21PM

http://www.irishtimes.com/life-and-style/homes-and-property/take-5/take-five-for-990-000-1.2538182

CruelCoin · 18-02-2016 06:37PM

jester77 wrote: »

People need to change their savings habit. I hear so many people saying they want to buy a house in 2-3 years and they only then start saving and somehow expect to have a 20% deposit :eek:

Depends where you buy.

I bought a 4-bed, 3-bath for 105k. Deposit on that can easily be saved in that timeframe.

CruelCoin · 18-02-2016 06:38PM

The Randy Riverbeast wrote: »

I would aim to buy my own place ASAP. The downside is having to fix stuff myself, on the plus side stuff would actually get fixed.

This is the biggest difference.

My house is ****ing rock solid. Anything that gets remotely squeaky gets fixed/replaced. The difference in my mentality between renting and now owning shocked me.

Rhea Rose · 18-02-2016 06:49PM

This Irish thing about 'having to' buy a house is something that's always made me feel incredibly un-Irish. I just don't get it. If I rent, I can live where I want and move when I choose. I love having that freedom and I'd be slow to give it up.

If I buy a house, I'll be tied down with a mortgage for 40 odd years and won't own the place til I'm about to kick the bucket anyway. Why? I mean, what's the point? I'm almost 30 now and people often assume I'm 'saving for a mortgage deposit'. Eh no, I'm too busy saving for my next adventure!

At the moment, I rent my own place in Dublin and I work from home (or anywhere), so it's the perfect set-up for me. I'll move again in the future, either to a new place here or a new country, and I still have that option. I want to have that option.

Then again, if I was minted I'd just buy a gaff in every country in the world and I'd be sorted

corner of hells · 18-02-2016 06:57PM

Rhea Rose wrote: »

This Irish thing about 'having to' buy a house is something that's always made me feel incredibly un-Irish. I just don't get it. If I rent, I can live where I want and move when I choose. I love having that freedom and I'd be slow to give it up.

If I buy a house, I'll be tied down with a mortgage for 40 odd years and won't own the place til I'm about to kick the bucket anyway. Why? I mean, what's the point? I'm almost 30 now and people often assume I'm 'saving for a mortgage deposit'. Eh no, I'm too busy saving for my next adventure!

At the moment, I rent my own place in Dublin and I work from home (or anywhere), so it's the perfect set-up for me. I'll move again in the future, either to a new place here or a new country, and I still have that option. I want to have that option.

Then again, if I was minted I'd just buy a gaff in every country in the world and I'd be sorted

Is it an Irish thing ? Originally it was really very easy to buy a house , 10% of the value of your mortgage and building societies really didn't care how you got your deposit with most mortgages being over twenty or twenty five years and 2.5 time your salary.

I don't envy any first time buyer , I do admire them though .. if I was starting again I'm not sure id bother with all the rules and criteria now.

Teyla Emmagan · 18-02-2016 07:01PM

I am hoping to trade up soon. My current house only has a small patio area outside. I want a garden!

Rhea Rose · 18-02-2016 07:01PM

corner of hells wrote: »

Is it an Irish thing ? Originally it was really very easy to buy a house , 10% of the value of your mortgage and building societies really didn't care how you got your deposit with most mortgages being over twenty or twenty five years and 2.5 time your salary.

I don't envy any first time buyer , I do admire them though .. if I was starting again I'm not sure id bother with all the rules and criteria now.

This idea that you have to own your own house is very much an Irish thing, in my experience. For example, in the likes of Germany people will rent their whole lives and it's the 'norm' rather than the exception. There are much better conditions in place for this also.

Menas · 18-02-2016 07:06PM

Teyla Emmagan wrote: »

I am hoping to trade up soon. My current house only has a small patio area outside. I want a garden!

You can have my garden if you promise to keep it nice.

Jet Black · 18-02-2016 07:10PM

Hoping to buy in the next few weeks, gone sale agreed on a property at the start of the year. Broke my bollo* saving the deposit. I have about €50 a month left after saving, bills and rent were payed.

corner of hells · 18-02-2016 07:11PM

Rhea Rose wrote: »

This idea that you have to own your own house is very much an Irish thing, in my experience. For example, in the likes of Germany people will rent their whole lives and it's the 'norm' rather than the exception. There are much better conditions in place for this also.

In comparison to Europe we're average , I'm not able to link anything buts its worth a look , lots of countries appear to have in excess on 70% house ownership.

Germany is indeed as you say.

Rhea Rose · 18-02-2016 07:22PM

corner of hells wrote: »

In comparison to Europe we're average , I'm not able to link anything buts its worth a look , lots of countries appear to have in excess on 70% house ownership.

Germany is indeed as you say.

I've traveled a fair bit and, in my experience, there just isn't the same expectation in other countries. Sure, people invest in their own homes because they want to, but it's not a given that they will - or indeed that they have to.

corner of hells · 18-02-2016 08:18PM

Rhea Rose wrote: »

I've traveled a fair bit and, in my experience, there just isn't the same expectation in other countries. Sure, people invest in their own homes because they want to, but it's not a given that they will - or indeed that they have to.

It must make for interesting conversation on your travels as you ask ordinary Joe Public about thier house/property ownership.

Rhea Rose · 18-02-2016 08:27PM

corner of hells wrote: »

It must make for interesting conversation on your travels as you ask ordinary Joe Public about thier house/property ownership.

Well that's pretty much my point, it doesn't happen to me anywhere outside of Ireland. Whereas, in Ireland, I've been asked plenty of times.

No need to be smart.

qo2cj1dsne8y4k · 18-02-2016 08:27PM

I have a house already that I co own. I've been looking at starter homes, considering buying something but it would be to rent out for a while so I'm still undecided on what to do or how to invest.
Eventually myself and my partner will build our house as opposed to buy in an estate

corner of hells · 18-02-2016 08:30PM

Rhea Rose wrote: »

Well that's pretty much my point, it doesn't happen to me anywhere outside of Ireland. Whereas, in Ireland, I've been asked plenty of times.

No need to be smart.

I'm not , its an observation.

Like I said I agree with you about Germany but its worth Googling to get an idea about the rest of Europe.

Will you buy a place of your own?

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