Pressure from de other half!

Hi Folks, I am a newbie first time poster, long time reader. I know that this topic has been covered from other angles but I would like some sound advice from ye. I am a PS employee earning 45000 minus levies etc and the missus is on 38000 ish. We are currently renting in Terenure for 1100euro 2 bed apt. New 11 mth baby. Space getting a bit tight with maybe a new sprog on the way! We have been looking at buying for the past 3 years. Glad we didn’t partly due to Pinsters and we also saw through the madness!

The other half is going on about trying to get settled in one area but when we do the sums it looks like we cant afford to purchase in SCD on our salaries in an area where you are not looking over your shoulder the whole time! According to the ratios the max we can look at spending is 320000 and then need extra 50000 or so to do a gaff up. We have the guts of a deposit but have been unable to save in the past year or so. I try explaining the house prices are falling at a rate of 3500 a month and that it would be mad to. This is not cuttin it anymore! Anyone have any direction as to where the housing fall is going or should we just bite the bullet and try and get a smaller house than we want and accept that its going to fall in price for the next few years?

Worth a watch irishdebate.com/2010/10/07/trends-in-the-irish-property-market-with-ronan-lyons/

Explain to her that in a stone broke country ye will need every bob ye can spare to pay for the youngsters education.
A euro less spent on your mortgage is a euro more you can spend on your children.

rent a bigger place in the area you want to settle.

I live in North Co. Dublin and the only people looking over their shoulders are the ones looking at me…

How do you intend on paying a mortgage on EUR 320,000 when you can’t afford to save with a monthly rent of EUR 1100? Even with a 20% deposit I reckon your mortgage* would be more than your rent.

*medium term

another factor in the housing commodity.

Time and 'er indoors waits for no man.

Well move to the Northside then! Try Artane, Donnycarney or Marino. All close to the city with excellent public transport links. Great local amenties and perfectly safe. And bonus: your children’s accents will actually be Irish instead of some intolerable mid Atlantic rubbish and their friends will go to normal schools with normal kids instead of weird places with weird names like"Alex".

I don’t recall him saying he wanted to EMIGRATE! :nin

Hey Rick Flair, No probs with DNS just I work in Dun Laoghaire and the other half in Dublin 8. That is the main reason for SCD. I lived in Artane/ Beaumont before and quite liked the areas and still have mates there.

DSE3Br : We are paying 1000 euro creche on top of Rent 1100. That is the main drain on ability to save at present. Neither of us drink, smoke, Drug etc. Go out once a fortnight for food. Bring sambos to work etc and we still have not much to show at the end of the month.

It is worth asking how much of a premium you are prepared to pay for buying now as opposed to in 1,23, or five years time?

How much would you be prepared to pay extra, €50,000, €100,000 €150,000 or even €200,000?

This nation is borrowing €20 billion a year just to pay the States bills. Soon the State will owe €300 billion which will cost circa 15 billion a year rot service.

Tens of thousands of buy to regret properties will be defaulted on, and will come on the market.

Our Political parties are committed to reducing and practically eliminating the Government Defecit.

Public servants pay will be cut by 30% +

This will precipitate a massive wave of defaults and cause property pricves and rents to fall further, as public sector pay benchmarks the labour market pay rates all be it at the upper end of the scale

You can

something doesnt add up here - your taking home about 5k per month between you and you have 2.1k expenses so how can you not save?

My point was that the mortgage is going to cost more than the rent. It won’t change your other outgoings? Cost is not a valid reason in this instance. You also have to consider what you can afford to buy for that amount and what’s the relative attractiveness to what you rent. Your mortgage interest at 5% would be 1066 per month I think. That’s a basic calculation but it’s pretty close to 1100.

The national debt was €76 billion at the start of the year and is no somewhere near €90b due to all the additional shite over the last few months.

Maybe you’d let us know what scenario you foresee that will have that figure trebling “soon”?

And now we know the reason why he’s been taking dumps over the houses in North County Dublin over the last while.

Estate Agents/developers/vendors etc aren’t the only vested interests :smiley:

going out on a limb here… but id imagine as PAYE servants a fair chunk is being hived off their wage

Have you run the figures with 2 children in a creche or one of you not working? Having a place of you own can look really appealing (sure isn’t that what all the ads and tv programs have been telling us for years) but the novelty soon wears off once you’ve decorated once. Renting is freedom, if you want to move stay renting, if you want to decorate ask the landlord if he minds you painting the appartment, there will be plenty of time to buy in a few years time and plenty of houses to choose from.

yeah I reckon I am taking home 2100 and herself is taking 2050 a month after the cuts etc. We were saving 1000 euro a month each up till a year ago and then it has been cut to about 500 in total between us if we are lucky. Cheers for all the advice so far. I agree with most of it.

Short term, your best argument is that it’s too risky to make a decision before you see the December budget.
Medium term, you need to take a long look at your post-budget income, costs (will increase with second chiseller), and so on.
It’s hard to see reasons now why property prices would stop falling in Dublin during 2011, although the pace of decline might slow.

When? You want me to extoll the virtues of Balbriggan? I’m sorry I don’t live in cloud cuckoo land… You should be happy in any case if that is your desired locale shurely… :laughing:

Bray, Balbriggan, I’m equal opportunities when it comes to calling a shithole, a shithole… Part of the beauty of being a Northsider. Alongside the distinct lack of an obsession with living in SCD!!! :nin

Now… THIS is pressure!