I am currently in somewhat of a quandary. Up until about 4 months ago I had lived in the same house in Dublin for the previous 8 years, with mostly the same guys, who were friends from my college days. Nature took its course, as it does, with the two lads that I lived with, and within a couple of months both had decided to move in with their girlfriends. At the time I was paying €433 per month in Collinswood, pretty cheap when I think about it now.
Obviously I had to find alternative accomodation, so I set myself a max rent amount per month of €600 and set off to find a new room, I thought €600 was a lot and I had to contemplate spending that much per month before deciding I wasn’t being completely flahulach with my money. I did find new lodgings and surprise surprise the rent was €600.
I like the location and the people are dead on but I don’t feel completely comfortable in the house (nothing to do with the other occupants) and increasingly of late I have been thinking of renting my own place.
Obviously this will set me back even more money, in the areas that I have been browsing: Clontarf; Fairview; Drumcondra; East Wall; North Strand; a one bed is probably in the region of €900 to €1,100 and two beds in the region of €1,100 to €1,400. There are other properties at even higher asking costs but these are out the window.
I also need to account for the fact that I will be paying all the bills on my own so I’m not sure how much more a month that will add but maybe €150. Even though I am on my own I would probably like to rent a two bed place.
In short is it stark raving bonkers looney bin mad to contemplate spending anywhere in the region of €1,000 per month to rent a place on my own. This is not a rent versus buy argument, I’ve no interest in that at the moment, it’s a €1,000 versus circa €600.
Some of the pros and cons:
instant access to cookers, washers, TV
if 2 bed then place for friends to stay
having ladies visit - if the Belmayne brochure is anything to go by, maybe thats for owners only though
It all really boils down to how much cash you have. If you earnt 100k renting a place on your own would be fine, but if you are closer to the national average then I think you are going to have to go splitsies with at least one other person.
In terms of the cost, it would be affordable and wouldn’t really be any sort of a stretch, it’s just the number on its own seems quite large and I just wonder if I would be a complete idiot to pay that much on my own.
As I said 6 months ago I had to convince myself that €600 wasn’t crazy, not because it was stretching me but because it was significantly more than €433.
Yeah, that’s always an option but it would mean living with 1 person as opposed to 2 in my current situation, with the added hassle of finding a second person. I have kinda hit a point where I am in the mode of wanting to live alone (:-), you know what I mean).
I tried to find people for my last place before I eventually succumbed and moved out, I found it to be a awful nuisance.
It’s an option alright but I’m shocking bad at organising new tenants, etc. As I mentioned in a previous post I tried to find people for the last house before I moved out but it was a nightmare. I realise now I should probably have tried harder.
Collinswood is a really nice estate, although, now I live in Clontarf and I must that I am really enamoured with the area in general, apart from the little fuckwits, driving daddy’s bmw, bringing their mates along and throwing shit at me as I ride my bike, I’m not angry really.
I think this happens to us all at some point to be honest.
I lived in a shitty bedsit for three years just to have my own place when I realised i needed my own space before i copped myself on and realised that i had a car and could get somewhere better for the same price.
I currently live in a lovely two bed (bed two is a gym/study…dossing room) terraced house in the wilds of Wicklow for the princely sum of €730 p/m and am happy as a pig in the proverbials
I work in Dublin south side so its a 30 min drive into work with one set of lights encountered the whole way on entrance into a certain well known industrial estate I wouldn’t live in if you paid me too!!
When you reach a point in life where you dont want to live like a student day to day…its time to start saving hard for the mortgage and maybe consider moving a little further out…but if you are lucky (like me) that movement out might not necessarily mean a bigger commute (time wise).
I think 1000 a month, along with an estimated 300 for utility bills (ESB, home heating oil, phone, broadband, cable tv, refuse charges, mobile phone, tv licence…) is too much, unless you are earning the equivalent of a senior professional salary.
I’d defer the pleasure of not having to deal with housemates for a few years more, save up a good deposit (interest rates are stiff now) and purchase a house in the next few years.
Now, if you had a kid or some seriously compelling reason to have your own place, I’d view that differently.
On the other hand, you could use a half-empty house to give guitar lessons or something…
1000 euro accomodation, instead of 600, would probably cost you an extra six and a half thousand euro per annum (I’ve factored in the extra cost of utility bills).
It could cost you about 13000 euro per annum, before tax, to earn that (if you’re on the highest tax rate).
That six and a half thousand euro per annum could reduce interest payments on a future mortgage by how much over the lifetime of the mortgage?
One thing that I was factoring in is that I don’t have a car and any assoicated running costs, that is one of the reasons that I am even considering the substantial cost involved. If I had a car, it might cost €300 per month to run (just pulled this figure out of the air), so it makes expensive rent easier to swallow if I convince myself that I am actually I would incur this cost if I moved further out of the city.
Cheers Cockerspaniel, welcome to reality ray. When you put hard numbers out there it makes it a much more difficult proposition. I guess at the moment I am of the opinion that financally it is not worth it but at the same time trying to convince myself that it is, it is my intention to sit tight for another 3 months or so and see if there is any downward movement in the market.
There is a difference between value and price. Spending 600 pm on rent is bad value if you’re not entirely comfortable living there. Spending an extra 400 pm (if you can afford it) is cheap to pay if it increases your quality of life.
Life can turn very quickly. In a few years time you might have a wife and a baby melting your head and giving you zero space. Getting a couple of years selfishly living on your own, being entirely your own boss, might be an experience you’ll regret missing out on in years to come.
Some of the market - particularly new build apartments - are deluding themselves with their asking rents. You can get a nice two-bed in good parts of Dublin 3, 5 or 9 for around €1200 per month. And yet there is not one single property to let in Dublin 13 on Daft for under €1000! WTF!!And this despite the fact that a large swathe of Dublin 13 (Northern Cross all the way over to The Coast) is Ballymun MkII. I have no idea how many empties but from having driven these estates to have a look, I reckon 20-30% at least.
The point I’m making is that there is huge supply in the type of dwelling you want and you’ll soon be able to get what you want in a good area for what you can afford.
stay put for another month or two.
keep track of your expenditure and do an honest, hard analysis about how much you can afford.
keep an eye on Daft. watch rents falling.
when you see something you like, haggle hard and get it
Don’t forget life isn’t a dress-rehearsal and you have to sieze the moment sometimes. If you have your own place, women will like this and you’ll be far more likely to feature in a Belmayne situation on the kitchen counter. You can watch what you like and leave the empty chinese containers with congealed curry sauce lying around for days if you want.
Don’t do anything without considering your pension.
Well remember you can haggle - I got 25% off the asking price of a place 2 months ago. Also if you are renting on your own you can sell it that its less wear and tear than 2 people in a one bed etc.
Figure out how much you can spend… aim 30% higher… take your time and sell yourself as a model tenant. This especially works with more mature less “Canny McSavvy” (hate that term) landlords. I’d avoid newer ones as they may well sell from under you.
There are one beds out there in the E800 - E900 range and some of them are fine. As for E300 for bills, that’s insane for one person. It shouldn’t cost anything like that.
ESB - OK, but you’ll have a significant portion of this if you’re sharing
home heating oil - only if you’re renting a whole house, it’s usually storage heaters and included with the ESB
phone - why do you need this?
broadband - Get Clearwire or get it bundled with the TV,
cable tv & Tv Licence - Do you need cable tv?, especially if you have broadband, alterntaively find a deal where it’s cheaper with the TV
refuse charges - most apartments have refuse charges included in the management fees and paid by the landlord
mobile phone - you’ll have this anyway, whether you’re in a house share or not.