How much do you spend on rent/mortgage?

previousmass · 13-06-2019 9:48am

Gael23 wrote: »

I live a fairly simple lifestyle but I couldn’t do it on €650 a month.

I only spent €435 last month (outside of house purchase related expenses) but that is very very atypical for me.

My mortgage (plus required insurances) is 32% of my take home pay.

13-06-2019 9:57am

Saudades wrote: »

My rent is an eye-watering 67.5% of my net pay.

I pay 1,350 for a 1 bedroomed apartment in Dublin City Center and my net pay is 2,000.

I love my career and I love my home, so I've been reluctant to make a change in my lifestyle, but I'm at the stage now where something has to give and I need to find a new path.

Upgrading my career appears to be the better solution as there appears to be too much competition for renting apartments in Dublin.

Holy ****. Have you been in your current job long? All my jumps in salary have come from moving companies, have you had a look at what else is out there?

sneaklem · 13-06-2019 10:59am

Mines around 40%

Take home is 2.4K, rent is 1050 PM for a 2 Bed, renting on my own, one day will move in with oul doll so should be more comfortable finance wise

JohnnyChimpo · 13-06-2019 11:18am

dazed+confused wrote: »

Are you going to answer the question or are you just being a ****?

Well, he did answer the question - he's paying zero, because the rent is covering his BTL properties.

<MOD SNIP>

Graham · 13-06-2019 12:04pm

Mod Note

JohnnyChimpo, if you can't post in a civil manner please find somewhere else to post.

13-06-2019 12:11pm

My actual mortgage payment is just under 20% of my take home after a significant pension contribution every month. I'm overpaying my mortgage by 75% ish though so that brings it up to about 35% ish.

thencamethen · 13-06-2019 12:48pm

mortgage is 20% of my income, but I'm renting a room, so it's < 5% atm

Lia_lia · 13-06-2019 7:40pm

Approx 15% of our joint income. We rent in Cork city.

missmatty · 13-06-2019 9:33pm

Bought last year and my half of the mortgage is about 27% of my monthly pay, this includes life insurance.

Creamy Goodness · 13-06-2019 10:08pm

30% of net, 4-bed, north Wicklow. Save another 35% and live off the rest.

edora91 · 13-06-2019 10:13pm

30% of my basic salary, renting ensuite master bedroom in a shared house in an older estate in South Dublin. I can't afford to buy on my own, so will be renting for a while. I also save 15-20% for a deposit.

Gael23 · 14-06-2019 12:03am

Went to view the place today, its lovely but it’s €950 a month plus €100 for bills on a take home salary of €2500 approx.

sheepondrugs · 14-06-2019 12:24am

Mortgage is 575 p/month for a 2 bed apartment West Dublin (Bought in 2010).
15% of our combined net income.

turniphead · 14-06-2019 12:31am

My rent is about 35% of my take home pay.

Small 2 bedroom townhouse in South Dublin.

It's certainly not ideal but hopefully not forever.

turniphead · 14-06-2019 12:40am

Saudades wrote: »

My rent is an eye-watering 67.5% of my net pay.

I pay 1,350 for a 1 bedroomed apartment in Dublin City Center and my net pay is 2,000.

I love my career and I love my home, so I've been reluctant to make a change in my lifestyle, but I'm at the stage now where something has to give and I need to find a new path.

Upgrading my career appears to be the better solution as there appears to be too much competition for renting apartments in Dublin.

I can very much relate to this. I have my absolute dream job which is only based in Dublin. I love it and it doesn't feel like work. I have an option to move to Cork for a generic job and as a consequence pay a lot less rent but right now that just doesn't appeal to me. It's far from ideal but I really love the work I do and don't want to leave it.

As I mentioned above, I pay 35% of my take home pay in rent.

Jeju · 14-06-2019 1:10am

This month it's 50% combined, next month it's 0

NewRed2 · 14-06-2019 1:14am

0, but it took a while to get there. And you don't get thanked for it!

Exclamation Marc · 14-06-2019 1:18am

I have the joys of living in a recently in the news complex that needs remediation work for fire safety so am paying €650 a month on service charges alone on top of the mortgage which itself is about 25% of my salary. Thankfully my partner contributes too so my share is about 20% of my take home salary.

Just lucky I'm on a tracker mortgage.

voluntary · 14-06-2019 9:05am

Exclamation Marc wrote: »

so am paying €650 a month on service charges alone

That's just for a few months, right?

Exclamation Marc · 14-06-2019 9:16am

voluntary wrote: »

That's just for a few months, right?

The best part of 3 years. Probably 1.5 years into it now.

voluntary · 14-06-2019 9:24am

Exclamation Marc wrote: »

The best part of 3 years. Probably 1.5 years into it now.

That's tough. Apartment communities should really be given a way to take long term loans for large maintenance etc.

If your management company would be able to taka a 10 or 15 year loan, you might not even noticed there's an increase in your management fee.

IJS84 · 14-06-2019 10:21am

between myself and partner have a take home approx. €2,800 between us a month, mortgage and associated insurances (mortgage protection & home insurance) €715 a month

14-06-2019 10:43am

voluntary wrote: »

That's tough. Apartment communities should really be given a way to take long term loans for large maintenance etc.

If your management company would be able to taka a 10 or 15 year loan, you might not even noticed there's an increase in your management fee.

Longterm loans are a challenge for management companies as the loan is unsecured......... as the properties are all leased out for 999 years etc etc. Even though the building isn't "owned" by whoever owns the apartments.

Exclamation Marc · 14-06-2019 11:45am

Augeo wrote: »

Longterm loans are a challenge for management companies as the loan is unsecured......... as the properties are all leased out for 999 years etc etc. Even though the building isn't "owned" by whoever owns the apartments.

Yep that's correct unfortunately. The management company is even seeking judgements against those who can't afford to pay the fairly substantial service charges so its quite a nasty situation for some.

voluntary · 14-06-2019 12:18pm

Augeo wrote: »

Longterm loans are a challenge for management companies as the loan is unsecured......... as the properties are all leased out for 999 years etc etc. Even though the building isn't "owned" by whoever owns the apartments.

999 years lease is not a problem for banks to secure mortgages on such properties. I think the problem lies elsewhere. I know for a fact that such loans taken by apartment communities/bodies are a norm in other countries. My guess is that there's some legislative bottleneck and would need to be addressed at the government level to make it work.

14-06-2019 1:02pm

voluntary wrote: »

999 years lease is not a problem for banks to secure mortgages on such properties................

The management company isn't looking for a mortgage.
999 year lease is no problem when you are buying one but the managment company isn't buying them.
They would be looking for an unsecured long term loan for remedial work on a building that is leased out in pieces that are mainly security for individual's mortgages.

voluntary · 14-06-2019 2:23pm

Augeo wrote: »

The management company isn't looking for a mortgage.
999 year lease is no problem when you are buying one but the managment company isn't buying them.
They would be looking for an unsecured long term loan for remedial work on a building that is leased out in pieces that are mainly security for individual's mortgages.

Just out of curiosity. 999 years lease - who owns land in such a case? Would it be the State itself or a developer?

14-06-2019 2:41pm

voluntary wrote: »

Just out of curiosity. 999 years lease - who owns land in such a case? Would it be the State itself or a developer?

The owners of the apartments collectively own the land. It's a property title, leasehold.
It's not just the land, it's the structure also, the actual building.

NewRed2 · 14-06-2019 8:12pm

voluntary wrote: »

Just out of curiosity. 999 years lease - who owns land in such a case? Would it be the State itself or a developer?

Augeo is spot on with his answer. It's done this way for a good reason too.
When I sold my apartment the auctioneer selling it for me came to me and said the potential buyer wanted to know if he could knock a wall to put in a bigger window and also to put in a chimney so he could have a fire.
I stayed out of it and he still bought it anyway but obviously it was a crazy idea and would have impacted upon the other apartment owners if he tried such a thing.
The law states you have a lease for 999 years in order to prevent crazy people doing crazy things to a structure that houses multiple people.

Diemos · 14-06-2019 9:26pm

around 20% of our take home for mortgage + insurance.

Dave 101 · 14-06-2019 9:34pm

17% on mortgage (combined)

Ray Donovan · 14-06-2019 9:35pm

Net income between 2 of us = E5,600 per month.
Mortgage plus add ons = E1,114

So roughly 20% on mortgage

q85dw7osi4lebg · 14-06-2019 10:34pm

Mortgage is 17% of combined net salary, including life assurance etc.

4 bed semi in Meath.

Honestly wouldn't like to be paying any more.

voluntary · 14-06-2019 10:57pm

Augeo wrote: »

The owners of the apartments collectively own the land. It's a property title, leasehold.
It's not just the land, it's the structure also, the actual building.

All right. I guess not a problem then at all. No building is going to last 999 years, unless you buy a medieval castle

voluntary · 14-06-2019 11:03pm

NewRed2 wrote: »

Augeo is spot on with his answer. It's done this way for a good reason too.
When I sold my apartment the auctioneer selling it for me came to me and said the potential buyer wanted to know if he could knock a wall to put in a bigger window and also to put in a chimney so he could have a fire.
I stayed out of it and he still bought it anyway but obviously it was a crazy idea and would have impacted upon the other apartment owners if he tried such a thing.
The law states you have a lease for 999 years in order to prevent crazy people doing crazy things to a structure that houses multiple people.

Got it, makes sense.

Bass Reeves · 15-06-2019 8:31am

voluntary wrote: »

Just out of curiosity. 999 years lease - who owns land in such a case? Would it be the State itself or a developer?

A 999 year lease is virtually the same as a freehold. As far as i know when sold it is a 999 year lease again as there is no ground rent involved. Where the catch can be on some apartments build in the noughties is some builders put in a 99 year lease and were very involved in the management company.

The reason management companies cannot secure longterm loans are the loan is unsecured. Management companies own nothing,the properties owners are the owners not the management company. Biggest fear of banks is apartment owners will stop paying management fees. If you are paying 6-8% on an unsecured loan you are better off paying it off as fast as possible rather than stringing it out over 10-15 years. As well longer loans by managment company will make it harder to sell apartments due to higher fees than the norm. Over 3 years there is a total interest bill of 10%, while the interest bill over 15 years is 50% approx.

For instance a 15K loan/apartment @7% for upgrading apartments common area works out at 480/month over 36 months. However over 15 years it works out at 127/ month or adding 1500/year to management fees for 15 years. There are a few other issues if any other structural issues arise over the 15 years it may be harder to borrow to resolve them, this would add again to management fees. It would make it harder to start a sinking fund which can be put in place after the 3 year period.

Saudades · 15-06-2019 11:41am

April Raspy Transient wrote: »

Saudades wrote: »

My rent is an eye-watering 67.5% of my net pay.

I pay 1,350 for a 1 bedroomed apartment in Dublin City Center and my net pay is 2,000.

I love my career and I love my home, so I've been reluctant to make a change in my lifestyle, but I'm at the stage now where something has to give and I need to find a new path.

Upgrading my career appears to be the better solution as there appears to be too much competition for renting apartments in Dublin.

Holy ****. Have you been in your current job long? All my jumps in salary have come from moving companies, have you had a look at what else is out there?

Yes I've been in the job for 12 years. I thoroughly enjoy it; I love the work, and I have a certain degree of freedom and clout which I'm reluctant to sacrifice. It gets me out of bed in the morning and keeps my mental health high.

But I am going to look to see what else is out there, as my current level of living is unsustainable. A jump in salary will at least enable me to continue saving for a mortgage (something I had to put on hold a while back).

Though I count myself extremely lucky that I have a home. My thoughts are always with those poor souls who have become homeless due to this housing crisis.

Kerry25x · 20-06-2019 2:31pm

Take-home pay of our 2 combined incomes is €5726, mortgage is €565 so 9.8% of our net.

We'll have to move to a bigger house eventually but for now I love living below our means.

elefant · 20-06-2019 2:50pm

Out of curiosity, are you all including Gas/Water/Electricity/Internet etc. in those percentages?

SirGerryAdams · 20-06-2019 2:52pm

elefant wrote: »

Out of curiosity, are you all including Gas/Water/Electricity/Internet etc. in those percentages?

No.

20-06-2019 2:52pm

elefant wrote: »

Out of curiosity, are you all including Gas/Water/Electricity/Internet etc. in those percentages?

It's rent/mortgage that's being mentioned.

Creamy Goodness · 20-06-2019 2:53pm

elefant wrote: »

Out of curiosity, are you all including Gas/Water/Electricity/Internet etc. in those percentages?

The bank didn’t give me a mortgage for paying utility bills so that’s separate.

elefant · 20-06-2019 2:58pm

Augeo wrote: »

It's rent/mortgage that's being mentioned.

Creamy Goodness wrote: »

The bank didn’t give me a mortgage for paying utility bills so that’s separate.

Grand.

I just read the OP as checking about being able to live on salary minus housing costs., which could well include GWE etc.

My mortgage is about 25% of joint net.

Kerry25x · 20-06-2019 3:15pm

elefant wrote: »

Out of curiosity, are you all including Gas/Water/Electricity/Internet etc. in those percentages?

I just include the mortgage interest because it all comes out in the one sum.

Gael23 · 22-06-2019 2:16pm

Got a place for €650 which is just over a quarter of my wage every month. Not near as nice but much more sustainable

amcalester · 22-06-2019 6:02pm

Gael23 wrote: »

Got a place for €650 which is just over a quarter of my wage every month. Not near as nice but much more sustainable

Spend a few months saving the difference to see if you can live comfortably, you can always look for somewhere nicer later. And at least then you’ll have a better idea in what you can afford.

Gael23 · 22-06-2019 7:39pm

amcalester wrote: »

Spend a few months saving the difference to see if you can live comfortably, you can always look for somewhere nicer later. And at least then you’ll have a better idea in what you can afford.

That’s how I’m going about it. Don’t see this as a long term place. More just get to know the area and settle into my new job for a couple of months.
Also with this place I’ll be spending €20 a week on pubic transport because it’s further from the office. The place I looked at when I started this thread was a few minutes walk