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14-09-2018, 20:37   #1
Loveache
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Tell me your stories about buying alone.

Just that really. I'm going into a permanent job soon. I am sick to absolute f of renting ****holes. I'd like to buy. (In Dublin). I have done the sums and I think in three years I could save 18-20k. I'm single atm and I'm not counting on meeting anyone. Obv depending on a bit of a bubble-burst too. Is this really unrealistic? I have no possibility of handouts either. Very worried. If I'm still forced to rent a dog box at 800+ in three years time I'm looking at leaving Ireland. Mid thirties and these are the years!
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14-09-2018, 20:42   #2
GingerLily
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What's your salary?
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14-09-2018, 20:46   #3
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What's your salary?
It'll be low to start (24) but I work on the side creatively. And the job has increments. Obviously looking for central bank exception too. However I'm fit and healthy and I don't want kids and the job is solid.
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14-09-2018, 20:55   #4
LirW
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Are you aware of the amount you could borrow? If you're on 30k in 3 years, you can borrow 105k plus whatever you have as deposit. Might be difficult to find something reasonable for that money in Dublin.

Just to put it into perspective, there's a reason why people are severely unhappy with how the market is, low earners can either rent, commute or both.
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14-09-2018, 20:58   #5
TheBully
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In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand
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14-09-2018, 21:03   #6
Loveache
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Are you aware of the amount you could borrow? If you're on 30k in 3 years, you can borrow 105k plus whatever you have as deposit. Might be difficult to find something reasonable for that money in Dublin.

Just to put it into perspective, there's a reason why people are severely unhappy with how the market is, low earners can either rent, commute or both.
Yes: I'd be hoping for a Central Bank loan to value exception. There are a lot of variables. But the way I see it, I will be paying more than the would-be repayments on rent now for years. And saving. If I don't meet a partner that I'd want to buy with I don't see why it should be off-limits for someone alone.
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14-09-2018, 21:05   #7
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In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand
If buying is still inaccessible (for a person alone without a handout) in three years time, even though I will have that amount saved, I'd be taking it and me elsewhere.
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14-09-2018, 21:06   #8
foxatron
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In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand

They'll have 18k deposit in 3 years time to put towards buying a house. If they can't buy a house then they'll leave Ireland. Straight forward enough really.
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14-09-2018, 21:08   #9
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Had a meeting with a mortgage advisor last month to discuss this. Also looking to buy solo in Dublin. Key points were:
Max loan 3.5 times salary, exemption is possible up to 4.5 but need to make a good case - permanent employment, secure role, good deposit
Will only lend 75% of value for a one bed, up to 90% for a two bed

Based on my salary and current savings I would be able to get a property at around the €200k mark. Take a look at daft and see how few options are available at that level. An exemption @ 4.5 times salary would get €250k, but again any reasonably good property will involve a long commute.

Definitely start saving regularly and set yourself some targets, but your probably looking a 5 years or more before you will be in a position to buy (in Dublin at least).
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14-09-2018, 21:10   #10
TheBully
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Not being funny but why are you living in Dublin paying almost 10k a year in rent when you only take home less than 24k from your day job?
Surely you could get a job anywhere in the country that pays more than that without the Dublin overheads
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14-09-2018, 21:11   #11
GingerLily
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Yes: I'd be hoping for a Central Bank loan to value exception. There are a lot of variables. But the way I see it, I will be paying more than the would-be repayments on rent now for years. And saving. If I don't meet a partner that I'd want to buy with I don't see why it should be off-limits for someone alone.

You're unlikely to get an exemption at such a low wage considering the repayments and your take home pay.

A property in Dublin CC for anyone on 30k as a single applicant is scraping the barrel.

You'll need to work on your income or change location.
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14-09-2018, 21:23   #12
Loveache
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Not being funny but why are you living in Dublin paying almost 10k a year in rent when you only take home less than 24k from your day job?
Surely you could get a job anywhere in the country that pays more than that without the Dublin overheads
That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.
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14-09-2018, 21:23   #13
Loveache
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That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.
A big commute is also really expensive fwiw.
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14-09-2018, 21:27   #14
Loveache
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Originally Posted by Humour Me View Post
Had a meeting with a mortgage advisor last month to discuss this. Also looking to buy solo in Dublin. Key points were:
Max loan 3.5 times salary, exemption is possible up to 4.5 but need to make a good case - permanent employment, secure role, good deposit
Will only lend 75% of value for a one bed, up to 90% for a two bed

Based on my salary and current savings I would be able to get a property at around the €200k mark. Take a look at daft and see how few options are available at that level. An exemption @ 4.5 times salary would get €250k, but again any reasonably good property will involve a long commute.

Definitely start saving regularly and set yourself some targets, but your probably looking a 5 years or more before you will be in a position to buy (in Dublin at least).
That's actually really helpful that you can get a better deal for a two bed than a one bed. I didn't know that. I suppose the possibility of renting out a room is a factor in that.
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14-09-2018, 21:32   #15
Loveache
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You're unlikely to get an exemption at such a low wage considering the repayments and your take home pay.

A property in Dublin CC for anyone on 30k as a single applicant is scraping the barrel.

You'll need to work on your income or change location.
Even on a flat? 😭
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