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How much do you spend on rent/mortgage?

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    #122
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    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.


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    #123
    IJS84
    Registered Users Posts: 179 ✭✭IJS84


    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


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    #124
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    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.


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    #125
    Exclamation Marc
    Registered Users Posts: 11,370 ✭✭✭✭Exclamation Marc


    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.


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    #126
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    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.


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    #127
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    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.


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    #128
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    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?


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    #129
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    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.


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    #130
    NewRed2
    Closed Accounts Posts: 999 ✭✭✭NewRed2


    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.


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    #131
    Diemos
    Registered Users Posts: 1,417 ✭✭✭Diemos


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


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    #132
    Dave 101
    Registered Users Posts: 469 ✭✭Dave 101


    17% on mortgage (combined)


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    #133
    Ray Donovan
    Registered Users Posts: 1,015 ✭✭✭Ray Donovan


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

    So roughly 20% on mortgage


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    #134
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    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.


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    #135
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    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 :)


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    #136
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    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.


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    #137
    Bass Reeves
    Registered Users Posts: 18,199 ✭✭✭✭Bass Reeves


    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.

    Slava Ukrainii



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    #138
    Saudades
    Registered Users Posts: 378 ✭✭Saudades


    Interested Observer 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.


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    #139
    Kerry25x
    Registered Users Posts: 554 ✭✭✭Kerry25x


    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.


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    #140
    elefant
    Registered Users Posts: 4,649 ✭✭✭elefant


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


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    #141
    SirGerryAdams
    Banned (with Prison Access) Posts: 499 ✭✭SirGerryAdams


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

    No.


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    #142
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    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.


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    #143
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    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.


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    #144
    elefant
    Registered Users Posts: 4,649 ✭✭✭elefant


    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.


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    #145
    Kerry25x
    Registered Users Posts: 554 ✭✭✭Kerry25x


    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.


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    #146
    Gael23
    Registered Users Posts: 12,089 ✭✭✭✭Gael23


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


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    #147
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    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.


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    #148
    Gael23
    Registered Users Posts: 12,089 ✭✭✭✭Gael23


    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


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    #149
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    34%


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    #150
    paulieeye
    Registered Users Posts: 895 ✭✭✭paulieeye


    25% of combined take home.

    Can OP edit this thread to add a poll? would be interesting to see


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    #151
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ToxicPaddy


    25% of combined take home covers mortgage, utility bills, insurance.


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