How do single people buy homes?

antimatterx · 24-10-2019 5:19pm

I'm 23 and plan to buy in the next 2-3 years.

I work in software, make decent money, but I live at home with my parents which allow me to save ~80% of my wage. I live in Dublin, and I plan to buy in Dublin.

mlem123 · 24-10-2019 5:36pm

mariaalice wrote: »

Is the question, how do single people buy a home where they want fantastic public transport great facilities and so on versus how do they buy with a lot of compromises.

That's a weird take to have.

I'm 25, single, and living at home. I only have my learner license and to be honest I hate the idea of relying on a car. Unless I needed it for work I don't see the point. So yeah I do want to live close to public transport.

I'm from Dublin and know my options here are limited, but as I'm single and have an active life I would find moving to the sticks very isolating. That would involve moving away from literally all my family and friends.

My compromise is I don't want or need a huge place and would be happy in an apartment. I'm also happy with a bit of a project. Those types are sill probably out of my price range though unfortunately.

Wesser · 24-10-2019 5:37pm

You have to compromise on what you buy and prioritise what is important.
I bought in my mid thirties with a substantial deposit saved over 10 years.
I pushed my self forward at work and gained extra qualifications to further my salary at work.
You have to be ambitious and get further training to increase your salary.

Saudades · 25-10-2019 7:04pm

The Student wrote: »

If you are paying rent privately chances are you can afford to buy. You just need to accumulate the deposit.

The deposit is only half the battle. There's the 3.5 loan to income ratio hurdle to overcome too.

Graces7 · 28-10-2019 11:23am

Greatly admiring those who worked and saved for their homes. well done and be happy as you deserve to be.

absolutegroove · 28-10-2019 11:42am

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.

fiachraX · 28-10-2019 12:31pm

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.

antimatterx · 17-11-2019 3:43pm

I'm 23, single and I currently live at home. I make 32K a year, have 10K saved, and I'm in the very fortunate position that I can save ~1500 a month. My parents are well off, and they would rather I save for a property, rather than pay them rent. (Although I do try and contribute - I buy food for the house when I'm out, I cover all the animals vet bills (quite a few this year), give my brothers money when they need it ect.)

I'm a software engineer, so I will be on near enough 50k in two years' time. If I can save 1K a month for the next 2 years, I will have a deposit of 34K + a mortgage amount of 175K. I will have 210K which is just short of me buying a 2-bed apartment in the same estate I currently live in (I love the area, as it has great transport links. It's not upper class, but it's not rough either).

It seems so hard to buy a place, I have no idea how people renting can manage?

antimatterx · 17-11-2019 3:55pm

OSI wrote: »

I know 2 people that bought houses while single.

1 works for a software company that throws stock at their staff like it's made of toilet paper.

The other is a consultant anaesthesiologist with a research fellowship.

There's a couple of options for ya.

What company? Could be PM me please

Gumbo · 17-11-2019 4:18pm

Mod Note

Threads merged.

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.

How do single people buy homes?

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