How can I ever buy a house

delboy159

To the 19 year old who has things mapped out

"Life is what happens to you while you're busy making other plans." - John Lennon.

I hope things work out for you, and in the likely event things don't - just role with the punches and keep working towards whatever makes you happy.

Psygnosis

Ok guys I am going to through my hat into the arena here.
27 bought 2 bed apt in Skerries (lovely area)
I was on 22k at the time. Apt 190K load Credit union of 10 happy days
1 hour to work

Rogueish

My little brother at the tender age of 22 bought a three bedroom house in Drogheda one year ago for €190k. He's working in Dublin - his basic salary is €28,000. He can earn up to €40,000 with overtime and unsocial hours allowance. But his mortgage was calclulated on his income alone of €30,000.

When we were growing up and as teenagers Mam and Dad never took money off us towards housekeeping etc but always insisted on us saving it. Mum would tell us that if she saw us pissing it away she would be the first one waiting for us at the front door with her hand out on pay day.

Anyway back on point. As a result my brother was able to have a deposit for his house. His way of looking at it was that if he continued on the way he was that he would have squandered his cash and have had nothing to show for it. At least now he has comething concrete (excuse the pun) to show for his hard work. His mortgage repayments are €660 per month (over 35 years). He is more than able to have a social life. He commutes 40mins to work.

His house has gone up in price by €40,000 in the last year and his way of looking at it is that he will hold onto it for another few years, sell it at profit and move home while he finds another property.

As for those of you that are relying on inheriting the family home. What will happen if your parents need long term care when they get old and have to release the equity on their home or mortgage/sell their home to pay for that long term care? At the very least you will have to be prepared to pay a mortgage of some sort. At the most you will be homeless and have to stand on your own two feet.

I do realise that living at home is the only viable financial option for some in todays climate. All I'm saying is to be prepared. Enjoy life but save some too.

It can be done so don't lose hope

Selik

Anyone who expects to have their parents' house when they eventually pass away is rather foolish if you ask me. Reason being, alot of "our" parents may have to rely on their hame as a pension themselves (taking into accound the current pensions timebomb scenario) or to pay for care if it's needed. Granted, if the house is worth 5 million you'll get a decent slice either way but for regular Joe's nothing's guaranteed. Also, people are living longer and our parents are likely to outlive previous generations and who wants to be living with their parents when you're 60 years old!!!

[Jackass]

How do you work out what your mortgage payments would be on the joint ownership scheme?

Say for example i was buying 40% of a 300k house...i know you have to buy the place outright within 30yrs...so is it calculated over a 30yr term or what?

Could someone smarter than me work that out and show me how you did it?

Thanks

(OP thousands are in the same boat as you...i'm 23 and am trying to get something somewhere)