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Looking for some advice on my situation

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  • 28-10-2018 8:11pm
    #1
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭


    This post has been deleted.


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    #2
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    sashafierce wrote: »
    Excuse my naivety on the subject I've only thought about buying in the last month. Currently working and renting in Dublin. Paying a small fortune. I have approx 17k saved but since rent went mad in Dublin I haven't been able to add to this in the last 12-18 months. I am considering moving back to my parent place for about 18 months to save. Meaning an hour commute to work but I don't mind that. I've estimated this would allow me to have about 30k by Christmas 2019 (maybe march 2020)
    So, does anyone think prices may have dropped by then?
    Would it even be feasible for me to buy on one income with that deposit?
    Am I looking at finding myself stuck in my parents place then with rent going up more and me not being able to afford to move back.
    Obviously no one knows for sure just wondering if the wiser of us have any tips?

    It’s also about your salary. If your on on 50k a year this means you can borrow 50x3.5= 175

    This along with 30k in saving means you could afford a house for around 200ish. Is this doable in the area you want to buy in?dublin is quite pricey so you might need to look further afield.

    Nobody has a crystal ball however the only reason why prices would fall would be if the world has another economic downturn such as Brexit, trade wars etc. if this happens. Prices will fall however at the same time, there will also be a credit crunch and unless your squeaky bum clean. You might not be able to even borrow the above figures


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    #3
    fritzelly
    Registered Users Posts: 17,307 ✭✭✭✭fritzelly


    If you don't mind the hour commute than go outside Dublin and get something for a lot less money.
    You will always be chasing that house by spending another year saving money for a deposit in Dublin


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    #4
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #5
    Cyrus
    Registered Users Posts: 19,755 ✭✭✭✭Cyrus


    sashafierce wrote: »
    I don't mind the hour commute for a year or so. Not an option forever. I already work outside the city but want to be able to move jobs if ever needed.

    Ideal place to buy would be somewhere like Lucan. Since I don't make 50k a year does this mean I'm basically discriminated against for not being in a couple? So only individuals in top end jobs will ever be able to buy?
    Because there's not enough pressure on single females to "find someone" uuuugh

    Discriminated against?

    Hardly, you salary whatever it is just doesn't support owning your own property in Dublin .

    You want to stay in Dublin then rent until that changes or move out of Dublin and buy elsewhere .


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    #6
    fleet
    Registered Users Posts: 546 ✭✭✭fleet


    A few points:

    Prices will drop once there are more sellers than buyers, selling into what ever areas serve the same city. We're not close to that point in Dublin.

    Given that people buying @4-500k to commute 90+ minutes to Dublin at the moment (Waverly/Ternlee etc.) to we're probably still some years away from affordable stock in Dublin, even second hand in the rougher areas.

    This isn't single person discrimination, and it certainly isn't female discrimination. It's just how the market works post crash. Richer people live in the expensive areas, and right now those extend beyond 1 hour commute of Dublin.

    Stick it out few years and you will get your property. The reason I can say this is that it will still be profitable to build houses and apartments at 200k within an hour of Dublin once ALL other buyers with more capital have been served. Source: I'm renting in a 2 bed bought new in 2012 for 165k one hour from Dublin.

    A crash will also drop prices, but the "ring fence" the IMF made us put in around commercial banking would have to hold.

    Alternativly just emigrate, it's what I'm doing.


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    #7
    volchitsa
    Registered Users Posts: 7,025 ✭✭✭volchitsa


    sashafierce wrote: »
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    What about buying with a friend? People do that in London, the idea being that in a few years either one of the two buys out the other or both sell and move on.


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    #8
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    Add your name to local authority affordable housing lists.


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    #9
    power pants
    Registered Users Posts: 2,907 ✭✭✭power pants


    sashafierce wrote: »
    I don't mind the hour commute for a year or so. Not an option forever. I already work outside the city but want to be able to move jobs if ever needed.

    Ideal place to buy would be somewhere like Lucan. Since I don't make 50k a year does this mean I'm basically discriminated against for not being in a couple? So only individuals in top end jobs will ever be able to buy?
    Because there's not enough pressure on single females to "find someone" uuuugh


    Discriminated?? That’s ridiculous

    Apply to rebuild Ireland scheme and be more proactive. You potentially tick all the boxes for getting a mortgage that you require


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    #10
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    volchitsa wrote: »
    What about buying with a friend? People do that in London, the idea being that in a few years either one of the two buys out the other or both sell and move on.

    The banks are most unlikely to finance such a situation. These situations turned into a nightmare when properties went into negative equity.


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    #11
    super_furry
    Registered Users Posts: 27,322 ✭✭✭✭super_furry


    sashafierce wrote: »
    This post has been deleted.

    You’re discriminated against in that same way that I’m discriminated against when I want to buy a Maserati.


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    #12
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #13
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #14
    power pants
    Registered Users Posts: 2,907 ✭✭✭power pants


    sashafierce wrote: »
    Also, according to the AIB calculator I could get a house for 260k with a deposit and pay approx the same as I'm paying in rent now. Yet if I'm able to pay mad rent on time without issue why not allow me to have a mortgage???

    Talk to aib then and ask them


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    #15
    Bluefoam
    Registered Users Posts: 7,718 ✭✭✭Bluefoam


    I currently live in Dublin suburbs only 5k from the city center, I have a 1.5 hour commute...


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    #16
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    Remember too that whatever your deposit is, you'll need about the same amount again to furnish the house.

    I sympathise OP. It's definitely easier afford a house and incidental costs when there are two incomes rather than just one.


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    #17
    Cuddlesworth
    Registered Users Posts: 13,981 ✭✭✭✭Cuddlesworth


    sashafierce wrote: »
    This post has been deleted.

    Did you fill it out correctly? I just went onto it and it spit out 3.5 times income. The above implies you are earning 67k a year.


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    #18
    TG860
    Registered Users Posts: 132 ✭✭TG860


    sashafierce wrote: »
    This post has been deleted.

    Because a commitment to pay X amount per month while you rent a place isn't the same as a commitment to borrowing hundreds of thousands of euro over 30 years.
    What if a recession hits and you go into negative equity/lose your job? What about all of the additional costs of home ownership over and above the mortgage payment?
    It's not as simple as saying I pay the same amount in rent at this moment in time, therefore I should be able to borrow more money than is prudent.


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    #19
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #20
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    sashafierce wrote: »
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    If you like commuting by bus, yes.
    sashafierce wrote: »
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    Wut?
    super_furry wrote: »
    You’re discriminated against in that same way that I’m discriminated against when I want to buy a Maserati.
    Things are bad when you can't buy a Fiat :pac:
    sashafierce wrote: »
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    It depends on how much percent of your wage goes towards rent. Some people stretch themselves too far to rent.

    For example, when you say
    sashafierce wrote: »
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    a bank may see that you cannot save after paying your current rent, and thus you may not be able to afford the mortgage if the rates increased slightly.
    sashafierce wrote: »
    This post has been deleted.
    "Majority of people" - where did you get that figure from?


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    #21
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #22
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    sashafierce wrote: »
    I just calculated the payments on a house worth 250k with a 25k deposit over 30/35 years and the repayments were 1000approx a month. I pay almost that in rent currently....

    That's not how approvals for mortgages work though?


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    #23
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #24
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #25
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    sashafierce wrote: »
    I'm aware I'm just saying you could give some with a salary of 150k a mortgage and they could easily lose their job too. It's frustrating is all

    You don't seem to be thinking straight tbh. You've been told how calculations for mortgages work. The fact you are single and do not have a high income is what is impeding you.


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    #26
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    Could you get a job elsewhere and not have to buy in Dublin? Realistically, unless you increase your salary in a significant way or you meet someone else, you're going to struggle to buy. If another crash comes, house prices will drop but it may also get harder to get a mortgage.


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    #27
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #28
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #29
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    sashafierce wrote: »
    Yeah but that's what annoys me. The fact I'm single is impeding me. I spent the most part of my 20s saving and now it's like I've no options to own until I climb the ladder in work which could take ten years

    Have you looked into the help to buy scheme?


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    #30
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    sashafierce wrote: »
    I'm on a decent wage for my line of work and I'm happy in my job so don't wanna leave. It's just upsetting that I've been saving for the most part of my 20s and not I'm at a bit of a dead end

    I appreciate your frustration but that is the situation we are in re. mortgage lending at the moment. The banks flung money at people who didn't have the capacity to repay it for large parts of the 2000s and it ended up in disaster.


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    #31
    Bluefoam
    Registered Users Posts: 7,718 ✭✭✭Bluefoam


    Unfortunately there is big international business effecting the market. Giant landlords in control of large portions of housing stock and renting them to the masses. The future for young people is to rent for life. The majority of people will be in that situation from here on. Some lucky people will inherit or earn enough to avoid it, but home ownership is under threat.

    Personally, I'm doing everything I can so that I'm not one of those left behind.


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