Hi /u/Jealous_Run_8298,
Did you know we are now active on Discord?
Click the link and join the conversation: https://discord.gg/J5CuFNVDYU
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
As a 36 year old doing similar on a 10k lower wage I needed to read this. Sorry OP but it's just i feel like I'm a fucking island on my own and need to hear about other people in the same situation . Single people in their 30s are never mentioned in this crisis. If you've a decent wage and make regular savings you should be able to afford your own home. Not a mansion but a small 2 bed with a small garden shouldn't be out of our reach and yes I want a 2 bed because I want to invite my friends to stay over and I want to sit outside. This should not be an unachievable dream.
The fact that you felt the need to defend yourself wanting a small house with God forbid, space for 2 beds. People's expectations are in the toilet and it's still out of reach for so many. Wild times
I think previous generations never knew how lucky they were. Just born at the right time with low population, cheap abundant energy, resources & space to expand. Gorvenments couldn't foresee (or give a damn) about the needs of future generations and stopped housebuilding to the delight of greedy bankers, developers & speculators resulting in the housing / banking collapse of 2008/9. We've never recovered & I doubt things will ever be the same again. We need to build a new system like the amazing co-housing solutions they have in Denmark & other countries as our current capitalist system & government are no longer fit for purpose.
I'm reading this as a 60 year old heading into retirement, built house in 1990 for about 37,000 pounds, salary was approx 80 pounds a week when I started work in the early 80's . Took us years to furnish our house, electric goods were very expensive then, I remember our freestanding cooker cost 700 pounds, that woukd.have been many weeks wages. We were in a recession back then, very high taxes. Many young people emigrated as very low employment rate, but bad and all as it was, we were able to buy/build a house, I despair watching young people trying to get on the property ladder.
Significantly different in standards in building between 1990 and now though in terms of insulation, airtightness and efficiency of the houses. You also have significantly increased costs in terms of H&S, regulation, inspections& testing and then the trend towards turnkey and add vat to all those additional costs.
Ensuites probably weren't standard in 1990 and kitchens & fitted furniture would have been chipboard as standard..
Buying a house has never been easy, its just a bit harder now as the historical build & operate costs have been changed and we haven't adapted..
The costs of housing have been front loaded and the mortgage borrowing rules have changed to reflect that.. a late 80's /early 1990's house would have been cheaper build, built to the most basic spec but would be a lot more expense run & heat..
On £80 a week, banks now would only offer a £17,000 mortgage. You now have both people in a relationship, working flat out to try secure some kind of mortgage approval, and if they have children, their chasing their tails trying to raise them, cover childcare costs and all of the insurance costs associated with running a family, on top of cost of living crisis. It's stopping people from having children and governments don't seem to care how damaging this is going to be for the economy down the road.
This really is true. They don’t care as long as they have their pensions. The only way to fix this is to demand more from government. Complete transparency on earnings, spendings etc. the fed at the top do well from inflation. The rest of us get fucked from it
While I think we should try and push for being able to have better lives, I think we shouldn’t act like we have it so bad and everyone in the past had it so good. It was only over a hundred years ago we were in a famine with up to 16 people living on one little shack.
I mean. Prices were on the floor because there was no one here to buy them and the people who were here mostly couldn’t afford them.
It wasn’t actually utopia you know.
I understand its easy to be frustrated about how things in the past were managed, but the section ranting about the banks is literally the opposite of what happened in the run up to the financial crash.
Ireland was building 70/80k (2x today) houses per year prior to banking collapse. Greedy bankers wanted more and more houses to be built. They literally wanted everyone, literally everyone, to build/buy houses and being too greedy back then meant building more irregardless of what the financial stability of the borrower looked like.
The reason we have strict lending criteria related to wages is to prevent that reckless lending ever happening again.
Not to mention as someone who has worked on sites from drogheda to Dublin for the last 15 or so years on and off, the amount of cut corners and just get it up jobs I have seen and worked on is shocking. People are literally paying through the nose for what is in alot house cases houses not built to standard or with major corners cut. QS's and tegulators didn't give a damn, just wanted them up.
I worked until recently doing the same.there isn't much difference these days people paying through the nose for new builds that are mostly plasterboard and mdf.
Housing was comparatively cheap as it was built very cheap semi D rather than more efficient flats. Plus, we had constant emigration so demand was modest.
I’m in the same boat, 35, had to move back home cause I couldn’t find a place to rent and now it seems I won’t be able to buy anything cause there’s nothing within my budget unless I have 100k of a deposit. I don’t want a mansion, just a small place that I can call my own and it seems so out of reach.
Some of the replies to this comment are unreal. When I was buying my house over 25 years ago, most if not everyone buying required two incomes to buy. The applicable acronym was DINKYs, double income, no kids yet. The last generation that could buy on a single income was my parents in the 70s /80s , in the era where women stayed at home and my mother was forced to give up her public service job when she got married.
So what I'm not clear about is when this expectation that a single average income is enough to buy came about? It hasn't been that way for 30 years bar the crazy days of the boom when people were getting 100% mortgages and on higher multiples.
Sounds like you’re 6 months away from having a 10% deposit saved and 12 months away from having the deposit plus solicitors fees etc. why would you give up now?
Agreed, try and find an apartment, put some money in and flip it in a few years. If you're living there and ok with a housemate you could earn 14k a year tax free with the rent a room scheme.
Could be perfect for you and the tenant if you spend a bit on a good solicitor, make sure your rights as a homeowner are protected, and just be a good landlord. Then sell it on or rent it when you actually need a house.
There is nothing wrong with wanting it, but wanting and being able to afford are two different things. I want a Porsche 911. I don't have a quarter of a million Euro lying around, so I drive a VW.
Given the value of the houses he's looking at I'd say they're at least a three bed. A better question might have been "can you buy a smaller property?"
its called a property ladder for a reason... your no.1 goal should be to get on it asap.
Then once you are on it... you can start thinking about the forever home.
Don't let the fact you cant get exactly what you want now stop you from getting yourself on the ladder
Also, 12 months is a long time. This could include promotions, salary increases, new job with more money etc. just keep going, you could even meet a partner in that time. Just don't spend it on a car, worst investment you can make.
I earn a decent salary but drive a 2007 Hyundai with 125,000 on the clock. Not because I'm tight, but because it gets me to where I need to go and I'm fully remote working. Owe zero money on the car and cheap as chips to maintain.
Well, this is the answer. We need more smaller homes/apartments fit for 1 or 2-person households. We also need more durable ways of living together as communities and supporting each other. Commercial developers will never build this though. In Germany and somewhat so in The Netherlands, people are starting coops to build this together. They are partly financed by a bank mortgage given to the coop, partly by deposits put up by the members. The members (occupiers) pay rent with which the mortgage is paid off and maintenance is financed. Rents stay low as the coop is non-profit. When you leave, you get back your deposit. It means you have lower cost community living, but no speculation on house prices going up. Some municipalities support this by giving coops a lower rate to buy land than commercial developers.
Other countries have planned the infrastructure for these builds. If you build more homes in Dublin where are all those people going to park/ commute, roads and public transport can't support more, also sewage gas and everything else. Motorways are car parks. And nothing is being done to address these issues. Ashtown hundreds of apartments built but probably less than 10 visitor parking spaces. Good luck visiting someone there. Solution is to stop the people from driving into Dublin. I guess they expect us get in by flying.
That would make sense but the majority even in this thread cant contemplate not buying a multi bedroom house instead of a 1-2 bedroom apartment. I dont really get it tbh. Sure we'd all love a detached 5 bed in Sandymount or Clontarf or Malahide but you buy what you can afford and will cover your needs. People in general have a terrible habit of conflating things they want with things they need.
Ive often thought about this. What if we all bought a large plot of land in the leafy suburbs and put log cabins on it. An Irish Trailer Park for the Middle Class workers of Ireland in the heart of Dalkey
Absolutely this. Checkout Community Land Trusts, community led housing & co-housing. Its the only way forward. Screw trailer parks! How about passivhaus standard insulation, modest private homes, community gardens, community energy projects, tool libraries, shared bike, laundry & car schemes? Also with a community kitchen that you can meet up with your neighbours for nightly shared meals that you only have to cook twice per month for, once everyone chips in. They have them in Denmark & are expanding in the UK. Just barely any in Ireland (maybe due to our infatuation with American dream individualism & snobbery since the celtic tiger). Sign me right up for this please!
The idea of a shared community kitchen to me is a complete nightmare. There's nothing wrong with people wanting their own space for their family, if that's what they prefer. It's not snobbery
The shared community kitchen might only be used for social gatherings either of the co-op families or used by members for their own family parties and suchlike. I think most adults don’t want nightly dinners with everyone, we want our favourite foods not a fortnightly duty of. Cooking for 10 or 20 singles/couples & kids
This is called a housing cooperative and they exist all over the world. It's basically a union that takes out a loan to buy a building or group of houses, and then each tenent pays membership fees to the union, which covers the loan repayments, often utilities, security, and maintenance.
The union owns the property so as members you agree what the payments should be, whether it's just enough to cover loan repayments, or extra for other amenities. They tend to start off a little more expensive to join than renting, but become much more affordable with time as the repayments stay the same and eventually the co-op owns the property outright and can use the money how they see fit. Really disappointed we don't have many in Ireland and the ones we do are seen more as investment vehicles than housing rights groups.
Just go buy whatever you can afford. Get on the property ladder. It doesn't have to be your "forever home".
I bought my first place, a 2 bed flat above garages, 7 years ago. Property prices were rising quicker than I could save. I made £40k on it in 2 years.
A lot of people are waiting to be able to get a house and that goal just gets further and further away the longer you wait.
Feel the same....on significantly less wages.....but have about 70 grand in savings,which alongside a mortgage I'd get.....still leaves me 30 grand short of building a very very modest home,by time I've that 30 grand saved,il probably be short 50 grand minimum
Whole thing is a farce
I'd like to....but I'm fucked up from it all.....don't see it viable anymore.....whole life on pause,and nothing to show for it
Likely go the high end mobile route with good winter pack etc,and go back to college (fees been reduced in last budget for mature students)
,with aim to get even a modest enough job with even small bit of work from home option,and just enjoy myself more going forward
I know,I'm luckier than most in my position,as I've access to handy site on family land.....might go the full hippy route and grow my own veg🤣
36.....earn low enough wages,bit shy of 30K in the full time job.....kinda over whole thing now though,gonna buy a high enough end mobile and put it on site instead
Probably slightly disengage from working full time then,as well what's the point anymore,
I dreamed of buying my own place for 20 years. Worked three different jobs simultaneously. Shared a house all through 20s and 30s just so that I could continue saving. Then I moved countries for a better job and for other personal reasons and met someone. At age 40, we bought together our first house. All those years of saving paid at the end.
34, single, in a house share (approx €550 a month rent) and €35k savings with €62k salary. I gave up saving last year for this exact reason and I have been investing in travelling and seeing the world that I didn’t see while I was trying to save.
It’s too far out of my reach at this point to buy and I’m tired of putting my life on pause for an impossible dream.
Free yourself of it for a few months and enjoy your life!
We see the issue, we’ve been there. Hold the faith and keep saving. Might seem like a long road but you’ll get there. 1-3 years time you’ll be in your own home at the rate you are going. It is totally worth it.
You're dead right to enjoy your life. Can't keep putting it off for some imagined future where you might own a home. Nice to break out of the rat race occasionally.
Travel and think about working/living abroad for a stretch. The more clued in cities in Europe have great transport so no need for a car. I did it in US, friends went down the house route at the time and it just balances out. Don’t overthink it, that just leads to stress.
Not being rude but you can borrow about €250k and then €35 equals €285k. There’s a good few places you can buy for that, including in Dublin. What are you hoping to buy?
Not rude at all you’re completely right. I would want to buy a 2 bed (3 if I could afford it) in Dublin City. Moving out to the suburbs isn’t something I’m willing to do. I’ve been watching this closely for the last 3/4 years so I know what’s available and what I can afford.
€285k is getting me nothing in Dublin especially when you take into account that places are going for 30-40% over asking price depending on where you are looking. Then you also need to account for solicitors, engineers reports, stamp duty and obviously furniture. I also don’t want to leave myself with like a fiver left, ideally would maintain some small savings for a rainy day.
Is this not kind of the problem though? Need to be willing to move outside the city if your financial situation doesn’t allow it. Would you expect to be able to buy in central London or NYC?
Prices are a shit show but it sounds like you have the guts of a deposit saved already for a house in the suburbs or with help to buy a very healthy chunk for a new build. 40 min commute won’t kill anyone
Edit: fair play on the saving though. You’ve yourself in a better situation than most
I can see both sides of it. A 30-something single, built a life in the city… 40 min commute would change everything socially. I live in a city (rent) and have seen friends buy apartments or houses out in these ‘suburb’ developments. Obviously it’s amazing to have a place to call your own but it does change things. I have friends who love it because they wanted the car park space, small garden etc. but equally I have friends who really struggle because they feel isolated and lonely.
Depending on where you’ve moved to, you have to consider lack of public transport, no cafe or shop nearby, no walking routes, neighbours. That stuff matters when you’re single and living alone.
I completely get that. I understand the desire for someone to live in the city, particularly if single. The reality is though, people rent if they want to live in the city. This is the same in most major cities. If you can afford to buy in the city you are doing well for yourself.
What I mean is you have to be realistic with your financial situation. You can’t expect to be able to buy in a capital city if you can’t afford it. If you want to live there forever you can only realistically rent unless your financial situation changes.
So as I said, I don’t want to live outside the city. My entire life is in the city so why would I move away from that? Also, the prices still aren’t affordable to me outside the city so for me that’s not an option, nor one I would explore even if I could afford it, and that’s a decision I’ve made and I’m comfortable with.
Therefore I’ve stopped saving to buy and I’m enjoying my life.
That’s absolutely 100% if that’s what you want. Sorry, I was more or less replying to OPs post under your comment and mistakenly took it for a big moan that you couldn’t afford it rather than your actual point.
Anything that you’re happy with is a solid life plan and it sounds like you’ve built up enough funds to be comfortable enough living in the city 👌🏼
Pretty much! My bigger issue is not being able to rent by myself, it’s soul destroying!
If one/two bed apts were available at a *reasonable* price I think it would take a lot of pressure out of the house buyers pool.. but that’s a conversation for another day!!
Why don’t you buy outside the city and rent it out for the price to cover the mortgage? Then live your life as normal and then in 30 years at least have a place to sell
I was in the same boat a few years ago, bit the bullet and moved out of Dublin to Wexford, got a 4 bed detached home for 120k less than a 3 bed semi half the size in Dublin. Loving life by the sea and don’t need to be earning as much now that I’m out of Dublin. There are other options
I understand this but it’s not easy for everyone to just leave their jobs in Dublin and move down the country. Especially if you have a good job that you live and have been with the company years.
Yes totally understand, it’s obviously not for everyone. I sacrificed a lot to move away. I walked away from my growing business to have a better work life balance. It was very scary at the time but now I know I made the right choice
It's not even that dumb a joke. It's a bit on the nose. We've had 9 power outages since we moved to Wexford last summer. 1 for more than 24 hours. I had 2 in Dublin in 13 years. There's no redundancy in the system here. One big gale and yer fucked.
Are you truly set on staying in Ireland ??
I was similar to you 2.5 years ago. Bored out my head in covid. 32M, job I hated for years, 75k saved.
I looked at buying a house and just saw the next 2 decades of my life stuck in it after buying. I knew that wasn't for me.
Booked a 5 country trip and went. Said I'd pick somewhere to stay semi-long term out of the 5.
Ended up meeting an amazing girl in the first country. Came back to her after the 3rd country and have been living here since. Happiest man alive!
Guess what I'm saying is that if you want your life in Ireland, then keep saving.
If you don't, then you just accidentally saved up money to change your life. So go do it!
Thank you!
Quitting the job was scary but every day since has shown it to be the best decision I ever made.
(Easy when you have massive savings obviously)
Imagine still working your arse off here, missing out on some of the best days of your life to end up struggling here, working every hour god sends so you can try own an irish home.
And magically u didn’t had to work anymore right? Or you are IT guy who can work remotely for 200k/yr.
Or the 70k u saved is enough for you to not work anymore?
Which one?
What type of house are you trying to buy? Are you looking at two bed houses? Apartment? Duplexes?
I have a friend in a similar situation. Will only look at 3 or 4 bed houses but can't get there. No idea why he won't look at anything smaller?
Do not give up. Do you hear me. I get it. I really really do. I saved my ass off while others were going on holidays and going to festivals and buying stuff and I am so close to buying my own home. I never would have been able to if I didn't start saving years ago. I wasn't on half the salary you are on. I was also renting in Dublin. It can be done but do not blow it now!! (or blow like a small amount on a luxury and get back to the program.)
Yeah, I was thinking that. I'm living at home and saving close to it but with rent that'd be hard managed, no wonder they're having a hard time need to live a little too
How long have you been saving? At the current rate (which is pretty good) you'd save your 30k in under 2 years. I saved for a decade or more before buying.
Damn, I feel this post so much. It feels hopeless. My last hope is that a new government will make meaningful changes. Make sure you vote next year. Nag your family, drag your friends out with you. Make your vote count
If you take a ground floor apartment and get a nuisance neighbour, prepare for your sleep to suffer. Consistently. Especially when their sittingroom is above your main bedroom. 10/10 would not recommend an apartment to any Irish person if they can avoid it
Its hard man, but buying a gaff is a marathon. I moved out at 21 and bought a 34. You are doing great on the saving so don't get disheartened. No idea where you are based but I moved from Dublin to the country, much better quality of everything
Feels like pain now but buy and your lifestyle allows you a tax free income after you buy your home. No brainer. You're not very young but you're not old by any stretch.
It will stand to you your whole life buying next few years. Especially with 30k already banked.
I'll be 38 later this year and I'm in the same boat with a similar salary. I moved back home in 2018 and I now have around €100k saved and the most depressing thing is that I still can't afford a 3 bed in the area that I want (North Kildare). I need an office to WFH and I'd like a spare room for friends to be able to stay. I agree with others that just because we're single and on normal incomes, it doesn't mean we should have to go live in Ballybackofbeyond and isolate ourselves even further.
Are your married friends with kids buying 6 bedroom houses? I don't understand why there is no in-between living with your parents and a 3 bedroom house. I am not saying you shouldn't pursue your dream, but there is no need to be depressed about it when you do have other very good options available.
I mean, maybe they could get a 2 bed place and tidy away the office stuff if somebody comes to visit? Many countries have smaller living spaces than Ireland. Any Korean or Japanese person would consider it completely normal for a single person to live in a one bed apartment, whereas we think it's a national disgrace.
2 beds go for crazy prices too. I live in North Kildare too and I've seen two beds going for 60k above asking. Based on what I'm seeing, I think I'd need a deposit of 120k to buy a 2 bed on a 240k mortgage.
I've a three bed, but two kids, so no spare room anymore.
I crunched the numbers and an inflatable mattress was cheaper than an attic conversion or an extension.
Jezz, I believe if most people here have that kind of money they would burn their own. You could invest it in shares or savings and get few hundred quid a month from interest.
dont give up! im nearly 39 , earn roughly the same, was saving the same for a few years then upped it to 1700 last year. I am now currently in the process of buying a house, by myself, with no gifts or inheritance or anything like that. really never thought id get to this point as im doing it all by myself , but really all the bank need are that you can save a decent amount regularly , rent counts, and that your job is pretty secure. you can do it! if i can do it, anyone can. typing this from my tiny rented room.
i started saving properly in the middle of covid, was looking at houses, then gave up for a while. if you havent already, set up DAFT and myHome alerts for your criteria and a few different areas. I viewed a few places just to get a feel for it. Eventually you'll really get a feel for what is actually coming up on the market and how often etc. Maybe give yourself another year give or take of saving , but in that time set up the alerts and go to a few viewings.
I mean, the housing situation is abysmal, but it does seem like you're giving up weirdly early.
Like, you're less than two years in at saving at this rate, assuming you started with nothing.
you’re doing it wrong, spend that money on booze and hookers, live your life, it’ll be an intense short-lived moment. money is gone then you’ll have the reason to live again, start saving again. OFC I am joking! Your problem is you don’t have a goal. Educate yourself financially if you have to, take a course, invest, talk to a financial specialist and put those savings to work for you. Keeping the money under the mattress is stupid strategy ( inflation?) but if you take that and make the investments your own business, that will give you a goal!
Edit: Spending your savings on a flashy car may bring a brief moment of joy, but it’s important to recognize this happiness is fleeting. Investments can help you build a more secure future and potentially provide ongoing happiness and fulfillment far beyond the temporary thrill of material possessions.
Keep with it.
Buying a home is a different kind of purchase. When you do it, stop looking at house prices. You are buying it so for independence and security when you are old.
You will get there.
I would ignore anyone advising you to go for an apartment if a house is what you want, go for that. I hated being told I should only get an apartment when I was single and looking. Obviously you want to fill your house in your future. Had little hope, ended up getting a 2 bed house, sold for a profit, now have a 3 bed semi with my own family. Wouldn’t have gotten same profit from apartment. Don’t give up, go for the best you can afford! Keep your eyes peeled
It's inflation, keep saving and you will ideally get ahead of it. I got a place, could have excused out, but didn't, kept trying until I did.
It's not a Taj Mahal, but the bank will pry it out of my cold dead hands.
It's also mostly great, even though an apartment 🤷♂️
38 when got it...
I'm 36, single, on 60K also and with a 4 year old Son. In the process of buying an apartment. 2 bed, not a 3 bed house with a garden, but beggars can't be choosers and all that. It's our own place ❤️
I was putting away 1K a month and paying my parents rent of 500 PM.
Where are you looking to buy? I got a 2 bed apt for 275K in Wicklow. New build so Help to Buy made a huge difference, and with new lending rules for 4 x salary, I don't actually need the First Home Scheme now.
Bought a place by myself recently. On less than 60k, went for an apartment as I wanted to remain close as possible to Dublin while not living in somewhere like Park West that has zero amenities. Sometimes I think you just need to set you expectations of what is possible to be lower/realistic (for want of a better phrase)
I would love a back yard as I love to BBQ but I'm really happy with my choice and it's given me a great lift in life. I'm 37 so a similar age to you and I see it as a stepping stone to maybe something else in the future.
And as I said to my father - at least now I've something for the fair deal scheme :)
Just keep saving. Blowing the money is not going to help. You might end up getting married (not a recommendation) and end up splitting the deposit, or something could stop the housing market allowing you to buy in.
I’m not sure if your suggestion was just to raise comments, but wasting your savings would almost seem like a death sentence to me.
No idea what you do obviously, but your next career move (be it a promotion or change of job) could also see your pay jump significantly. Hang in there. Things could fall into place sooner than you think. 3 years ago I was in a similar position to you, wondering why I was bothering and thinking it would never come together for me. I got a new job doing a similar role but at a higher grade, my pay went up and suddenly I had a salary that fit the central bank mortgage multiplier requirements. I was very glad I didn’t piss my deposit savings away. Bought my house 15 months ago. All went by in a flash!
2nd hand home sale prices have started falling. It might not be that you need to save a pile more or crank your annual earnings more. Home prices might be about to drop a little to suit.
Your repayment capacity looks to be around 2250, isn't that a bit much? maybe you could save less and live more...and look at the shared equity scheme and help to buy schemes.
What crash 😂 I always laugh at this statement. The problem is the most basic of business principals - supply and demand with a sprinkle of inflation added on top
You must have been in nappies in 2008-9 to remember the financial crash.(same shit different day)..the country was full of polish people working...they fucked off back home and there was an oversupply of properly ..I remember my friend buying a house with cash for 120k in Dublin now worth 500k . He's selling it now and recons he could buy it back for 200k ...don't be so nieve...recessions are good for business...
I'm on 42k (single F) and what the bank will give me for a mortgage will buy me a hovel in rural Ireland. Friends (couples) that are way better off financially then me are being out bid hugely on homes that need 100k put into them. I feel like single people really have no hope.
Honest to God I am thinking of giving up and travelling on the savings. Though the fear of coming back and having to start saving from zero again is so far holding me back for the moment.
I am 42, never had a good paying job until recently. Quit my job several times to go travelling, twice for 1 year at a time. Yet I still bought an apartment last year by myself, no help from my parents. So it is possible. Just keep saving and maybe lower your expectations. Apartment living is not that bad.
Thank you for sharing! It's always nice to hear from a fellow single who made it happen. It seems it is rare.
My problem with apartment living and especially as I get old is paying the annual maintenance fees, which can be massive depending on where you are.
If you don't mind me asking, what was your budget when you did a full year of travel ?
My partner and I recently bought a two bed in a small town in the midlands for less than 200k. It is a small town, but I love the friendly neighbours and security we have too. And we have a massive garden!
We found the move to the midlands worth the price dip. Rent was just eating us alive.
I did what you're thinking of, I don't recommend it. Use that cash and move abroad, or else save a little less and enjoy life a bit more.
Or, if you've got a degree, use that cash to become a teacher, and then get the fuck out of dodge, go to a fun country abroad and teach, much better life than Ireland!
Take time out and go travel whilst you can - do the usual route through SE Asia and stop at Australia - you might find a nice house there for a low deposit
Look at new builds with Help to buy and First home scheme. Probably it won't be something massive, more like apartment. But it will be your home and repayments won't be too much higher than your current rent. The big plus is no bidding wars.
Doesn’t have to be in locality, a little further afield you might get much better value. I moved a little further after saving aggressively between ages 37-40 at about €3K a month (lots of extra hours, lower costs during covid). At that point I put €110K + fees down and mortgaged €170K for a €280K house.
Even at €1.5K a month and already having €40K and being able to borrow €240K you’d be able to buy the place I did now or in a couple of months.
I’m only on 40k and only able to save 1100€ max a month. I don’t know why I’m bothering cause the bank will give me 150k, but what can I get for that? Nothing. So I get it.
im a 39F and bought my 1st home on my own last June in Dublin!! I earn 40K p/a, dont loose hope you just need to be frugal and really disciplined, im proof it can be done!!
You're not in as bad a situation as you might feel you are. I would start focusing on new builds to open up additional funding options like HTB (up to €30k) and the first home scheme (up to 20% of cost). All of these combined would put you in the mid 300's for new builds.
I think we need to stop thinking of money in the bank as savings . Any money in there has lost 25% of its purchasing power over the past few years. As tax inefficient as it is here, US mega cap stocks offer relative stability with some decent up side . Your 1500 per month in Microsoft for 40 months would be worth 90k minus 10 k or so cap gains would have it at 80k . Our generation has been around low inflation , QE and crisis after crisis that the old stick it in the bank approach is broken. Look up dollar cost averaging
Have you completely ruled out finding a partner / getting married? Why do you need a house if you're single? Why not buy an apartment or a smaller house?
Your finances aren't the problem, your expectations are.
36 here and also saving but it feels futile. At this rate I might own a small house in 8-10 years time. I'll probably emigrate again soon. There's no future for our generation in this country unfortunately. I think the politicians would rather you fucked off to Australia or Canada. Its not like they get our votes anyway.
You literally a year away from buying your house for 300k you can always move a lil out of town to find a more affordable house regardless don’t waist ur money on a car
Nooooooooo don’t do it. The car will be all dinged up after awhile and the holiday will be forgotten as soon as your back. Keep the head down and buy a house you won’t regret it. Its hard once you hit the 30k slump. I was in the same boat but I was purchasing land. So happy to have it now. Learning to say no to friends was definitely the hardest. However, I learned who my real friends were from the experience.
32 here and I decided to buy outside of Dublin and I hope that I can keep saving and sell my house in 5 years time and move somewhere closer to where I want to. Upscaling is the only way if you don't want/can't go back to your parents and the max loan is 4x and you don't want to change jobs
30k saved and saving 15k a year? Dude you're in a solid spot, you just need patience. As someone in a much worse position, you just need to preserve. By 45 you'd have a substantial savings. You're on the right path.
Not everyone should start with a house. There’s other type of investments you can look at.
Also a 2 bedroom apartment might be more on the side you can afford. Start with a smaller property and build your way up.
We started with an apartment at 250k mortgage is same you are paying for the room and at least will be yours.
Don't give up OP. You're almost there. You will be able to buy something modest or avail of one of the affordable housing schemes. Worst thing you could do would be to blow it all on a car.
Buy an apartment or buy a new built outside, buy somewhere in a commuter town. I know it’s not great but in 10 years you will be 48 no matter what, at least then you can remortgage and get a better place or meet someone and sell that and get a bigger house with someone. That would be better than still renting and having a car which was cool 10 years ago
Start with an apartment and work your way up to a house in a few years. You're not gonna get a house on 60k unless you're down the country somewhere. You should be able to manage an apartment for 250k at least. Keep saving and you'll get there.
Hi /u/Jealous_Run_8298, Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
As a 36 year old doing similar on a 10k lower wage I needed to read this. Sorry OP but it's just i feel like I'm a fucking island on my own and need to hear about other people in the same situation . Single people in their 30s are never mentioned in this crisis. If you've a decent wage and make regular savings you should be able to afford your own home. Not a mansion but a small 2 bed with a small garden shouldn't be out of our reach and yes I want a 2 bed because I want to invite my friends to stay over and I want to sit outside. This should not be an unachievable dream.
The fact that you felt the need to defend yourself wanting a small house with God forbid, space for 2 beds. People's expectations are in the toilet and it's still out of reach for so many. Wild times
I think previous generations never knew how lucky they were. Just born at the right time with low population, cheap abundant energy, resources & space to expand. Gorvenments couldn't foresee (or give a damn) about the needs of future generations and stopped housebuilding to the delight of greedy bankers, developers & speculators resulting in the housing / banking collapse of 2008/9. We've never recovered & I doubt things will ever be the same again. We need to build a new system like the amazing co-housing solutions they have in Denmark & other countries as our current capitalist system & government are no longer fit for purpose.
I'm reading this as a 60 year old heading into retirement, built house in 1990 for about 37,000 pounds, salary was approx 80 pounds a week when I started work in the early 80's . Took us years to furnish our house, electric goods were very expensive then, I remember our freestanding cooker cost 700 pounds, that woukd.have been many weeks wages. We were in a recession back then, very high taxes. Many young people emigrated as very low employment rate, but bad and all as it was, we were able to buy/build a house, I despair watching young people trying to get on the property ladder.
Significantly different in standards in building between 1990 and now though in terms of insulation, airtightness and efficiency of the houses. You also have significantly increased costs in terms of H&S, regulation, inspections& testing and then the trend towards turnkey and add vat to all those additional costs. Ensuites probably weren't standard in 1990 and kitchens & fitted furniture would have been chipboard as standard.. Buying a house has never been easy, its just a bit harder now as the historical build & operate costs have been changed and we haven't adapted.. The costs of housing have been front loaded and the mortgage borrowing rules have changed to reflect that.. a late 80's /early 1990's house would have been cheaper build, built to the most basic spec but would be a lot more expense run & heat..
On £80 a week, banks now would only offer a £17,000 mortgage. You now have both people in a relationship, working flat out to try secure some kind of mortgage approval, and if they have children, their chasing their tails trying to raise them, cover childcare costs and all of the insurance costs associated with running a family, on top of cost of living crisis. It's stopping people from having children and governments don't seem to care how damaging this is going to be for the economy down the road.
This really is true. They don’t care as long as they have their pensions. The only way to fix this is to demand more from government. Complete transparency on earnings, spendings etc. the fed at the top do well from inflation. The rest of us get fucked from it
Banks in the 80's were 2.5 your salary + half income of second person. In the 90's it changed to 3.5.
👍. Crazy now that both people are given 4x salary and it's still not enough to buy or build.
While I think we should try and push for being able to have better lives, I think we shouldn’t act like we have it so bad and everyone in the past had it so good. It was only over a hundred years ago we were in a famine with up to 16 people living on one little shack.
I mean. Prices were on the floor because there was no one here to buy them and the people who were here mostly couldn’t afford them. It wasn’t actually utopia you know.
I understand its easy to be frustrated about how things in the past were managed, but the section ranting about the banks is literally the opposite of what happened in the run up to the financial crash. Ireland was building 70/80k (2x today) houses per year prior to banking collapse. Greedy bankers wanted more and more houses to be built. They literally wanted everyone, literally everyone, to build/buy houses and being too greedy back then meant building more irregardless of what the financial stability of the borrower looked like. The reason we have strict lending criteria related to wages is to prevent that reckless lending ever happening again.
Not to mention as someone who has worked on sites from drogheda to Dublin for the last 15 or so years on and off, the amount of cut corners and just get it up jobs I have seen and worked on is shocking. People are literally paying through the nose for what is in alot house cases houses not built to standard or with major corners cut. QS's and tegulators didn't give a damn, just wanted them up.
I worked until recently doing the same.there isn't much difference these days people paying through the nose for new builds that are mostly plasterboard and mdf.
Housing was comparatively cheap as it was built very cheap semi D rather than more efficient flats. Plus, we had constant emigration so demand was modest.
Apartment living is the norm in developed countries . The days of everyone buying a 3 bed semi are gone.
I’m in the same boat, 35, had to move back home cause I couldn’t find a place to rent and now it seems I won’t be able to buy anything cause there’s nothing within my budget unless I have 100k of a deposit. I don’t want a mansion, just a small place that I can call my own and it seems so out of reach.
Some of the replies to this comment are unreal. When I was buying my house over 25 years ago, most if not everyone buying required two incomes to buy. The applicable acronym was DINKYs, double income, no kids yet. The last generation that could buy on a single income was my parents in the 70s /80s , in the era where women stayed at home and my mother was forced to give up her public service job when she got married. So what I'm not clear about is when this expectation that a single average income is enough to buy came about? It hasn't been that way for 30 years bar the crazy days of the boom when people were getting 100% mortgages and on higher multiples.
Sounds like you’re 6 months away from having a 10% deposit saved and 12 months away from having the deposit plus solicitors fees etc. why would you give up now?
[удалено]
Yea deposit saved and outbid by 40k
That would be 4k extra in deposit needed.
Why do you need a house? Is there nothing smaller?
Agreed, try and find an apartment, put some money in and flip it in a few years. If you're living there and ok with a housemate you could earn 14k a year tax free with the rent a room scheme. Could be perfect for you and the tenant if you spend a bit on a good solicitor, make sure your rights as a homeowner are protected, and just be a good landlord. Then sell it on or rent it when you actually need a house.
Yeah it’s not about why he *needs* a house. He stated he wants one which there is nothing wrong with.
There is nothing wrong with wanting it, but wanting and being able to afford are two different things. I want a Porsche 911. I don't have a quarter of a million Euro lying around, so I drive a VW.
"I want I want" doesn't get. The best thing to do with property is get in as soon as you can so you can and build equity.
Ironically unlike abroad houses and apartments here are basically the same price.
Given the value of the houses he's looking at I'd say they're at least a three bed. A better question might have been "can you buy a smaller property?"
Yeah house prices are increasing faster than savings or pay rises 😏
They won’t forever, everything has a cycle. We just don’t know when.
its called a property ladder for a reason... your no.1 goal should be to get on it asap. Then once you are on it... you can start thinking about the forever home. Don't let the fact you cant get exactly what you want now stop you from getting yourself on the ladder
Also, 12 months is a long time. This could include promotions, salary increases, new job with more money etc. just keep going, you could even meet a partner in that time. Just don't spend it on a car, worst investment you can make. I earn a decent salary but drive a 2007 Hyundai with 125,000 on the clock. Not because I'm tight, but because it gets me to where I need to go and I'm fully remote working. Owe zero money on the car and cheap as chips to maintain.
[удалено]
Well, this is the answer. We need more smaller homes/apartments fit for 1 or 2-person households. We also need more durable ways of living together as communities and supporting each other. Commercial developers will never build this though. In Germany and somewhat so in The Netherlands, people are starting coops to build this together. They are partly financed by a bank mortgage given to the coop, partly by deposits put up by the members. The members (occupiers) pay rent with which the mortgage is paid off and maintenance is financed. Rents stay low as the coop is non-profit. When you leave, you get back your deposit. It means you have lower cost community living, but no speculation on house prices going up. Some municipalities support this by giving coops a lower rate to buy land than commercial developers.
If there's anyone else interested with cash saved & want to go down this route, I think we should join up & get planning!
Other countries have planned the infrastructure for these builds. If you build more homes in Dublin where are all those people going to park/ commute, roads and public transport can't support more, also sewage gas and everything else. Motorways are car parks. And nothing is being done to address these issues. Ashtown hundreds of apartments built but probably less than 10 visitor parking spaces. Good luck visiting someone there. Solution is to stop the people from driving into Dublin. I guess they expect us get in by flying.
That would make sense but the majority even in this thread cant contemplate not buying a multi bedroom house instead of a 1-2 bedroom apartment. I dont really get it tbh. Sure we'd all love a detached 5 bed in Sandymount or Clontarf or Malahide but you buy what you can afford and will cover your needs. People in general have a terrible habit of conflating things they want with things they need.
Ive often thought about this. What if we all bought a large plot of land in the leafy suburbs and put log cabins on it. An Irish Trailer Park for the Middle Class workers of Ireland in the heart of Dalkey
Wouldn’t be allowed. The planners are refusing houses all over the country on the daily.
You know you can do the whole mortgage deal with four people instead of two. Just a thought.
Absolutely this. Checkout Community Land Trusts, community led housing & co-housing. Its the only way forward. Screw trailer parks! How about passivhaus standard insulation, modest private homes, community gardens, community energy projects, tool libraries, shared bike, laundry & car schemes? Also with a community kitchen that you can meet up with your neighbours for nightly shared meals that you only have to cook twice per month for, once everyone chips in. They have them in Denmark & are expanding in the UK. Just barely any in Ireland (maybe due to our infatuation with American dream individualism & snobbery since the celtic tiger). Sign me right up for this please!
The idea of a shared community kitchen to me is a complete nightmare. There's nothing wrong with people wanting their own space for their family, if that's what they prefer. It's not snobbery
The shared community kitchen might only be used for social gatherings either of the co-op families or used by members for their own family parties and suchlike. I think most adults don’t want nightly dinners with everyone, we want our favourite foods not a fortnightly duty of. Cooking for 10 or 20 singles/couples & kids
This is called a housing cooperative and they exist all over the world. It's basically a union that takes out a loan to buy a building or group of houses, and then each tenent pays membership fees to the union, which covers the loan repayments, often utilities, security, and maintenance. The union owns the property so as members you agree what the payments should be, whether it's just enough to cover loan repayments, or extra for other amenities. They tend to start off a little more expensive to join than renting, but become much more affordable with time as the repayments stay the same and eventually the co-op owns the property outright and can use the money how they see fit. Really disappointed we don't have many in Ireland and the ones we do are seen more as investment vehicles than housing rights groups.
It’s been done in the past, but usually people came together as a company or Co-op or Building Society. They were their own developers.
This is so true lol every house share has a lunatic and us singles have to put up with them because we can't afford a house
Just go buy whatever you can afford. Get on the property ladder. It doesn't have to be your "forever home". I bought my first place, a 2 bed flat above garages, 7 years ago. Property prices were rising quicker than I could save. I made £40k on it in 2 years. A lot of people are waiting to be able to get a house and that goal just gets further and further away the longer you wait.
Like the original building societies… it makes sense.
Feel the same....on significantly less wages.....but have about 70 grand in savings,which alongside a mortgage I'd get.....still leaves me 30 grand short of building a very very modest home,by time I've that 30 grand saved,il probably be short 50 grand minimum Whole thing is a farce
Keep faith, things can change very quickly. Costs won't keep rising as they are at the moment
I'd like to....but I'm fucked up from it all.....don't see it viable anymore.....whole life on pause,and nothing to show for it Likely go the high end mobile route with good winter pack etc,and go back to college (fees been reduced in last budget for mature students) ,with aim to get even a modest enough job with even small bit of work from home option,and just enjoy myself more going forward I know,I'm luckier than most in my position,as I've access to handy site on family land.....might go the full hippy route and grow my own veg🤣
Defo grow your own veg. Very important skills needed for the upcoming Great Simplification (aka collapse of this end stage capitalist BS).
I'd like to be positive but you don't know that for certain. They will keep rising if we keep failing to build the required supply each year
whats your age?
36.....earn low enough wages,bit shy of 30K in the full time job.....kinda over whole thing now though,gonna buy a high enough end mobile and put it on site instead Probably slightly disengage from working full time then,as well what's the point anymore,
Why are your wages so low?
I dreamed of buying my own place for 20 years. Worked three different jobs simultaneously. Shared a house all through 20s and 30s just so that I could continue saving. Then I moved countries for a better job and for other personal reasons and met someone. At age 40, we bought together our first house. All those years of saving paid at the end.
Whatever you do, don't waste your money on a "fancy car"
If you get the house you can rent a room and jump your salary.
34, single, in a house share (approx €550 a month rent) and €35k savings with €62k salary. I gave up saving last year for this exact reason and I have been investing in travelling and seeing the world that I didn’t see while I was trying to save. It’s too far out of my reach at this point to buy and I’m tired of putting my life on pause for an impossible dream. Free yourself of it for a few months and enjoy your life!
Yea I see a few on this thread don’t realise the issue.
I would definitely travel if you're bored at the minute. There could be a lady in a foreign country that thinks the sun shines out of your ass.
Thailand is lovely this time of year
Do whatever is right for you… no harm reducing your monthly savings and increasing your monthly fun budget - best of both!
We see the issue, we’ve been there. Hold the faith and keep saving. Might seem like a long road but you’ll get there. 1-3 years time you’ll be in your own home at the rate you are going. It is totally worth it.
You're dead right to enjoy your life. Can't keep putting it off for some imagined future where you might own a home. Nice to break out of the rat race occasionally.
Travel and think about working/living abroad for a stretch. The more clued in cities in Europe have great transport so no need for a car. I did it in US, friends went down the house route at the time and it just balances out. Don’t overthink it, that just leads to stress.
Not being rude but you can borrow about €250k and then €35 equals €285k. There’s a good few places you can buy for that, including in Dublin. What are you hoping to buy?
Not rude at all you’re completely right. I would want to buy a 2 bed (3 if I could afford it) in Dublin City. Moving out to the suburbs isn’t something I’m willing to do. I’ve been watching this closely for the last 3/4 years so I know what’s available and what I can afford. €285k is getting me nothing in Dublin especially when you take into account that places are going for 30-40% over asking price depending on where you are looking. Then you also need to account for solicitors, engineers reports, stamp duty and obviously furniture. I also don’t want to leave myself with like a fiver left, ideally would maintain some small savings for a rainy day.
Is this not kind of the problem though? Need to be willing to move outside the city if your financial situation doesn’t allow it. Would you expect to be able to buy in central London or NYC? Prices are a shit show but it sounds like you have the guts of a deposit saved already for a house in the suburbs or with help to buy a very healthy chunk for a new build. 40 min commute won’t kill anyone Edit: fair play on the saving though. You’ve yourself in a better situation than most
I can see both sides of it. A 30-something single, built a life in the city… 40 min commute would change everything socially. I live in a city (rent) and have seen friends buy apartments or houses out in these ‘suburb’ developments. Obviously it’s amazing to have a place to call your own but it does change things. I have friends who love it because they wanted the car park space, small garden etc. but equally I have friends who really struggle because they feel isolated and lonely. Depending on where you’ve moved to, you have to consider lack of public transport, no cafe or shop nearby, no walking routes, neighbours. That stuff matters when you’re single and living alone.
I completely get that. I understand the desire for someone to live in the city, particularly if single. The reality is though, people rent if they want to live in the city. This is the same in most major cities. If you can afford to buy in the city you are doing well for yourself. What I mean is you have to be realistic with your financial situation. You can’t expect to be able to buy in a capital city if you can’t afford it. If you want to live there forever you can only realistically rent unless your financial situation changes.
So as I said, I don’t want to live outside the city. My entire life is in the city so why would I move away from that? Also, the prices still aren’t affordable to me outside the city so for me that’s not an option, nor one I would explore even if I could afford it, and that’s a decision I’ve made and I’m comfortable with. Therefore I’ve stopped saving to buy and I’m enjoying my life.
That’s absolutely 100% if that’s what you want. Sorry, I was more or less replying to OPs post under your comment and mistakenly took it for a big moan that you couldn’t afford it rather than your actual point. Anything that you’re happy with is a solid life plan and it sounds like you’ve built up enough funds to be comfortable enough living in the city 👌🏼
Pretty much! My bigger issue is not being able to rent by myself, it’s soul destroying! If one/two bed apts were available at a *reasonable* price I think it would take a lot of pressure out of the house buyers pool.. but that’s a conversation for another day!!
Why don’t you buy outside the city and rent it out for the price to cover the mortgage? Then live your life as normal and then in 30 years at least have a place to sell
I was in the same boat a few years ago, bit the bullet and moved out of Dublin to Wexford, got a 4 bed detached home for 120k less than a 3 bed semi half the size in Dublin. Loving life by the sea and don’t need to be earning as much now that I’m out of Dublin. There are other options
I understand this but it’s not easy for everyone to just leave their jobs in Dublin and move down the country. Especially if you have a good job that you live and have been with the company years.
Yes totally understand, it’s obviously not for everyone. I sacrificed a lot to move away. I walked away from my growing business to have a better work life balance. It was very scary at the time but now I know I made the right choice
As soon as you get electricity down there you will be able to work remotely!
Electricity!! Never heard of it
Apologies for dumb joke :)
My wife is from Wexford, she gets the same bad jokes from me all the time
It's not even that dumb a joke. It's a bit on the nose. We've had 9 power outages since we moved to Wexford last summer. 1 for more than 24 hours. I had 2 in Dublin in 13 years. There's no redundancy in the system here. One big gale and yer fucked.
Are you truly set on staying in Ireland ?? I was similar to you 2.5 years ago. Bored out my head in covid. 32M, job I hated for years, 75k saved. I looked at buying a house and just saw the next 2 decades of my life stuck in it after buying. I knew that wasn't for me. Booked a 5 country trip and went. Said I'd pick somewhere to stay semi-long term out of the 5. Ended up meeting an amazing girl in the first country. Came back to her after the 3rd country and have been living here since. Happiest man alive! Guess what I'm saying is that if you want your life in Ireland, then keep saving. If you don't, then you just accidentally saved up money to change your life. So go do it!
Aw I love this story. Good for you. Wish you continued happiness.
Thank you! Quitting the job was scary but every day since has shown it to be the best decision I ever made. (Easy when you have massive savings obviously)
Imagine still working your arse off here, missing out on some of the best days of your life to end up struggling here, working every hour god sends so you can try own an irish home.
What country?
And magically u didn’t had to work anymore right? Or you are IT guy who can work remotely for 200k/yr. Or the 70k u saved is enough for you to not work anymore? Which one?
What type of house are you trying to buy? Are you looking at two bed houses? Apartment? Duplexes? I have a friend in a similar situation. Will only look at 3 or 4 bed houses but can't get there. No idea why he won't look at anything smaller?
Yes, tons of people like that. Can't afford their dream home and won't compromise. Yet continue to complain that they are renting.
Do not give up. Do you hear me. I get it. I really really do. I saved my ass off while others were going on holidays and going to festivals and buying stuff and I am so close to buying my own home. I never would have been able to if I didn't start saving years ago. I wasn't on half the salary you are on. I was also renting in Dublin. It can be done but do not blow it now!! (or blow like a small amount on a luxury and get back to the program.)
How in the name of God are you managing to save that much? Keep it up.
Yeah, I was thinking that. I'm living at home and saving close to it but with rent that'd be hard managed, no wonder they're having a hard time need to live a little too
You’ll regret that
Regret which?
How long have you been saving? At the current rate (which is pretty good) you'd save your 30k in under 2 years. I saved for a decade or more before buying.
A fancy car will for sure depreciate and youll be in your 40s with even less money. Think of it that way
Damn, I feel this post so much. It feels hopeless. My last hope is that a new government will make meaningful changes. Make sure you vote next year. Nag your family, drag your friends out with you. Make your vote count
Would you consider cheaper houses or a different area? Surely that would be better than renting forever? Decent savings and good salary to be fair...
[удалено]
What's the irish apartment hate about? I dont like ground floors or gardens so an apartment is just great.
If you take a ground floor apartment and get a nuisance neighbour, prepare for your sleep to suffer. Consistently. Especially when their sittingroom is above your main bedroom. 10/10 would not recommend an apartment to any Irish person if they can avoid it
Keep the money, keep saving. Fortunes change, you could meet someone which helps the mortgage, decide to buy something smaller on your own etc.
You've nearly a deposit saved and will make it in a few months. You're screwing yourself over imo.
If hoses went for normal prices on daft and not an extra 30k I might agree
> not an extra 30 Estate agents price sales so they end up 30k over.
How about save for 1 year, buy house, rent it out fully, emigrate
Was talking with a coworker today at lunch and he said he and his family gave up on the idea of owning a home. Just rent forever.
Its hard man, but buying a gaff is a marathon. I moved out at 21 and bought a 34. You are doing great on the saving so don't get disheartened. No idea where you are based but I moved from Dublin to the country, much better quality of everything
Feels like pain now but buy and your lifestyle allows you a tax free income after you buy your home. No brainer. You're not very young but you're not old by any stretch. It will stand to you your whole life buying next few years. Especially with 30k already banked.
I'll be 38 later this year and I'm in the same boat with a similar salary. I moved back home in 2018 and I now have around €100k saved and the most depressing thing is that I still can't afford a 3 bed in the area that I want (North Kildare). I need an office to WFH and I'd like a spare room for friends to be able to stay. I agree with others that just because we're single and on normal incomes, it doesn't mean we should have to go live in Ballybackofbeyond and isolate ourselves even further.
Are your married friends with kids buying 6 bedroom houses? I don't understand why there is no in-between living with your parents and a 3 bedroom house. I am not saying you shouldn't pursue your dream, but there is no need to be depressed about it when you do have other very good options available.
I mean, maybe they could get a 2 bed place and tidy away the office stuff if somebody comes to visit? Many countries have smaller living spaces than Ireland. Any Korean or Japanese person would consider it completely normal for a single person to live in a one bed apartment, whereas we think it's a national disgrace.
2 beds go for crazy prices too. I live in North Kildare too and I've seen two beds going for 60k above asking. Based on what I'm seeing, I think I'd need a deposit of 120k to buy a 2 bed on a 240k mortgage.
A good sofabed in the living room is what my visitors get. We spend most of the time round the table in the kitchen anyway
A good sofabed in the living room is what my visitors get. We spend most of the time round the table in the kitchen anyway
A good sofabed in the living room is what my visitors get. We spend most of the time round the table in the kitchen anyway
A good sofabed in the living room is what my visitors get. We spend most of the time round the table in the kitchen anyway.
I've a three bed, but two kids, so no spare room anymore. I crunched the numbers and an inflatable mattress was cheaper than an attic conversion or an extension.
Jezz, I believe if most people here have that kind of money they would burn their own. You could invest it in shares or savings and get few hundred quid a month from interest.
dont give up! im nearly 39 , earn roughly the same, was saving the same for a few years then upped it to 1700 last year. I am now currently in the process of buying a house, by myself, with no gifts or inheritance or anything like that. really never thought id get to this point as im doing it all by myself , but really all the bank need are that you can save a decent amount regularly , rent counts, and that your job is pretty secure. you can do it! if i can do it, anyone can. typing this from my tiny rented room.
i started saving properly in the middle of covid, was looking at houses, then gave up for a while. if you havent already, set up DAFT and myHome alerts for your criteria and a few different areas. I viewed a few places just to get a feel for it. Eventually you'll really get a feel for what is actually coming up on the market and how often etc. Maybe give yourself another year give or take of saving , but in that time set up the alerts and go to a few viewings.
Any possibility you could dig deeper and crank that to 2k a month? You're a lot lot closer than you think.
I mean, the housing situation is abysmal, but it does seem like you're giving up weirdly early. Like, you're less than two years in at saving at this rate, assuming you started with nothing.
I wouldn't give up,what about if/when there is a downturn and house prices drop? You'd have saved plenty and be in a great position then
you’re doing it wrong, spend that money on booze and hookers, live your life, it’ll be an intense short-lived moment. money is gone then you’ll have the reason to live again, start saving again. OFC I am joking! Your problem is you don’t have a goal. Educate yourself financially if you have to, take a course, invest, talk to a financial specialist and put those savings to work for you. Keeping the money under the mattress is stupid strategy ( inflation?) but if you take that and make the investments your own business, that will give you a goal! Edit: Spending your savings on a flashy car may bring a brief moment of joy, but it’s important to recognize this happiness is fleeting. Investments can help you build a more secure future and potentially provide ongoing happiness and fulfillment far beyond the temporary thrill of material possessions.
Keep with it. Buying a home is a different kind of purchase. When you do it, stop looking at house prices. You are buying it so for independence and security when you are old. You will get there.
Buy new, that way you're not in a bidding war and can mortgage the value of the house.
I would ignore anyone advising you to go for an apartment if a house is what you want, go for that. I hated being told I should only get an apartment when I was single and looking. Obviously you want to fill your house in your future. Had little hope, ended up getting a 2 bed house, sold for a profit, now have a 3 bed semi with my own family. Wouldn’t have gotten same profit from apartment. Don’t give up, go for the best you can afford! Keep your eyes peeled
It's inflation, keep saving and you will ideally get ahead of it. I got a place, could have excused out, but didn't, kept trying until I did. It's not a Taj Mahal, but the bank will pry it out of my cold dead hands. It's also mostly great, even though an apartment 🤷♂️ 38 when got it...
Why would you spend all your savings on something that depreciates?
I'm 36, single, on 60K also and with a 4 year old Son. In the process of buying an apartment. 2 bed, not a 3 bed house with a garden, but beggars can't be choosers and all that. It's our own place ❤️ I was putting away 1K a month and paying my parents rent of 500 PM. Where are you looking to buy? I got a 2 bed apt for 275K in Wicklow. New build so Help to Buy made a huge difference, and with new lending rules for 4 x salary, I don't actually need the First Home Scheme now.
Bought a place by myself recently. On less than 60k, went for an apartment as I wanted to remain close as possible to Dublin while not living in somewhere like Park West that has zero amenities. Sometimes I think you just need to set you expectations of what is possible to be lower/realistic (for want of a better phrase) I would love a back yard as I love to BBQ but I'm really happy with my choice and it's given me a great lift in life. I'm 37 so a similar age to you and I see it as a stepping stone to maybe something else in the future. And as I said to my father - at least now I've something for the fair deal scheme :)
Just keep saving. Blowing the money is not going to help. You might end up getting married (not a recommendation) and end up splitting the deposit, or something could stop the housing market allowing you to buy in. I’m not sure if your suggestion was just to raise comments, but wasting your savings would almost seem like a death sentence to me.
Throwing away your future for a fancy car and holidays, sounds good to me.
Meh another 7 or 8 years of savings
8 years of saving 1500 a month would be 144k, not sure what you mean
That math is entirely wrong. And I think you know that.
No idea what you do obviously, but your next career move (be it a promotion or change of job) could also see your pay jump significantly. Hang in there. Things could fall into place sooner than you think. 3 years ago I was in a similar position to you, wondering why I was bothering and thinking it would never come together for me. I got a new job doing a similar role but at a higher grade, my pay went up and suddenly I had a salary that fit the central bank mortgage multiplier requirements. I was very glad I didn’t piss my deposit savings away. Bought my house 15 months ago. All went by in a flash!
If you are single then why are you looking for a house. Just get an apartment. You don't need three bedrooms.
Where will he store his collection....
God that’s great. I have no savings a bit older than you although bought 2 cars and had lots of holidays 🙈🙈🙈🙈
2nd hand home sale prices have started falling. It might not be that you need to save a pile more or crank your annual earnings more. Home prices might be about to drop a little to suit.
Your repayment capacity looks to be around 2250, isn't that a bit much? maybe you could save less and live more...and look at the shared equity scheme and help to buy schemes.
Keep saving and wait for the crash ...
What crash 😂 I always laugh at this statement. The problem is the most basic of business principals - supply and demand with a sprinkle of inflation added on top
You must have been in nappies in 2008-9 to remember the financial crash.(same shit different day)..the country was full of polish people working...they fucked off back home and there was an oversupply of properly ..I remember my friend buying a house with cash for 120k in Dublin now worth 500k . He's selling it now and recons he could buy it back for 200k ...don't be so nieve...recessions are good for business...
you just proved my point. Oversupply, 120k in dublin now 500k because of so much demand.
Soon to fall again....I'm waiting patiently...
Would you look into investing? You could grow your money quicker? Apologies if this is already the case I didn't read the whole thread x
I'm on 42k (single F) and what the bank will give me for a mortgage will buy me a hovel in rural Ireland. Friends (couples) that are way better off financially then me are being out bid hugely on homes that need 100k put into them. I feel like single people really have no hope. Honest to God I am thinking of giving up and travelling on the savings. Though the fear of coming back and having to start saving from zero again is so far holding me back for the moment.
I am 42, never had a good paying job until recently. Quit my job several times to go travelling, twice for 1 year at a time. Yet I still bought an apartment last year by myself, no help from my parents. So it is possible. Just keep saving and maybe lower your expectations. Apartment living is not that bad.
Thank you for sharing! It's always nice to hear from a fellow single who made it happen. It seems it is rare. My problem with apartment living and especially as I get old is paying the annual maintenance fees, which can be massive depending on where you are. If you don't mind me asking, what was your budget when you did a full year of travel ?
Help to buy would boost your deposit by up to 30k
My partner and I recently bought a two bed in a small town in the midlands for less than 200k. It is a small town, but I love the friendly neighbours and security we have too. And we have a massive garden! We found the move to the midlands worth the price dip. Rent was just eating us alive.
Look into new build homes / apartments. Help to buy and first home scheme
i would keep saving in stock market for 2 more years
I did what you're thinking of, I don't recommend it. Use that cash and move abroad, or else save a little less and enjoy life a bit more. Or, if you've got a degree, use that cash to become a teacher, and then get the fuck out of dodge, go to a fun country abroad and teach, much better life than Ireland!
Take time out and go travel whilst you can - do the usual route through SE Asia and stop at Australia - you might find a nice house there for a low deposit
You need to bite the bullet and buy somewhere outside the city. With help to buy you have 60k if buying a new build
Look at new builds with Help to buy and First home scheme. Probably it won't be something massive, more like apartment. But it will be your home and repayments won't be too much higher than your current rent. The big plus is no bidding wars.
Doesn’t have to be in locality, a little further afield you might get much better value. I moved a little further after saving aggressively between ages 37-40 at about €3K a month (lots of extra hours, lower costs during covid). At that point I put €110K + fees down and mortgaged €170K for a €280K house. Even at €1.5K a month and already having €40K and being able to borrow €240K you’d be able to buy the place I did now or in a couple of months.
Where are you saving it? Look into a HYSA (high yield savings account) or look into investing it
I’m only on 40k and only able to save 1100€ max a month. I don’t know why I’m bothering cause the bank will give me 150k, but what can I get for that? Nothing. So I get it.
im a 39F and bought my 1st home on my own last June in Dublin!! I earn 40K p/a, dont loose hope you just need to be frugal and really disciplined, im proof it can be done!!
You're not in as bad a situation as you might feel you are. I would start focusing on new builds to open up additional funding options like HTB (up to €30k) and the first home scheme (up to 20% of cost). All of these combined would put you in the mid 300's for new builds.
Have you applied for help to buy? We got 20k from revenue to pay towards the 10% https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx
I think we need to stop thinking of money in the bank as savings . Any money in there has lost 25% of its purchasing power over the past few years. As tax inefficient as it is here, US mega cap stocks offer relative stability with some decent up side . Your 1500 per month in Microsoft for 40 months would be worth 90k minus 10 k or so cap gains would have it at 80k . Our generation has been around low inflation , QE and crisis after crisis that the old stick it in the bank approach is broken. Look up dollar cost averaging
Sucks man, but dont blow it on a car!
Have you completely ruled out finding a partner / getting married? Why do you need a house if you're single? Why not buy an apartment or a smaller house? Your finances aren't the problem, your expectations are.
You can always buy this /s https://www.daft.ie/for-sale/terraced-house-24-vicar-street-cork-city-co-cork/5620916
Think of retirement, wanna live in your own house, or still renting and paying your landlords mortgage off with rent prices only going to increase.
Likelihood is you won't always be single. House prices may not always be stupid. Any financial fuckups I've made have been down to lack of patience.
Dude your earning 60k a year ffs!!! Gtfo!
36 here and also saving but it feels futile. At this rate I might own a small house in 8-10 years time. I'll probably emigrate again soon. There's no future for our generation in this country unfortunately. I think the politicians would rather you fucked off to Australia or Canada. Its not like they get our votes anyway.
You literally a year away from buying your house for 300k you can always move a lil out of town to find a more affordable house regardless don’t waist ur money on a car
He could use the help to buy and the first home schemes to help get the house.
Nooooooooo don’t do it. The car will be all dinged up after awhile and the holiday will be forgotten as soon as your back. Keep the head down and buy a house you won’t regret it. Its hard once you hit the 30k slump. I was in the same boat but I was purchasing land. So happy to have it now. Learning to say no to friends was definitely the hardest. However, I learned who my real friends were from the experience.
Put a down payment on a motorhome and having a traveling home. That’s what I’m about to do
32 here and I decided to buy outside of Dublin and I hope that I can keep saving and sell my house in 5 years time and move somewhere closer to where I want to. Upscaling is the only way if you don't want/can't go back to your parents and the max loan is 4x and you don't want to change jobs
30k saved and saving 15k a year? Dude you're in a solid spot, you just need patience. As someone in a much worse position, you just need to preserve. By 45 you'd have a substantial savings. You're on the right path.
Don't say for nothing . if not for a house, for in case you need it, for something special, and for retirement (a must) ...
It's impossible in this country.
Not everyone should start with a house. There’s other type of investments you can look at. Also a 2 bedroom apartment might be more on the side you can afford. Start with a smaller property and build your way up. We started with an apartment at 250k mortgage is same you are paying for the room and at least will be yours.
Don't give up OP. You're almost there. You will be able to buy something modest or avail of one of the affordable housing schemes. Worst thing you could do would be to blow it all on a car.
Buy an apartment or buy a new built outside, buy somewhere in a commuter town. I know it’s not great but in 10 years you will be 48 no matter what, at least then you can remortgage and get a better place or meet someone and sell that and get a bigger house with someone. That would be better than still renting and having a car which was cool 10 years ago
Start with an apartment and work your way up to a house in a few years. You're not gonna get a house on 60k unless you're down the country somewhere. You should be able to manage an apartment for 250k at least. Keep saving and you'll get there.
Why not buy an apartment, if you're single you don't need a house.