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Need home ASAP, have 170000 cash

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Comments

  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    MrWyatt wrote: »
    I have seen a few very cheap holiday homes in Wicklow and they take a long time to sell. Anyone know what's up?
    If they're holiday homes then you can only stay for a percentage of the year.

    Thus although they may seem cheap for a house, they'll actually be expensive for a location that you can only live at for a limited amount of time.


  • Closed Accounts Posts: 9,057 ✭✭✭.......


    the_syco wrote: »
    If they're holiday homes then you can only stay for a percentage of the year.

    Thus although they may seem cheap for a house, they'll actually be expensive for a location that you can only live at for a limited amount of time.

    Do you have any links about that?

    Ive often noticed places like that and wondered what the terms were.


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,098 Mod ✭✭✭✭L1011


    Would be specific to each site. 180 days/year max is the norm. It'll be noticed if you're there a winter, easily


  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    https://www.irishtimes.com/life-and-style/homes-and-property/where-to-stay-rent-or-buy-in-brittas-bay-1.3153527
    The same agent is also selling 25 Rockfield Park, a four-bedroom detached villa-style house with a great viewing deck. Originally built as a holiday park but now having half its homes occupied all year round, number 25 was constructed in the early 2000s and is asking €450,000.
    Hrm. Seems that some of them are no longer solely holiday homes. The holiday home estates are managed, but I can't find the T&C for people who own the houses, though.


  • Registered Users Posts: 24,135 ✭✭✭✭Sleepy


    the_syco wrote: »
    https://www.irishtimes.com/life-and-style/homes-and-property/where-to-stay-rent-or-buy-in-brittas-bay-1.3153527

    Hrm. Seems that some of them are no longer solely holiday homes. The holiday home estates are managed, but I can't find the T&C for people who own the houses, though.
    That one in particular was never just a holiday home. I rented it for 2 years :) ending in 2010. Most of the rest of the estate were holiday homes at the time but there were never any restrictions on year-round use.

    The photos on that must be fairly out-of-date though. We were passing by recently and popped in to show our youngest her first home (she was two when she left so has no memory of it) and we were quite saddened to see the state of the place. The deck would require some serious work to bring it back to it's former glory.


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  • Registered Users Posts: 1,024 ✭✭✭gar32


    Well OP any idea what you will do_


  • Closed Accounts Posts: 445 ✭✭Teddy Daniels


    bono_v wrote: »
    You could by a 3 bed for 160,000 in Dublin. Would be an ex council house in probably not the best council estate.
    You could then rent it to a family for €1800 a month.

    This can’t be true. Link to a house for 160 amv and a rental for 1800


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,098 Mod ✭✭✭✭L1011


    This can’t be true. Link to a house for 160 amv and a rental for 1800

    Its basically Darndale alone; and even then 160 is at the low end - one single one on Daft for 160, more for 170-180.

    https://www.daft.ie/dublin/houses-for-sale/darndale/66-buttercup-park-darndale-dublin-1957592/

    And none for rent right now either; nearest ones are all 1800+

    That house is likely to require significant refurb based on NO internal pics.


  • Closed Accounts Posts: 445 ✭✭Teddy Daniels


    L1011 wrote: »
    Its basically Darndale alone; and even then 160 is at the low end - one single one on Daft for 160, more for 170-180.

    https://www.daft.ie/dublin/houses-for-sale/darndale/66-buttercup-park-darndale-dublin-1957592/

    And none for rent right now either; nearest ones are all 1800+

    That house is likely to require significant refurb based on NO internal pics.

    You think people are renting houses for 1800 a month 22k a year


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,098 Mod ✭✭✭✭L1011


    You think people are renting houses for 1800 a month 22k a year

    Yes - and more. Take a look at Daft.


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  • Closed Accounts Posts: 445 ✭✭Teddy Daniels


    L1011 wrote: »
    Yes - and more. Take a look at Daft.

    In darnsale ?


  • Registered Users Posts: 2,382 ✭✭✭1874


    ....... wrote: »
    Nor did the poster say that he had said that.

    I am interested too - what health issues prevent you from working but not from working on a renovation project?

    I noticed somewhere that you said you couldnt work as you had 2 kids and no help, but this is the case for thousands of working parents in the country. Its not a reason not to work.

    If you are unemployed, how are you currently putting a roof over yourself and your kids heads and feeding them?


    I cant understand how someone can be unemployed and have saved 170k


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,076 Mod ✭✭✭✭Tar.Aldarion


    It's almost like they have some sort of past where they could have worked? Or inherited money...or... anything?


  • Registered Users Posts: 2,382 ✭✭✭1874


    It's almost like they have some sort of past where they could have worked? Or inherited money...or... anything?


    Yes, very smart assed answer, well it'd be difficult enough for most people to saved up 170k even working, and if not currently working for that to be chipped away, they did say they saved it, not inherited, so not anything.
    If they are paying their ongoing costs out of it, then it will be chipped away at.
    As for buying an investment OP, you'd be mad to do so,


  • Registered Users Posts: 22 MrWyatt


    gar32 wrote: »
    Well OP any idea what you will do_

    After thinking about what everyone said I'm actually considering buying in the country now! I'm thinking if I get something in a touristy area like south Kerry or Cork, I could Airbnb an extra room or two. This would get me a bit of an income if I get the right property in the right location. Something is changing in the current property market though, I'm seeing a lot more properties for sale and sometimes prices are being lowered. Lots for sale at auction as well and even a couple of rentals were reduced. I'm hoping prices might start to come down in a year. Brexit will have an effect also so for now I've decided to wait a bit and keep an eye on the market and mull things over It's a pain to be in limbo like but I think it would be foolish to buy something right now, when the wind is changing.


  • Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 13,937 Mod ✭✭✭✭pc7


    Rent a room is a great idea (or air b&b) op. No one knows what will happen with the market, you’ve money ao start looking now it can take months for a sale to go through and you could move the kids during holidays.


  • Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Ok OP, this is a tough situation you find yourself in, so you will need to be very clever here to NOT end up in a poverty trap. It is great to see you looking for ways to make money from the 170k.

    Have you any other loans that need to be cleared? What are your forecasted costs, do you have a car that will need replacing in 5 years for example?

    Secondly, your rent is a cost you want to remove... but, before you do that, assess that carefully, are you in a scheme or location where the rent is low for the area? A lot of landlords in Dublin are caught in RPZs where the rent is frozen quite low and they can’t raise it much. It is not automatic that renting is a bad thing, there are people renting near me who pay far lower than a typical mortgage for this location, because they are in long term arrangements with the landlord. Also, it removes a lot of other costs from you, property maintenance and upkeep, washing machines, furniture etc.

    I have young children in school myself, so I know you don’t want to move them. However, look out to the future, would it be less stress moving them now and readjusting them to a new school at this age, or better to wait until they are moving to secondary school, or indeed, better to wait until they have both left second level?


    If I were you, I would hold tight and last as long as you can on that fund. Find every support possible for a single parent and use it as best you can. Build a support network of friends or neighbours, by going to community events and participating in parent activities with the school. Position yourself for getting well paid work in the future, when the children are more self sufficient. Either by doing courses, or online learning, whatever training supports you can get from social welfare, going to conferences to make contacts etc.


    If you spend it on a rental property, it’s so very risky, it is creating a cost for you (maintenance, upkeep) and you will be taxed like crazy on it, in advance. You have to pay preliminary tax on income. 170k won’t get you a decent rental anywhere in the country (sorry). You need to take 10k off it for conveyency costs, and budget another 10k or so for costs in the first few years. Then, need to be able to pay two years tax on the income in advance (current plus one extra the first year). So, effectively one years rent. Take another 10k for that. So, your 170k can really buy you 140k of property.


    I would put the money in some bank accounts where they earn a small bit of interest but is still accessible to you. Spend low, and plan for getting a job when you can.


    Also, if possible and when you’re ready, put some concentrated effort into looking for a new partner. Life is easier with someone for support, both emotionally and financially.



    https://www.sidehustlenation.com/ideas/
    For money you can earn without a full time job in the short term, try something off this list. (Apologies, it is very US centric, so things like notary can’t be done here unless you are a solicitor), but it’s a starting point.


  • Registered Users Posts: 580 ✭✭✭waffleman


    Come to Donegal if you want a change from city life

    170k is plenty to get you setup here

    Drone footage of Inishowen:

    https://youtu.be/-cQxBpu25qw


  • Posts: 3,656 ✭✭✭ Hayden Repulsive Scumbag


    pwurple wrote: »
    Ok OP, this is a tough situation you find yourself in, so you will need to be very clever here to NOT end up in a poverty trap. It is great to see you looking for ways to make money from the 170k.

    Have you any other loans that need to be cleared? What are your forecasted costs, do you have a car that will need replacing in 5 years for example?

    Secondly, your rent is a cost you want to remove... but, before you do that, assess that carefully, are you in a scheme or location where the rent is low for the area? A lot of landlords in Dublin are caught in RPZs where the rent is frozen quite low and they can’t raise it much. It is not automatic that renting is a bad thing, there are people renting near me who pay far lower than a typical mortgage for this location, because they are in long term arrangements with the landlord. Also, it removes a lot of other costs from you, property maintenance and upkeep, washing machines, furniture etc.

    I have young children in school myself, so I know you don’t want to move them. However, look out to the future, would it be less stress moving them now and readjusting them to a new school at this age, or better to wait until they are moving to secondary school, or indeed, better to wait until they have both left second level?


    If I were you, I would hold tight and last as long as you can on that fund. Find every support possible for a single parent and use it as best you can. Build a support network of friends or neighbours, by going to community events and participating in parent activities with the school. Position yourself for getting well paid work in the future, when the children are more self sufficient. Either by doing courses, or online learning, whatever training supports you can get from social welfare, going to conferences to make contacts etc.


    If you spend it on a rental property, it’s so very risky, it is creating a cost for you (maintenance, upkeep) and you will be taxed like crazy on it, in advance. You have to pay preliminary tax on income. 170k won’t get you a decent rental anywhere in the country (sorry). You need to take 10k off it for conveyency costs, and budget another 10k or so for costs in the first few years. Then, need to be able to pay two years tax on the income in advance (current plus one extra the first year). So, effectively one years rent. Take another 10k for that. So, your 170k can really buy you 140k of property.


    I would put the money in some bank accounts where they earn a small bit of interest but is still accessible to you. Spend low, and plan for getting a job when you can.


    Also, if possible and when you’re ready, put some concentrated effort into looking for a new partner. Life is easier with someone for support, both emotionally and financially.



    https://www.sidehustlenation.com/ideas/
    For money you can earn without a full time job in the short term, try something off this list. (Apologies, it is very US centric, so things like notary can’t be done here unless you are a solicitor), but it’s a starting point.


    A lot of very useful advice ! Was almost expecting a link to dating sites !:D


  • Registered Users Posts: 1,074 ✭✭✭airy fairy


    MrWyatt wrote: »
    After thinking about what everyone said I'm actually considering buying in the country now! I'm thinking if I get something in a touristy area like south Kerry or Cork, I could Airbnb an extra room or two. This would get me a bit of an income if I get the right property in the right location. Something is changing in the current property market though, I'm seeing a lot more properties for sale and sometimes prices are being lowered. Lots for sale at auction as well and even a couple of rentals were reduced. I'm hoping prices might start to come down in a year. Brexit will have an effect also so for now I've decided to wait a bit and keep an eye on the market and mull things over It's a pain to be in limbo like but I think it would be foolish to buy something right now, when the wind is changing.

    And any luck on the job front?
    Is there a possibility of employment if you move?


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  • Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    MrWyatt wrote: »
    After thinking about what everyone said I'm actually considering buying in the country now!

    Can only echo that this is good advice. There's an old saying 'neither a borrower or lender be' and whilst it has it's limits, there is a sound underlying wisdom in being as financially independent as possible. If you can buy outside expensive urban areas with little or no loan, you can save yourself a lot of worry. Other considerations arise of course, potential lack of public transport and general lack of services but these vary and are manageable.


  • Registered Users Posts: 1,953 ✭✭✭bilbot79




  • Registered Users Posts: 580 ✭✭✭waffleman


    4 bed bungalow 300 yards from beach in nice area:

    https://www.mccauleyproperties.com/agent/29751/property/613504/CARNAGARVE-MOVILLE-Donegal

    130k offer would take it


  • Registered Users Posts: 2,932 ✭✭✭Sniipe


    MrWyatt wrote: »
    After thinking about what everyone said I'm actually considering buying in the country now! I'm thinking if I get something in a touristy area ...

    Fair play to you MrWyatt, I've been following this thread and I'm delighted for you and your 2 kids. I firmly believe you are making a good choice. Great value for money to be had outside of Dublin. Get your kids (even yourself) involved in local community stuff (clubs) to make the move easier.

    Tourist places are also a great idea. All the best with the search and move. Exciting times ahead!!


  • Registered Users Posts: 43,017 ✭✭✭✭SEPT 23 1989


    Wexford Town is where I would be looking at


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