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Property Ladder 2020, New Home Owners

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    #32
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    Not at all, much better to continue renting and complain that your constitutional rights to a 4 bed semi-detached forever home in the burbs is being denied and it's all really rather unfair.

    We could of course continue as we are and just blame multiple successive governments for their inability to build half a million affordable semis inside the M50. That plan has worked out well so far.

    So it’s that or gamble on a "starter home"?


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    #33
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Don't panic. You'll be relieved to hear you can't buy a starter home.

    As a state we're not building any because smaller/more affordable homes are not mandated to any reasonable amount in any new developments and the population at large want the aforementioned semis.

    It appears we're going to continue to piddle around delivering nowhere near enough expensive semis while large amounts of the potential home-buying population are stuck renting or living at home with Mam n Dad.

    It's like we're doubling down on an experiment that isn't working and hoping for the best.


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    #34
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    Don't panic. You'll be relieved to hear you can't buy a starter home.

    As a state we're not building any because smaller/more affordable homes are not mandated to any reasonable amount in any new developments and the population at large want the aforementioned semis.

    It appears we're going to continue to piddle around delivering nowhere near enough expensive semis while large amounts of the potential home-buying population are stuck renting or living at home with Mam n Dad.

    It's like we're doubling down on an experiment that isn't working and hoping for the best.

    In that case, I’m surprised you aren’t suggesting to buy a home with a sibling, sit on it, then flip it in a few years and both be able to buy a "starter home" each then.


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    #35
    Shelga
    Registered Users Posts: 3,002 ✭✭✭Shelga


    I also find there is a lot of conflicting advice given regarding "starter homes" (a term I also find depressing)- either: get on the ladder, or- don't even consider buying a home you wouldn't live in for the rest of your life.

    There is no option for single people in Dublin but to buy a "starter home". That's if they can somehow scrape a deposit together- extremely difficult without family help, or living at home for 3-4 years.


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    #36
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    In that case, I’m surprised you aren’t suggesting to buy a home with a sibling, sit on it, then flip it in a few years and both be able to buy a "starter home" each then.

    I'd struggle to think of a worse idea to be honest.


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    #37
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    I'd struggle to think of a worse idea to be honest.

    I’m surprised it’s not the same mantra as below.
    Graham wrote: »
    Buying something more affordable until careers progress and some of the mortgage has been paid down and equity built up before moving on to something larger/higher priced. Sounds quite traumatic.


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    #38
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Ticking and Bashing wrote: »
    I'm constantly looking at the accommodation and property threads here! My obsession has gotten out of control since covid19! For a single buyer it's incredibly difficult to own your own home in a relatively nice location. I'm getting tired of paying almost 1000eur each month on house share rent. For me the dream is a small bungalow, Dublin / Kildare, with side entrance, a garden and a clear boundary with the neighbours, ideally close to a nice park / walking route! The kitchen and living areas having good amount of sunlight would be perfect. I've been tracking some properties on homebid.ie and watching bids going 40k over asking price. It's absolutely insane. I'm new to the property search so still researching areas, house buying process, mortgages etc. It's a lot to take in!

    Auctioneera would have a bigger selection of properties
    Daft and Myhome would be the 2 main sites for house purchases


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    #39
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    I’m surprised it’s not the same mantra as below.

    Bit of conclusion jumping on your part I'm afraid.

    I think shackling yourself financially to a mortgage/property with anyone other than a partner is a supremely dumb idea.


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    #40
    Yellow_Fern
    Registered Users Posts: 2,578 ✭✭✭Yellow_Fern


    Graham wrote: »
    Bit of conclusion jumping on your part I'm afraid.

    I think shackling yourself financially to a mortgage/property with anyone other than a partner is a supremely dumb idea.
    It can cause a lot of stress and issues but if you have a very clear rock solid relationship like many siblings do then its feasible.
    Graham wrote: »
    It appears we're going to continue to piddle around delivering nowhere near enough expensive semis while large amounts of the potential home-buying population are stuck renting or living at home with Mam n Dad.

    It's like we're doubling down on an experiment that isn't working and hoping for the best.

    Seems to be a fair amount of apartments being built around the edge Dublin these days.


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    #41
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    Bit of conclusion jumping on your part I'm afraid.

    I think shackling yourself financially to a mortgage/property with anyone other than a partner is a supremely dumb idea.

    Not much of a jump though. You’re still gambling.


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    #42
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Yellow_Fern wrote: »
    It can cause a lot of stress and issues but if you have a very clear rock solid relationship like many siblings do then its feasible.

    To each their own. Problems generally arise later in the arrangement when one sibling wants to move on, move a partner in, buy a home with a partner, sell the house, rent out their room, loses a job, wants to go travelling for a year.

    If you can make it work, fair play to you.
    Yellow_Fern wrote: »
    Seems to be a fair amount of apartments being built around the edge Dublin these days.

    Yup. Mostly for the REITs.


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    #43
    The Wordress
    Closed Accounts Posts: 198 ✭✭The Wordress


    I really thought 2020 would be my house buying year but I'm not hopeful at the moment. Our mortgage application with my own bank was 90% there in March. Covid really upset the apple cart for us. My husband's job is just about hanging on. I have a good salary and savings but my husband is a disaster with money. He is pushing 40 with no savings. He also had a loan that he missed repayments on last year. The bank that our mortgage broker applied to, dug a little deeper with his credit rating and were not happy with the missed repayments. Understandable. We're stuck in limbo waiting for statements to send on to broker to send to ICS. Hopefully we will know in a week or 2.

    Anyway, I dunno if it's a divorce or a mortgage I want at this stage :mad: :D


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    #44
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    hurikane wrote: »
    Starter home also makes me feel ill. The thoughts of having to buy a house, hoping for capital appreciation, then buying another house. Then maybe doing the same again.

    The last thing you are hoping for is capital appreciation.

    Some idiots during the last boom thought it was great. They were usually the ones who lost big in the recession.


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    #45
    mojesius
    Registered Users Posts: 4,324 ✭✭✭mojesius


    The Wordress wrote: »
    I really thought 2020 would be my house buying year but I'm not hopeful at the moment. Our mortgage application with my own bank was 90% there in March. Covid really upset the apple cart for us. My husband's job is just about hanging on. I have a good salary and savings but my husband is a disaster with money. He is pushing 40 with no savings. He also had a loan that he missed repayments on last year. The bank that our mortgage broker applied to, dug a little deeper with his credit rating and were not happy with the missed repayments. Understandable. We're stuck in limbo waiting for statements to send on to broker to send to ICS. Hopefully we will know in a week or 2.

    Anyway, I dunno if it's a divorce or a mortgage I want at this stage :mad: :D

    Would you have enough to apply just with your own salary/savings? My husband minds our daughter and only works weekends. He missed about 10 weeks last year due to an op which the banks flagged so we just went with my salary to avoid complications. He's still on the mortgage application but they don't need anything related to his accounts as we're using all my earnings/savings accounts. Not sure if this would work or if the red flag for the loan would still be an issue but maybe worth checking!


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    #46
    firstlight
    Registered Users Posts: 336 ✭✭firstlight


    Trying like everyone else to get a place. It is depressing as f***

    In an ideal world a small dog box in laoise or Carlow. A renovation job with hopefully an acre of land. I'm more interested in space than the house. I'm from Dublin and need out of the concrete jungle


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    #47
    John Hutton
    Closed Accounts Posts: 1,301 ✭✭✭John Hutton


    Have a budget of about 160 to 200k. (Will be buying by myself) Work in Dublin city centre, obviously won't get something there, so I'll be looking further north on the train line, Drogheda probably, which is pushing my "hour from work" rule. But what can I do?

    Will probably end up with a three bed semi, ex council built house. Will be some challenges here, crap BER rating among them but at least will be a solidly built house! Hoping for one with a decent garden where I can put up a decent shed as a little workshop. Don't mind a bit of a "doer upper" where it needs modernisation. It needs to be livable though, where I can do a room at a time while I live there.

    Have my deposit saved, just going to wait and see what happens with the market, won't be buying until next year.

    Lucky in that I'm only paying 400 a a month in rent at the minute and have a job which will not be affected by covid.


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    #48
    The Wordress
    Closed Accounts Posts: 198 ✭✭The Wordress


    mojesius wrote: »
    Would you have enough to apply just with your own salary/savings? My husband minds our daughter and only works weekends. He missed about 10 weeks last year due to an op which the banks flagged so we just went with my salary to avoid complications. He's still on the mortgage application but they don't need anything related to his accounts as we're using all my earnings/savings accounts. Not sure if this would work or if the red flag for the loan would still be an issue but maybe worth checking!

    Could you tell me who you applied to for your mortgage?

    Yes, that is the road we are going down... Using my salary and savings to apply for a mortgage as a single income family. The bank still wanted to see my husband's bank account and the broker still thinks we won't get a mortgage if the bank isn't happy with the missed repayments as we are jointly assessed as such.

    The way things are going, I wouldn't mind waiting the next 6 months out. It is a gamble with not getting credit too though.


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    #49
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    First time buyer here and just got the keys to our new build home. We have a joint mortgage and applied for htb jointly also.


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    #50
    em_cat
    Registered Users Posts: 1,292 ✭✭✭em_cat


    Graham wrote: »
    Bit of conclusion jumping on your part I'm afraid.

    I think shackling yourself financially to a mortgage/property with anyone other than a partner is a supremely dumb idea.

    I use to think that, however my OH did that with his sister and it’s worked out fine, giving us a place to live during the recession while she built up her career abroad, has ensured she had a place to live to when she returned and when we move, of which we will be within a year as we’ve just bought an infill site and about to go for planning. Or they can decide to sell, neither is interested in becoming landlords. Will caveat that you’d need a pretty solid relationship though.


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    #51
    mojesius
    Registered Users Posts: 4,324 ✭✭✭mojesius


    The Wordress wrote: »
    Could you tell me who you applied to for your mortgage?

    Yes, that is the road we are going down... Using my salary and savings to apply for a mortgage as a single income family. The bank still wanted to see my husband's bank account and the broker still thinks we won't get a mortgage if the bank isn't happy with the missed repayments as we are jointly assessed as such.

    The way things are going, I wouldn't mind waiting the next 6 months out. It is a gamble with not getting credit too though.

    We went with PTSB through a broker.

    I know, it's such a tricky time to buy. I doubt banks will get any tougher than they currently are and prices may go down in some areas in the next year.

    Best of luck with whatever you decide to do!


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    #52
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    John Hutton wrote: »
    Have a budget of about 160 to 200k. (Will be buying by myself) Work in Dublin city centre, obviously won't get something there, so I'll be looking further north on the train line, Drogheda probably, which is pushing my "hour from work" rule. But what can I do?

    Will probably end up with a three bed semi, ex council built house. Will be some challenges here, crap BER rating among them but at least will be a solidly built house! Hoping for one with a decent garden where I can put up a decent shed as a little workshop. Don't mind a bit of a "doer upper" where it needs modernisation. It needs to be livable though, where I can do a room at a time while I live there.

    Have my deposit saved, just going to wait and see what happens with the market, won't be buying until next year.

    Lucky in that I'm only paying 400 a a month in rent at the minute and have a job which will not be affected by covid.

    https://www.daft.ie/dublin-city/property-for-sale/dublin-5,dublin-city-centre,north-co-dublin,north-dublin-city/?s%5Bmxp%5D=200000&s%5Bmnb%5D=2&s%5Badvanced%5D=1&searchSource=sale
    Over 90 properties with at least 2 beds in the Dublin area in your budget


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    #53
    John Hutton
    Closed Accounts Posts: 1,301 ✭✭✭John Hutton


    brisan wrote: »
    https://www.daft.ie/dublin-city/property-for-sale/dublin-5,dublin-city-centre,north-co-dublin,north-dublin-city/?s%5Bmxp%5D=200000&s%5Bmnb%5D=2&s%5Badvanced%5D=1&searchSource=sale
    Over 90 properties with at least 2 beds in the Dublin area in your budget
    If you look at houses the majority are in Balbriggan (which is little different to Drogheda in terms of train commuter times - the Belfast Dublin express) or in very bad areas in Dublin.


    The only decent house outside of the above is one for 190 in Rush (which would be great!), which suffers from pyrite!


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    #54
    Ticking and Bashing
    Registered Users Posts: 107 ✭✭Ticking and Bashing


    Are people going for house viewings these days and how are they going for you? the online / virtual viewings are actually quite good and very useful.

    There were a few properties I was interested in in Kildare, which had some extensions / modifications etc. Out of curiosity I checked the online county councils planning sections only to find that the planning permissions weren't initially obtained, and planning permission retainers / retention now being applied for! I can imagine the solicitors would check this anyways!

    Still trying to get my head around various pricing strategies used. Seeing lots of upward and downward movements on property price register v's asking price!


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