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23-10-2019, 12:03   #31
Bass Reeves
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An issue is the cashless society. Because now loads of people buy with a card they have lost the perception of money and saving. One bit of advice is to get a book and write down you daily expenditure for 6-8 weeks. It easier for a cashless person than one that deals in cash. If cashless you need to go through your account every evening and note every transaction.

However single people always struggled to buy houses even 20-30+ years ago. Most that did were in there 40's before buying. In Dublin no matter what you do it will be impossible unless you are on an exceptional income.

But elsewhere in the country for someone on an average industrial wage the purchaser of a 150 k apartment or house is possible.Assuming 3.5X wages a mortgage of 125k is possible and that would indicate savings of 30-35k.
It's a matter of researching your options. However most look at it as a 3-3 year as opposed to 5-10 year project
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23-10-2019, 12:04   #32
Plumbthedepths
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We were 1st time buyers but couldn't get a mortgage for what we wanted so had to save around 20% also.

Saving as a single applicant isn't the biggest hurdle its the 3.5times salary cap that will get you.
On the upside if the economy tanks you may escape negative equity.
The 3.5 is there for good reason, despite what has gone before people would behave in the exact same manner as the property bubble of the early 2000's if the rules weren't in place. I know that is of small comfort but amazingly adults have to be protected from themselves.
Best of luck in your home.
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23-10-2019, 12:04   #33
Creamy Goodness
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20 per cent? So not a first time buyer.
You'll find the majority of FTB's need to save 20% because there's a shortfall between 3.5 times their salary and the cost of a house in the majority of areas people want to live in. I hate the term the squeezed middle but there's a certain section of workers in Ireland that are stuck in a never ending cycle atm. 3.5 times is not enough so they need to save more, time passes, house price rises to another value they can't get quite yet, so they need to save more again and repeat.

FWIW I was a FTB and had 25% deposit.
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23-10-2019, 12:05   #34
frillyleaf
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We were 1st time buyers but couldn't get a mortgage for what we wanted so had to save around 20% also.

Saving as a single applicant isn't the biggest hurdle its the 3.5times salary cap that will get you.
Yes this is definitely a hurdle for me. Even looking at very small houses in the area I can’t afford them with the 3.5 times salary on a single income household. Even on an average income the smallest and oldest houses in my area are out of reach. To move down the country would be very isolating, lonely and will have no support network at all.
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23-10-2019, 12:05   #35
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You'll find the majority of FTB's need to save 20% because there's a shortfall between 3.5 times their salary and the cost of a house in the majority of areas people want to live in.

FWIW I was a FTB and had 25% deposit.
Wow well done! That’s incredible
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23-10-2019, 12:06   #36
Guy Person
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We were 1st time buyers but couldn't get a mortgage for what we wanted so had to save around 20% also.

Saving as a single applicant isn't the biggest hurdle its the 3.5times salary cap that will get you.
Yeah that's why it took me so long to buy, I had to wait until I was earning at least 30k despite my excellent savings record (if I do say so myself ).


Another thing I forgot to mention in my earlier post was I had to give up the idea of buying my "dream home". I'm sure one exists for me but I'm also sure it would be well out of my price range by a huge margin.
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23-10-2019, 12:07   #37
gigantic09
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I’ve noticed a few apartments going for sale in my block too. It is absolutely terrifying to see dual income families with children scrambling to find places to rent and I’m worrying it will be me next.

Well done on saving up for deposit. That is great news and I wish you all the best with your new home.
Cheers but still only at the stage of pre mortgage approval. While it is very difficult for a single person it's probably equally difficult for families on average incomes especially with childcare costs etc. Another option for you might be to house share for a period until you can get a deposit together. Set yourself a date to have your savings goal reached.
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23-10-2019, 12:13   #38
Hunnybunny100
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Single buyer here, finally managed to buy at the start of this year, no help from parents. No big suggestions here , it took 3 years of saving, clearing a loan and credit card and making sure I had a clean current account and then went through a broker who did all the work for me.
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23-10-2019, 12:14   #39
frillyleaf
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Originally Posted by Bass Reeves View Post
An issue is the cashless society. Because now loads of people buy with a card they have lost the perception of money and saving. One bit of advice is to get a book and write down you daily expenditure for 6-8 weeks. It easier for a cashless person than one that deals in cash. If cashless you need to go through your account every evening and note every transaction.

However single people always struggled to buy houses even 20-30+ years ago. Most that did were in there 40's before buying. In Dublin no matter what you do it will be impossible unless you are on an exceptional income.

But elsewhere in the country for someone on an average industrial wage the purchaser of a 150 k apartment or house is possible.Assuming 3.5X wages a mortgage of 125k is possible and that would indicate savings of 30-35k.
It's a matter of researching your options. However most look at it as a 3-3 year as opposed to 5-10 year project
I understand that this is the case with some people however everything I spend is accounted for. I am very frugal with what I spend and even on an average salary small old houses outside of Dublin are out of my reach. It’s quite scary but more so because the rental market is as bad as it is......it’s the constant worry of being served notice and the panic of finding somewhere to live within a reasonable distance to schools.
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23-10-2019, 12:17   #40
frillyleaf
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Originally Posted by Hunnybunny100 View Post
Single buyer here, finally managed to buy at the start of this year, no help from parents. No big suggestions here , it took 3 years of saving, clearing a loan and credit card and making sure I had a clean current account and then went through a broker who did all the work for me.
Well done for buying your own place. I must find out how much salary is stress tested and deducted for children. Someone told me that it reduces the capacity to borrow the 3.5 times of salary
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23-10-2019, 12:18   #41
duffman3833
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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
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23-10-2019, 12:21   #42
frillyleaf
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Cheers but still only at the stage of pre mortgage approval. While it is very difficult for a single person it's probably equally difficult for families on average incomes especially with childcare costs etc. Another option for you might be to house share for a period until you can get a deposit together. Set yourself a date to have your savings goal reached.
Yes that is a good suggestion but it is not possible for me to house share. I have two children and live in a small house as it is. I think I’ll go back to looking at the log cabin route and see if there is any way to do this.
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23-10-2019, 12:22   #43
frillyleaf
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Originally Posted by duffman3833 View Post
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

Thank you. I will look into this. Is there a limit on how much the houses can be worth for the rebuilding Ireland scheme?
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23-10-2019, 12:22   #44
Creamy Goodness
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Well done for buying your own place. I must find out how much salary is stress tested and deducted for children. Someone told me that it reduces the capacity to borrow the 3.5 times of salary
generally they stress test the current rate + 2% and for each child they deduct €250 from your discretionary income.
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23-10-2019, 12:22   #45
dvdman1
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Originally Posted by Hunnybunny100 View Post
Single buyer here, finally managed to buy at the start of this year, no help from parents. No big suggestions here , it took 3 years of saving, clearing a loan and credit card and making sure I had a clean current account and then went through a broker who did all the work for me.
Are you earning above the so called avg industrial wage of 39k?
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