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23-10-2019, 13:14   #61
The Student
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Originally Posted by machaseh View Post
So what would your suggested options be for someone who doesnt have parents to move back to and someone who is unable to drive a car due to medical reasons?
The op has not made any mention of inability to drive due to medical reasons (at least I did not see that mentioned in any of the posts, unless I missed it).
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23-10-2019, 13:16   #62
Hunnybunny100
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Are you earning above the so called avg industrial wage of 39k?
Yes I am above the average wage but not by a huge amount.
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23-10-2019, 13:40   #63
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I did not "assume" anything. I merely suggested options. Your response indicates that you have automatically gone on the defensive rather than seeing the post for the spirit in which it was intended.
The poster was just making suggestion in my opinion. Obviously if someone can move back in with parents to save for a while this is great.

Unfortunately this is not an option for a lot of people but thank you for suggestion. I do think this is how a lot of people are able to get the deposit together. I know a lot of couples that have done this and saved up nice deposits as a result. I also remember reading something about Leo Varadker suggesting people move back in with their parents to save....I didn’t pay much attention to this at the time so this may be out of context.

Paying crazy rents as they are now makes this extremely difficult for a couple never mind a single applicant.
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23-10-2019, 13:42   #64
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Do you have children too? It’s very unsettling. I usually try not to think about it too much but am starting to get more and more anxious. I have priced log cabins too and would love to go that route but I don’t have anywhere that I can build it. I priced one and in desperation when I was evicted from a house a few years ago. I asked if I could build it on old family land that isn’t used to tie me over for a few years and was told this wasn’t an option.

I try to be optimistic but I was speaking with someone the other day and feel negative. She and her partner both work full time and have two kids and can’t afford to get a mortgage or save. I try to be positive but when I hear stories from dual income homes not being able to buy it scares me as I don’t have someone to buy with.
No children, I'm just at the stage where I want a decent living space and I recently had very bad issues with a tenant in my building which makes me never want to live in an apartment again.

Last edited by Seanachai; 23-10-2019 at 14:09.
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23-10-2019, 13:52   #65
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Originally Posted by Plumbthedepths View Post
20 per cent? So not a first time buyer.
Nope. Like many others, I got caught by the "property ladder" mallarky back at the crash. City centre apartment not suitable for the family that happened since then/for our needs...
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23-10-2019, 13:53   #66
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Originally Posted by frillyleaf View Post
The poster was just making suggestion in my opinion. Obviously if someone can move back in with parents to save for a while this is great.

Unfortunately this is not an option for a lot of people but thank you for suggestion. I do think this is how a lot of people are able to get the deposit together. I know a lot of couples that have done this and saved up nice deposits as a result. I also remember reading something about Leo Varadker suggesting people move back in with their parents to save....I didn’t pay much attention to this at the time so this may be out of context.

Paying crazy rents as they are now makes this extremely difficult for a couple never mind a single applicant.
Ironically if the State actually gave people tax credits for the rent they paid this would go some way towards saving for a deposit.

The private rented sector of small landlords is a cash cow for the Govt. They get all of the gain of the tax revenue and none of the pain!
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23-10-2019, 14:03   #67
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I’d love to see some sort of legislation for working families who pay rent to be taken into account when going for a mortgage

Ie rent 2k a month for a couple the last 5-10 years means they only need 5% deposit or something
Your rent payment history is taken into account by a number of banks when deciding on your ability to pay, and first time buyers are able to avail of the 5% deposit contribution so they only need to save 5% anyway.
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23-10-2019, 14:09   #68
machaseh
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Ironically if the State actually gave people tax credits for the rent they paid this would go some way towards saving for a deposit.

The private rented sector of small landlords is a cash cow for the Govt. They get all of the gain of the tax revenue and none of the pain!
I find it absurd that I have to pay taxes over the % of my income that directly goes to my landlord every month. It's not like that is an avoidable expense, I can't work if I am living under the bridge now can I.
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23-10-2019, 14:10   #69
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I find it absurd that I have to pay taxes over the % of my income that directly goes to my landlord every month. It's not like that is an avoidable expense, I can't work if I am living under the bridge now can I.
You pay tax to earn the money, then the landlord pays 50% tax on the money as well.
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23-10-2019, 14:14   #70
bikeman1
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I was very lucky on the actual apartment that I got during the buying process but before that it was a LOT of work, not limited to the following:

Moved Home with parents - with their agreement paid no rent to them.
Saved around €1,200 a month while living with them.

Sold the car.

Cycled to work.

Brought Lunches in, NEVER got taxis anywhere even if I was out for a night. Public transport only.

Very cheap holidays (which were still great). Plan way in advance, go off season, cheap flights and basic accommodation.

Qualified in my profession, after weekend and evening classes / lectures.

Moved job. Got two pay rises after working hard in work. Salary above the average wage.

Took a second job on an adhoc basis (as required), way below my qualification. Saved every penny from that as well.

Did some other extra work some evenings as well to add a few schillings.

Had a small amount of savings from the earlier years (like €5k).

Cleared the Credit, had no other loans.

Cleaned up my bank transactions. Don't bet. Don't smoke.

Used a mortgage broker (who was a great help).

Purchased a two bed apartment on the Northside of Dublin at age 28! It can be done, but it is not easy. It is a long game.
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23-10-2019, 14:20   #71
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Originally Posted by bikeman1 View Post
I was very lucky on the actual apartment that I got during the buying process but before that it was a LOT of work, not limited to the following:

Moved Home with parents - with their agreement paid no rent to them.
Saved around €1,200 a month while living with them.

Sold the car.

Cycled to work.

Brought Lunches in, NEVER got taxis anywhere even if I was out for a night. Public transport only.

Very cheap holidays (which were still great). Plan way in advance, go off season, cheap flights and basic accommodation.

Qualified in my profession, after weekend and evening classes / lectures.

Moved job. Got two pay rises after working hard in work. Salary above the average wage.

Took a second job on an adhoc basis (as required), way below my qualification. Saved every penny from that as well.

Did some other extra work some evenings as well to add a few schillings.

Had a small amount of savings from the earlier years (like €5k).

Cleared the Credit, had no other loans.

Cleaned up my bank transactions. Don't bet. Don't smoke.

Used a mortgage broker (who was a great help).

Purchased a two bed apartment on the Northside of Dublin at age 28! It can be done, but it is not easy. It is a long game.
Well done it‘s not easy.

I was always told by an older fried of my (may he rest in peace) that when you reach a certain age and work hard and save it happens. I am now at the age he was when he manage to purchase his homes and it has happened. It does take time and hard work and sacrifice but it WILL happen if you have the dedication to make it happen.
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23-10-2019, 14:41   #72
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It's not going to happen in a vacuum OP.
Spot a house you'd like - you'd be happy to live in for the rest of your days. Note the price.
Arrange a meeting with your Bank Manager/Mortgage Adviser. Have everything ready - bring in your last 6 months of statements, savings, etc..
Ask them what you need to have, and prove in order to get the amount you want.

So now you know what the gap is.

Go home and make a 1/3/5/10 year plan (whatever it takes).

We needed a 5 year plan which included massive savings, selling a car and cycling to work, not taking holidays, not buying clothes except when needed, going back to college to at least double my salary. It wasn't easy, and at the start it seemed impossible, but here we are. For most of us there's no magic wand (or rich parents). While it's really hard work, it's worth it.

Good luck.
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23-10-2019, 14:46   #73
sportsfan90
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Originally Posted by frillyleaf View Post
I also remember reading something about Leo Varadker suggesting people move back in with their parents to save....I didn’t pay much attention to this at the time so this may be out of context.
I think Varadkar got a bit unfairly criticised for those remarks by opposition TDs. It's not as if he told people quit complaining about him and ask your parents for a dig out instead.

All he mentioned were some of the different ways in which some people put together a deposit, which included staying with family or getting a loan off parents. I think he also mentioned that some people go to work abroad for a few years and save a deposit that way.

Obviously those aren't options for everyone and I know it's the job of the opposition parties to hold the government to account but imo on that occasion he didn't say a whole lot wrong.
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23-10-2019, 15:12   #74
Fiftyfilthy
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Originally Posted by OSI View Post
Your rent payment history is taken into account by a number of banks when deciding on your ability to pay, and first time buyers are able to avail of the 5% deposit contribution so they only need to save 5% anyway.

Only for new builds though , I was meaning for all first time buyers. But I take your point
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23-10-2019, 15:36   #75
The Student
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I find it absurd that I have to pay taxes over the % of my income that directly goes to my landlord every month. It's not like that is an avoidable expense, I can't work if I am living under the bridge now can I.
You appear to have an axe to grind. If you read my post you will see I am advocating that the tenant actually gets a kick back as a tax credit or a tax rebate which could go towards a deposit for a property.

But sure hey feel free to see what you want to see rather than what's actually being suggested.
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