How do single people buy homes?

James Bond Junior · 17-11-2019 4:28pm

absolutegroove wrote: »

I went to the Middle East for work in 2010 (I had no choice as the recession hit my line of work here in Ireland).

I saved every penny I could but I wasn’t a total miser over there.

I came home in 2013 and bought on my own in 2014. It was a fixer upper in Dublin but it was a semi-detatched three bed two bathroom house and I’m still giving it TLC.

It wouldn’t have suited everyone to move but I can guarantee you that I wouldn’t have saved that type of money if I had stayed here in Ireland at that time.

Single people can do it and in my opinion you just have to be determined and set your savings goal.

Currently in the Middle East getting the funds together too. I'd advise anybody who can go, to go especially if married and you can both work. Salaries are good but when the total package of housing, health and bonuses kick in it becomes too good to resist. I stayed in Ireland during the recession times and rode it out, saved when I could and was able to buy on my own after a few years as my salary stabilised before prices rocketed. Hoping we don't come home to too high prices in a few years but I'm willing to wait in the medium term if we have to.

17-11-2019 4:34pm

fiachraX wrote: »

Bought as a single person aged 34.
Over the past several years, had cut all expenses to the bone to save for deposit.
Rented a tiny apartment, but central so I wouldn't need a car.

Cycled everywhere possible, with public transport (buses and trains, not taxis) otherwise.

No holidays.

Minimal entertainment (special occasions only), no drinking, no smoking.

All meals homemade (including bringing in lunches), based on low cost ingredients from Lidl/Aldi.

New clothes only when essential.

Bought in a decent area, but a house needing major renovation.

Still living very frugally to maintain mortgage repayments and fund renovation (which will be very gradual), but the knowledge that my home doesn't depend on the whim of a landlord is worth it.
Helped to have a couple of friends also badly strapped for cash, so I wasn't in a group of people who were living the high life, i.e. I wasn't missing out in the sense of being the only one in my circle who couldn't afford to participate in what everyone else was doing.

Well done for doing this, but this genuinely sounds like you've lived in poverty/had no life all to buy a house.

silent_spark · 17-11-2019 6:26pm

Deleted User wrote: »

Well done for doing this, but this genuinely sounds like you've lived in poverty/had no life all to buy a house.

Ha! Making your own lunch isn’t living in poverty!

antimatterx · 17-11-2019 8:03pm

[Deleted User] wrote: »

Well done for doing this, but this genuinely sounds like you've lived in poverty/had no life all to buy a house.

I have a very nice life, I just don't need to go out a drop 300 quid a week to enjoy myself. My family isn't poor, I got everything I asked for growing up

eviltwin · 17-11-2019 8:07pm

Deleted User wrote: »

Well done for doing this, but this genuinely sounds like you've lived in poverty/had no life all to buy a house.

I think this sums up the problem with a lot of people who see making reasonable sacrifices as living in poverty and as a result are unwilling to make them. I did the same as that poster to get my house, was only for a few years and was absolutely worth it.

Eric Cartman · 17-11-2019 8:16pm

eviltwin wrote: »

I think this sums up the problem with a lot of people who see making reasonable sacrifices as living in poverty and as a result are unwilling to make them. I did the same as that poster to get my house, was only for a few years and was absolutely worth it.

The amount of times ive been around lads in city centre upmarket pubs, slinging back 10-12 euro drinks and popping off to the jacks every 20 minutes to do a line of coke giving out about the price of houses and how they cant get a deposit together, its an extreme but does happen.

Dawido · 17-11-2019 10:25pm

I bought in 2017, an apartment in rural Ireland - it was very cheap. Now, I am unemployed since then because there is no work around here, but I am happy since I don't have to depend on cruel landlord and the tax payers are happy to foot the bill.

Salary Negotiator · 17-11-2019 10:47pm

Dawido wrote: »

I bought in 2017, an apartment in rural Ireland - it was very cheap. Now, I am unemployed since then because there is no work around here, but I am happy since I don't have to depend on cruel landlord and the tax payers are happy to foot the bill.

4 months ago you were living with your parents in a council house while also paying €1500 (66% of you salary) on rent.

Must’ve been a busy 4 months.

Dawido · 17-11-2019 10:48pm

Salary Negotiator wrote: »

4 months ago you were living with your parents in a council house while also paying €1500 (66% of you salary) on rent.

Must’ve been a busy 4 months.

I was writing on behalf of my brother my friend

Salary Negotiator · 17-11-2019 10:53pm

Dawido wrote: »

I was writing on behalf of my brother my friend

What about this post? You or your brother?

Dawido wrote: »

€60 from €2250 net pay which is about 2%. Living with parents arm but migrating soon as housing is broken in this state.

18-11-2019 2:17pm

eviltwin wrote: »

I think this sums up the problem with a lot of people who see making reasonable sacrifices as living in poverty and as a result are unwilling to make them. I did the same as that poster to get my house, was only for a few years and was absolutely worth it.

Do you honestly consider no holidays, little to no entertainment, never eating out and only buying clothes when it is absolutely required as reasonable sacrifices? He did this not for a few months, but a number of years.

I don't see what he did as making reasonable sacrifices, moreso he made years of massive sacrifices to his life all to afford a house.

fletch · 18-11-2019 4:13pm

Deleted User wrote: »

Do you honestly consider no holidays, little to no entertainment, never eating out and only buying clothes when it is absolutely required as reasonable sacrifices? He did this not for a few months, but a number of years.

I don't see what he did as making reasonable sacrifices, moreso he made years of massive sacrifices to his life all to afford a house.

I would consider those reasonable sacrifices. We are very lucky to be able to go on holidays, people all over the world don't have such luxuries. Do you realise how entitled you sound. Same for entertainment, eating out, and buying new clothes (which most people change long before they're due)

Mic 1972 · 18-11-2019 8:26pm

fletch wrote: »

I would consider those reasonable sacrifices. We are very lucky to be able to go on holidays, people all over the world don't have such luxuries. Do you realise how entitled you sound. Same for entertainment, eating out, and buying new clothes (which most people change long before they're due)

Agree

19-11-2019 8:57am

fletch wrote: »

I would consider those reasonable sacrifices. We are very lucky to be able to go on holidays, people all over the world don't have such luxuries. Do you realise how entitled you sound. Same for entertainment, eating out, and buying new clothes (which most people change long before they're due)

Comparing my living circumstance in Ireland to someone who lives in a different country is not a reasonable comparison to make in this scenario. There is no sense of entitlement, and holidays is just one facet of the sacrifices he has made.

I don't see it as reasonable for your life to be taken away from you so that you can scrounge enough for a deposit, you should still be able to socialise and live life in some form while saving. OP didn't do that for a number of years. I understand there are some cut backs that you should make, such as going out less, eating out less, but NEVER eating out, only going out on special occasions (probably less than 4 times a year), wearing clothes until they're falling apart are things I would associate with people who live under the poverty threshold.

I can afford to save a reasonable amount per month and save for a deposit whilst still having a decent standard of living.

gmisk · 19-11-2019 9:00am

I saved for years (consistently and not many hols) and bought on my own 5ish years ago, when I was 31.
The house needed a lot of work but I am handyish and I had some money set aside for bitg things like electric and windows. It was tough living there for first year but worth all the effort.

Zulu · 19-11-2019 10:41am

Deleted User wrote: »

...I don't see what he did as making reasonable sacrifices, moreso he made years of massive sacrifices to his life all to afford a house.

Yeah. I can understand what you are saying although I don't agree.
Buying a house is a massive undertaking. It requires sacrifices inline with that. The bank (and you) need to be able to understand that if things go wrong for you, if there's a recession, you can cut your cloth accordingly. The cut-backs we made demonstrate that.

If one is not prepared to cut those things back, then really, is a mortgage for them? Is a 20-30year loan with unforeseeable interest rates really a good idea? Did we not learn our lessons last time round?

Canyon86 · 19-11-2019 10:46am

My own situation

After nearly 10 years of renting across ireland College/Work i decided the only way id have a realistic chance of saving would be to move home with the parents till i have a deposit together for my own place

I still contribute to bills and household expenses, I am forever grateful for my parents to faciliate me in this way

I think it would be very hard to pay rent and save for a deposit without making a major change in lifestyle:o

Empty_Space · 19-11-2019 11:08am

gmisk wrote: »

I saved for years (consistently and not many hols) and bought on my own 5ish years ago, when I was 31.
The house needed a lot of work but I am handyish and I had some money set aside for bitg things like electric and windows. It was tough living there for first year but worth all the effort.

What size house did you go for?

riclad · 19-11-2019 2:14pm

not everyone needs a 3 bed house,
you can buy an apartment for 150-170k.
So you,d need about 18k saved up for a deposit.

19-11-2019 2:46pm

Bought my first property in 2005.... Borrowed 4 times my income.... It's worth about what I paid for it currently....certainly not more.

riclad · 19-11-2019 3:27pm

Buy a property to live in, presume i,ll be here for 10 years at least.
do not buy a property As an investment unless you are an expert ,do not presume it will go up in value at least for 20 years from the day you move in.

Before the crash in 2008 people were buying house, s anywhere , ah sure it,ll go up in value.
I cant lose, i,ll pay 200k for a house in athlone .
what could go wrong.

mariaalice · 19-11-2019 6:07pm

https://www.instagram.com/cheapirishhouses/

c.p.w.g.w · 19-11-2019 6:17pm

Only person I know who bought on their own was gifted €60 grand from family. She has a great job on roughly €45-€50 grand a year. Her house cost 185,000. Think the mortgage was for 130,000

19-11-2019 7:17pm

riclad wrote: »

not everyone needs a 3 bed house,
you can buy an apartment for 150-170k.
So you,d need about 18k saved up for a deposit.

Please show me an apartment in Dublin for that.

mariaalice · 19-11-2019 7:30pm

Deleted User wrote: »

Please show me an apartment in Dublin for that.

https://www.myhome.ie/residential/brochure/25-charlestown-avenue-finglas-dublin-11/4382552

A friend of mine had an appartmetn there its fine, great transport links.

c.p.w.g.w · 19-11-2019 7:31pm

riclad wrote: »

not everyone needs a 3 bed house,
you can buy an apartment for 150-170k.
So you,d need about 18k saved up for a deposit.

Most banks require a larger deposit for apartments

eviltwin · 19-11-2019 7:36pm

Deleted User wrote: »

Do you honestly consider no holidays, little to no entertainment, never eating out and only buying clothes when it is absolutely required as reasonable sacrifices? He did this not for a few months, but a number of years.

I don't see what he did as making reasonable sacrifices, moreso he made years of massive sacrifices to his life all to afford a house.

It's an important life lesson that some things worth having take sacrifice and if the pay off is something you really want it's not that hard. You can't have it all unfortunately. Very few people can save for a deposit while having a high standard of living.

19-11-2019 8:39pm

mariaalice wrote: »

https://www.myhome.ie/residential/brochure/25-charlestown-avenue-finglas-dublin-11/4382552

A friend of mine had an appartmetn there its fine, great transport links.

You need a 20% deposit on 1 bedroom apartments by the way.

19-11-2019 8:45pm

eviltwin wrote: »

It's an important life lesson that some things worth having take sacrifice and if the pay off is something you really want it's not that hard. You can't have it all unfortunately. Very few people can save for a deposit while having a high standard of living.

Guess it really matters where your priorities lie when it comes to what you want from life.

Seeing what I can earn working in IT in countries like Switzerland/USA/Canada vs here is amazing, whilst also going to Asia and teaching English from a TEFL course my standard of living also would far exceed what it is here, you could also work in the Middle East earning tax free income for a number of years without having to pay for accomodation.

All of these are options wherein you can still have a good/high standard of living without sacrificing years of your life.

If you're a single person I'd see these as far more attractive options than to have done what OP done, but that is just my opinion. To each their own. That being said working in IT you have more flexibility, but anyone can do a TEFL course.

antimatterx · 19-11-2019 9:13pm

[Deleted User] wrote: »

You need a 20% deposit on 1 bedroom apartments by the way.

30%

Empty_Space · 19-11-2019 9:15pm

[Deleted User] wrote: »

Guess it really matters where your priorities lie when it comes to what you want from life.

Seeing what I can earn working in IT in countries like Switzerland/USA/Canada vs here is amazing, whilst also going to Asia and teaching English from a TEFL course my standard of living also would far exceed what it is here, you could also work in the Middle East earning tax free income for a number of years without having to pay for accomodation.

All of these are options wherein you can still have a good/high standard of living without sacrificing years of your life.

If you're a single person I'd see these as far more attractive options than to have done what OP done, but that is just my opinion. To each their own. That being said working in IT you have more flexibility, but anyone can do a TEFL course.

What area of IT are you in?

I always thought those English teaching jobs were more Gap year criteria as they pay little.

tomister · 19-11-2019 9:25pm

It can be done but it really depends on your income and circumstances (stating the obvious I know!) I'm in the process of buying on my own at the moment, mortgage and everything is done but the house won't be ready until March.

From my perspective I decided I was getting bored of paying rent and house sharing and wanted somewhere to call my own. I'm lucky in the sense that I have a very strong income so I didn't need to make too many sacrifices. One thing I did do was just track my spending for three months and then cut all the unnecessary expenses.

My sister did it a few years ago with a much lower income, it took her a few years and she made a lot of sacrifices for it but would do it again in a heartbeat as she has what she wanted

20-11-2019 8:11am

Empty_Space wrote: »

What area of IT are you in?

I always thought those English teaching jobs were more Gap year criteria as they pay little.

App support/Development

They pay around $20-$30 an hour in Vietnam. Cost of living is so much lower that you can comfortably save on those wages. You can also work online teaching while there if you want to earn more money.

https://www.gooverseas.com/blog/earn-teaching-english-in-vietnam

Private language centers: $1,200-$1,800 per month
Public schools: $1,500-$2,100 per month
Universities: $900-$2,200 per month
Tutoring: $60-$100 per hour
Other jobs: $25-$30 per hour

https://www.numbeo.com/cost-of-living/in/Hanoi?displayCurrency=EUR

1 bedroom apartment in the Centre costs €313.17, utilities and internet cost another 80 on top of that.

gmisk · 20-11-2019 9:27am

Empty_Space wrote: »

What size house did you go for?

Sorry didn't see this.
It's a terrace house 2 good size bedrooms and one box room which is used as a dressing room.
Decent little garden as well.
I was renting for 10+ years.
Only needed 10 percent at that stage.

mariaalice · 20-11-2019 10:42am

https://www.myhome.ie/residential/brochure/44-cappagh-drive-finglas-dublin-11/4352867

I am not advising anyone to buy this, however, it is a 3-bed house under 150k and its near good transport links, the house beside has solar panels a sign that the people are doing the houses up, staying in the area. In years to come with population increases places like this will become valuable, a mature area with good transport links reasonably near the city center. The Luas will come to Finglas eventually.

Lots of areas that were considered colorful at one time have now become fashionable and sought-after, someone has to be the first one to take a chance on an area.

I know its not for the fait hearted.

House 10% deposit.

antimatterx · 20-11-2019 11:47am

mariaalice wrote: »

https://www.myhome.ie/residential/brochure/44-cappagh-drive-finglas-dublin-11/4352867

I am not advising anyone to buy this, however, it is a 3-bed house under 150k and its near good transport links, the house beside has solar panels a sign that the people are doing the houses up, staying in the area. In years to come with population increases places like this will become valuable, a mature area with good transport links reasonably near the city center. The Luas will come to Finglas eventually.

Lots of areas that were considered colorful at one time have now become fashionable and sought-after, someone has to be the first one to take a chance on an area.

I know its not for the fait hearted.

House 10% deposit.

I’d buy that house if I wasn’t putting my life at risk living in Finglas

Empty_Space · 20-11-2019 11:53am

antimatterx wrote: »

I’d buy that house if I wasn’t putting my life at risk living in Finglas

Maybe a bit of an exaggeration, but certainly risking antisocial behavior and miserable home.

mariaalice · 20-11-2019 4:26pm

There is always cursing the dark option.

The new children's hospital has a big effect on property prices in the area, yet the local area is still the same colorful area it always was. What is the mecinism that is suddnely makeing an area with potentiona antisocial behaviour more attractive just because it is beside a new hospital when it may have been a bit of a no go area 10 years ago?

It was never easy for a single person to buy if someone is not in a position t to save 20k even if it takes a few years, and or earns under 35k maybe its not realistic to be thinking of buying in Dublin, maybe the answer is that there will have to be mass social housing for older single people.

20-11-2019 4:31pm

mariaalice wrote: »

............maybe the answer is that there will have to be mass social housing for older single people.

Quite likely, it'll be grim enough too if it's needed en-mass. Adult Shared Residential Accommodation type things perhaps. Shared kitchen and living room with en-suite bedrooms.

Umiq88 · 21-11-2019 1:51pm

The process is straightforward

10% deposit
Borrow up to 3.5 times salary

If you can't buy under these conditions you have 3 choices
1. Buy a cheaper house
2. Save larger deposit
3. Increase salary

I'm not saying it's easy and fair doesn't come into it but thats the system.

We saved deposit and bought as a 1 income family and will have the 200k borrowed paid back in under 10 years.

As others have said you prioritise whats import and go for it. There's an element of luck with house prices and markets and a good salary helps.

21-11-2019 2:47pm

mariaalice wrote: »

https://www.myhome.ie/residential/brochure/44-cappagh-drive-finglas-dublin-11/4352867

I am not advising anyone to buy this, however, it is a 3-bed house under 150k and its near good transport links, the house beside has solar panels a sign that the people are doing the houses up, staying in the area. In years to come with population increases places like this will become valuable, a mature area with good transport links reasonably near the city center. The Luas will come to Finglas eventually.

Lots of areas that were considered colorful at one time have now become fashionable and sought-after, someone has to be the first one to take a chance on an area.

I know its not for the fait hearted.

House 10% deposit.

Cappagh Road, you're surrounded by Travellers, scumbags and Mr. Flashy's gangs. Good luck ever trying to sell that.

If you ever want to know how bad an area is google the name of the road and google news

https://www.google.com/search?q=cappagh+road&rlz=1C1VFKB_enIE796IE796&sxsrf=ACYBGNTRN8l8SKWjgYxqEVXGvS7WSden1w:1574344013523&source=lnms&tbm=nws&sa=X&ved=2ahUKEwiClbi9uPvlAhWRrHEKHdVkAlYQ_AUoA3oECBAQBQ&biw=1920&bih=1009

ebayissues · 26-11-2019 10:11pm

Workwise I can be based in D1, D2 and D4, I'd like a place that cold easily reach this IFSC/St-stephen green/ballsbridge. Any ideas?

accensi0n · 27-11-2019 12:17am

ebayissues wrote: »

Workwise I can be based in D1, D2 and D4, I'd like a place that cold easily reach this IFSC/St-stephen green/ballsbridge. Any ideas?

https://www.daft.ie/dublin/houses-for-sale/donnybrook/4-eglinton-park-donnybrook-dublin-2321460/

27-11-2019 12:24pm

ebayissues wrote: »

Workwise I can be based in D1, D2 and D4, I'd like a place that cold easily reach this IFSC/St-stephen green/ballsbridge. Any ideas?

What's your budget?

ebayissues · 27-11-2019 10:14pm

Augeo wrote: »

What's your budget?

350K

GoldenSlumbers · 29-06-2020 9:15pm

duffman3833 wrote: »

I managed to buy a house at the start of the year through the rebuiling ireland home scheme
banks were offering me feck all so going through this scheme i was able to get a house to the value of €150k including my deposit
It was tough, luckily, i got a house for that amount and my monthly payments are low, worth looking into

what's the benefit of this sceme? the interest rates seem the same as normal banks?

also may I ask what do you earn annually. I wonder if I could ever buy a property in the 150 000 range on my 20 000 yearly net wage.

GoldenSlumbers · 29-06-2020 9:23pm

bush wrote: »

I lived at home and saved like crazy. I had to have 30% deposit to pull it off. It was a mad amount to save in a short time when I look back on it. The first year of owning the house every penny I had went it to furnish and decorate it. It was all very hard but I'm just through it all now and I can relax.
The upside of having such a big deposit is my mortgage repayments are f all.

why did you need a 30% deposit? because your house was worth more than 3.5x your income? sorry just curious as to why you needed such a big deposit

guyfawkes5 · 29-06-2020 10:22pm

GoldenSlumbers wrote: »

why did you need a 30% deposit? because your house was worth more than 3.5x your income? sorry just curious as to why you needed such a big deposit

You need a larger deposit for one bedroom properties, the logic being that you don't have a potential income from renting out the spare room after purchase.

Bass Reeves · 29-06-2020 11:11pm

GoldenSlumbers wrote: »

what's the benefit of this sceme? the interest rates seem the same as normal banks?

also may I ask what do you earn annually. I wonder if I could ever buy a property in the 150 000 range on my 20 000 yearly net wage.

It depends on where you want to live but there is still properties that can e bough for that. on an affordability assuming that you managed to get a deposit of 20K and qualified for a mortgage of 130K on a 5 year variable over 25 years is 580/month, over 30 years its 510/month. The crazy thing is such mortgages are easily affordable for lots of people on low wages its accessing the loan and deposit that is the issue.

Geuze · 29-06-2020 11:13pm

GoldenSlumbers wrote: »

also may I ask what do you earn annually. I wonder if I could ever buy a property in the 150 000 range on my 20 000 yearly net wage.

Average full-time earnings in 2019 were 49k.

Average earnings for mortgage applicants are higher than 49k.

20k net wage is low, I would even say very low.

How do single people buy homes?

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