Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Living with parents \ Buy or wait

Options
2»

Comments

  • Options
    #32
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    KnowingWind wrote: »
    I have mortgage approval for 265k and a deposit of 370k saved.
    Inheritance? Small windfall? To say its saved is a bit misleading. On a salary of 65-70k it would take maybe 10-13 years? And you couldn't have started on that salary! :pac:

    If i were in your shoes, no kids, I'd mortgage a simple 2-3 bed (300k+) and get a small 1/2 bed apartment in south of Spain/Portugal/canaries.

    If you wait and wait, time will soon be up.


  • Options
    #33
    KnowingWind
    Registered Users Posts: 30 ✭KnowingWind


    Taylor365 wrote: »
    Inheritance? Small windfall? To say its saved is a bit misleading. On a salary of 65-70k it would take maybe 10-13 years? And you couldn't have started on that salary! :pac:

    If i were in your shoes, no kids, I'd mortgage a simple 2-3 bed (300k+) and get a small 1/2 bed apartment in south of Spain/Portugal/canaries.

    If you wait and wait, time will soon be up.


    No windfall.


  • Options
    #34
    KnowingWind
    Registered Users Posts: 30 ✭KnowingWind


    mousblaster17 wrote: »
    Dublin? I felt exactly the same when I viewed my first place, at least in Dublin. Shock to the system. You'll desensitise to it if you actually really do want to buy.

    It is what is unfortunately.

    If it's Dublin you're looking in and you want a decent area, you'll have to cough up for it.

    Supply and demand and all that...


    Yes Dublin, but Im now considering going outside Dublin.
    My job is suitable for wfh at least half the week and cant see that changing.


  • Options
    #35
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    I would buy and take out a small mortgage, leaving me with some cash. At the moment your cash is doing nothing for you anyway. Its just sitting there.

    Choose a location you want to buy in.
    How long do you want to live in the new place for? 3-5 years or longer? That would influence the property type a little.

    Do you want to invest some of the money you have?

    Property prices go up and down, its never really that relevant unless your selling. So if your planning to stay longer term you can absorb a little more fluctuation with prices.

    As a side note, moving out would give your mum her house back and you some independence. Its a win win


  • Options
    #36
    zeebre12
    Registered Users Posts: 537 ✭✭✭zeebre12


    KnowingWind wrote: »
    No windfall.

    Did you get left money? What do you work at? 370k is a huge amount of money to have saved.


  • Advertisement
  • Options
    #37
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    if the right place pops up in your budget, don't hesitate.

    We bought over a year ago, and nothing in our budget has appeared on daft since that interests me.

    A house is a longterm investment, and to be honest I don't see a crash in prices happening. There's too much demand compared to supply so even with all those impacted by lockdown, there's plenty who weren't who are still mortgage approved.

    So OP, if something comes up that interests you, go for it.


  • Options
    #38
    uli84
    Registered Users Posts: 1,667 ✭✭✭uli84


    Unless your parents really want you to stay I’d buy either with cash or small mortgage and move out. I think it’s high time since you can afford it.


  • Options
    #39
    Divisadero
    Registered Users Posts: 311 ✭✭Divisadero


    zeebre12 wrote: »
    Did you get left money? What do you work at? 370k is a huge amount of money to have saved.

    How is that relevant? The op has the cash I would have though how he/she got it is their own business.

    OP if you decide to hold off I wouldn't wait any longer than a year or you might never move. Set a time limit and stick to it. I would buy cash only unless your job is very secure e.g. public service.


  • Options
    #40
    bobbyy gee
    Banned (with Prison Access) Posts: 1,306 ✭✭✭bobbyy gee


    Wait covid will kill the market


  • Options
    #41
    Danzy
    Registered Users Posts: 13,262 ✭✭✭✭Danzy


    bobbyy gee wrote: »
    Wait covid will kill the market

    Doesn't look like that is happening.


  • Advertisement
  • Options
    #42
    Geuze
    Registered Users Posts: 13,072 ✭✭✭✭Geuze


    Princess Consuela Bananahammock wrote: »
    If there's no recession, the value (hopefully!) grows and you can sell and upscale if the oppertunity arises.

    If???

    The recession started in March 2020.

    It was very sharp. Many jobs lost.

    It should be over by now, we will know for sure when the Q3 data is released.

    We are in the recovery phase now.


    Overall, the 2020 recession is very bad:

    https://www.gov.ie/en/press-release/4b5e5-minister-donohoe-publishes-economic-forecasts-that-will-underpin-budget-2021/


    The Department of Finance’s Budget 2021 forecasts show that both Covid-19 and a disorderly end to the ‘transition period’ will have a significant impact on the Irish economy;

    Modified domestic demand – proxy for domestic economy to fall by -6.5 per cent this year;

    GDP is projected to fall by -2.5 per cent in 2020 and to grow by only 1.4 per cent in 2021;

    Impact of Covid-19 on GDP is less than previously expected, mainly due to the resilience of Multi-National Company (MNC)-dominated exports, however the hit to the domestic economy has been severe;

    Employment set to fall by 13.8 per cent this year this with an annual average unemployment rate of just under 16 per cent this year, and 10.7 per cent in 2021;

    Economic forecasts have been endorsed by the Irish Fiscal Advisory Council.





    So although the fall in GDP will be less than expected, to see the effect on the domestic economy look at the employment figures, very bad.


  • Options
    #43
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    Can you find a place you're happy to live in for the next few years with your savings? If you can, then buy somewhere but on the understanding that you might lose some value in the medium term. Or save another few quid and start looking again the Spring?


  • Options
    #44
    Danzy
    Registered Users Posts: 13,262 ✭✭✭✭Danzy


    https://www.businessworld.ie/financial-news/Irish-savings-hit-another-record-high-in-July--574400.html

    Jaw dropping savings accumulating this year.

    19bn since March. Just under 4.5bn alone in July.

    That's enough to buy every house built this year for 450k.(19bn)

    Nevermind that house builds have slowed down while demand has not.

    There is not one thing to suggest a steep house price fall.


  • Options
    #45
    KnowingWind
    Registered Users Posts: 30 ✭KnowingWind


    Danzy wrote: »
    https://www.businessworld.ie/financial-news/Irish-savings-hit-another-record-high-in-July--574400.html

    Jaw dropping savings accumulating this year.

    19bn since March. Just under 4.5bn alone in July.

    That's enough to buy every house built this year for 450k.(19bn)

    Nevermind that house builds have slowed down while demand has not.

    There is not one thing to suggest a steep house price fall.


    The real question is how concentrated these savings are.


  • Options
    #46
    Danzy
    Registered Users Posts: 13,262 ✭✭✭✭Danzy


    KnowingWind wrote: »
    The real question is how concentrated these savings are.

    It would be interesting, we do know that 90% will have nothing close to your impressive savings. You have a level of security and resources that very few people applying for a first mortgage have and savings that mist will never have after a long life of hard work.

    I think your bigger problem is the way you look at things, that's the biggest threat to you, more than any house price drop. No comparison in fact.

    Are you an anxious person?

    I'm not being judgemental here, I've had a breakdown once, there is a psychological block here, maybe its fear, guilt of leaving home.

    It's more than just money.


  • Options
    #47
    Casati
    Registered Users Posts: 3,013 ✭✭✭Casati


    With a recession started, cities becoming less popular globally, practically no travel, huge government debt that will have to be paid back, massive rates of employment etc, almost all of us are going feel a lot of financial pain for a long time.

    I moved into a new house a year ago but if I had my time back I’d hold tight and wait for the arse to fall out of the property market. Remember those with a vested interest talked up the market the last time, yet it fell up to 70%. Many of those with a vested interest will be talking it up again

    Fair play to having such massive savings in your mid 30’s, that’s a lot of cash that I’m sure was hard earned so you need to look after it and not risk it on property


  • Options
    #48
    Danzy
    Registered Users Posts: 13,262 ✭✭✭✭Danzy


    Casati wrote: »
    With a recession started, cities becoming less popular globally, practically no travel, huge government debt that will have to be paid back, massive rates of employment etc, almost all of us are going feel a lot of financial pain for a long time.

    I moved into a new house a year ago but if I had my time back I’d hold tight and wait for the arse to fall out of the property market. Remember those with a vested interest talked up the market the last time, yet it fell up to 70%. Many of those with a vested interest will be talking it up again

    Fair play to having such massive savings in your mid 30’s, that’s a lot of cash that I’m sure was hard earned so you need to look after it and not risk it on property

    There are many ways to skin a cat. He could buy a place for 400, 250 down 150 borrowed, still have 125 in cash, his phenomenal saving ability will not change.

    Setting forth on his own and living life to his best chance is the concern now.


  • Options
    #49
    KnowingWind
    Registered Users Posts: 30 ✭KnowingWind


    Casati wrote: »
    With a recession started, cities becoming less popular globally, practically no travel, huge government debt that will have to be paid back, massive rates of employment etc, almost all of us are going feel a lot of financial pain for a long time.

    I moved into a new house a year ago but if I had my time back I’d hold tight and wait for the arse to fall out of the property market. Remember those with a vested interest talked up the market the last time, yet it fell up to 70%. Many of those with a vested interest will be talking it up again

    Fair play to having such massive savings in your mid 30’s, that’s a lot of cash that I’m sure was hard earned so you need to look after it and not risk it on property


    Yes, this is big concern.


    My goal is to be as debt free as possible, I dont like having debt around my neck.
    So, if I can hold and get a house I really want for much cheaper debt free it obviously be ideal.


    I dont think there is much risk of prices rising. But as other have said, eager to get my own place all the same.


  • Options
    #50
    KnowingWind
    Registered Users Posts: 30 ✭KnowingWind


    Danzy wrote: »
    It would be interesting, we do know that 90% will have nothing close to your impressive savings. You have a level of security and resources that very few people applying for a first mortgage have and savings that mist will never have after a long life of hard work.

    I think your bigger problem is the way you look at things, that's the biggest threat to you, more than any house price drop. No comparison in fact.

    Are you an anxious person?

    I'm not being judgemental here, I've had a breakdown once, there is a psychological block here, maybe its fear, guilt of leaving home.

    It's more than just money.


    Not at all, I have lived abroad and way family home for majority of adult life.


Advertisement