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I want to rent affordable apartment and buy a house

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    #32
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    Thanks for the advise guys... Like I said it was an idea I got into my head over the wkend, thought I would ask for advise on here first before I make a thick out of myself ringing any mortagage companys. I have to admit I was very niave and had no idea the amount of work that would go into actually making a move like this.... Idea is now well and truly gone from my head!


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    #33
    syklops
    Closed Accounts Posts: 18,966 ✭✭✭✭syklops


    a.man wrote: »
    Thanks for the advise guys... Like I said it was an idea I got into my head over the wkend, thought I would ask for advise on here first before I make a thick out of myself ringing any mortagage companys. I have to admit I was very niave and had no idea the amount of work that would go into actually making a move like this.... Idea is now well and truly gone from my head!

    And getting the water sorted out?


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    #34
    COYW
    Closed Accounts Posts: 2,930 ✭✭✭COYW


    jjspine wrote: »
    Yes its a tough situation god knows i would have done things different had i known what was coming but fingers crossed one day it will come back up to normal levels !!!

    theres a lot of ppl in your boat your not alone

    Prices are at normal levels today. They were at a ridiculously high level for years. You are hoping for another property boom which isn't going to happen any time soon.


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    #35
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    a.man wrote: »
    Apartment was valued at 380,000 (ridiculous i know!)
    Mortgage with council is 169,000 (Paying around €680 a month plus €2000 management fees on top of that!)
    Apartment worth now...... probs €160,000 at the most!

    The mortgage you took out is €169k or the mortgage you have left to pay is €169k?


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    #36
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    Zamboni wrote: »
    The mortgage you took out is €169k or the mortgage you have left to pay is €169k?


    The mortgage with the council was €169000


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    #37
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    a.man wrote: »
    The mortgage with the council was €169000

    So how much do you have left to pay?

    If you sold for 160000 that you think you can get, would you come out with anything?


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    #38
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    syklops wrote: »
    And getting the water sorted out?

    Hmmm as for the water.... Think I'll have to get someone out to look at my ridiculousy old fashioned heating/water system. There has to be some way of having instant hot water in this day and age! Then again this is Ireland


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    #39
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    Snakeblood wrote: »
    So how much do you have left to pay?

    If you sold for 160000 that you think you can get, would you come out with anything?

    Yeah... I probably would pay on average 8000-9000 a year multiply that by 10 so yeah I guess I would come out with soemthing!


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    #40
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    a.man wrote: »
    Yeah... I probably would pay on average 8000-9000 a year multiply that by 10 so yeah I guess I would come out with soemthing!

    Then sell the apartment, don't rent it. Being a non professional landlord sucks and you won't like it.


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    #41
    sbsquarepants
    Registered Users Posts: 11,812 ✭✭✭✭sbsquarepants


    a.man wrote: »
    Yeah... I probably would pay on average 8000-9000 a year multiply that by 10 so yeah I guess I would come out with soemthing!

    The big majority of that payment is interest, for the first number of years in any case - you probably won't have made a huge dent into the 169k you owe. Ask the council for a settlement figure if you were to pay off your mortgage in full today, odds are you still owe in the region of 120 - 130k


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    #42
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    a.man wrote: »
    Yeah... I probably would pay on average 8000-9000 a year multiply that by 10 so yeah I guess I would come out with soemthing!

    off topic i know but I find it pretty frightening that you dont acutally know what your mortgage balance is.

    this is the biggest sum of money you are ever likely to spend in one go and you should be damn sure you know exactly what the balance of that is at all times as should you always know what interest rate you are paying and any changes to that aswell.


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    #43
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    D3PO wrote: »
    off topic i know but I find it pretty frightening that you dont acutally know what your mortgage balance is.

    this is the biggest sum of money you are ever likely to spend in one go and you should be damn sure you know exactly what the balance of that is at all times as should you always know what interest rate you are paying and any changes to that aswell.

    I'm sorry D3PO but I'm finding it really hard not to get angry with you again! Please stop being so petty and abrupt! Yes you are "off topic" It's none of your business weather I know my mortgage balance.. I get a statement off the council every year to give me these details which I have stored in a handy file so I can look at it whenever I need to.

    You have seriously put me off posting ANYTHING up on this forum again because it's condescending people like you that would rather make the OP feel about 10 inches tall rather then give proper impartial advice


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    #44
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    a.man wrote: »
    I'm sorry D3PO but I'm finding it really hard not to get angry with you again! Please stop being so petty and abrupt! Yes you are "off topic" It's none of your business weather I know my mortgage balance.. I get a statement off the council every year to give me these details which I have stored in a handy file so I can look at it whenever I need to.

    You have seriously put me off posting ANYTHING up on this forum again because it's condescending people like you that would rather make OP feel about 10 inches tall rather then give impartial advise

    He does have a point, even though he is being arsey about it. It's important information.


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    #45
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Snakeblood wrote: »
    He does have a point, even though he is being arsey about it. It's important information.

    it is very important information.

    People are far too trusting of banks and just assume the money goes out on x day they know what they are doing,

    whos to say you arent getting over charged ?
    whos to say the interest rate is correct as per your mortgage contract ?

    etc

    I dont think my post was either condesending or arsey. This is a huge sum of money your spending (probably 4 Hundred thousand plus in total)

    The ironic thing is if you ask somebody what their bank balance is they will most likely know the rough amount in their account, which for the most part is significantly less than what they would owe on a mortgage.


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    #46
    a.man
    Closed Accounts Posts: 55 ✭✭a.man


    Snakeblood wrote: »
    He does have a point, even though he is being arsey about it. It's important information.

    How does he have a point Sankeblood? MY mortgage balance is nothing to with anyone or the original post... Anyway I'm getting off this now I've had enough stress for the morning!

    Thanks to the people who actually gave very good and sound advice


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    #47
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    a.man wrote: »
    How does he have a point Sankeblood? MY mortgage balance is nothing to with anyone or the original post... Anyway I'm getting off this now I've had enough stress for the morning!

    Thanks to the people who actually gave very good and sound advice

    A house is the biggest investment most people make in their lives, and the interest rate and money owed are worth knowing, even if you have no intention of selling at the time, because they can affect what you do with the property.
    Starting a conversation about renting your affordable house, it's worth having in your head 'Why do I want to rent this' 'Would I be better off selling it' and that sort of thing, if you know how much you need to pay\will make off a sale of the property (assuming you can sell it), you're better off.

    I don't think I've been particularly unhelpful in the thread, and I'm again trying to help you now.


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    #48
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    a.man wrote: »
    You have seriously put me off posting ANYTHING up on this forum again because it's condescending people like you that would rather make the OP feel about 10 inches tall rather then give proper impartial advice

    My intention is not to make anybody feel about 10 inches tall, its to outline some fairly basic things that people should have a handle on.

    Without meaning to sound condesending although Im sure you will feel I am being so again , there are certain things that to me are just common sence and dont require a degee in economic to understand.

    everybody should be able to do a basic household budget
    everybody should have a full grasp on their financial commitments.
    How long left on their loans, what interest rate they are paying, what day the money goes on on, what penalties occur if they are late, what penalties occur if they want to pay off early.

    This isnt aimed at you but these are just some of very many basic things people should have a grasp on financially.

    People not having a grasp on these leads to indebtedness that we have seen very often over the past few years becomes unmanageable for many.

    Now to me its common sence but give the amount of people with financial issues in this country perhaps its just sence and not all that common.

    In which case all this stuff should become mandatory education in our schools.

    I mean you have to take a course before you get married (before anybody is smart I knwo you dont have to legally but you get my sentiment), perhaps people should have to do likewise before they can open a bank account or apply for a loan....


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    #49
    anndub
    Registered Users Posts: 508 ✭✭✭anndub


    a.man wrote: »
    As the title suggests.. I have a mortgage on an affordable apartment and have just found out that the Council are allowing owners to rent the apartment as things have gotten so bad in the current climate. I have also just found out I'm pregnant so would like to buy a house some time next year. My partner is in a terrible situation with his mortgage/mortages at the moment (Long story!!!!) so it's not an option for us to buy together. I'm only on a salary of 28000 per annum so is there any chance I could get a decent mortgage on my own or is there any point in trying

    If you already have, judging by your post, at least two mortgages between ye why exactly would you be taking out another one? Surely with a baby on the way the sensible thing would be to compound your debt by selling your apartment and together pay off the mortgage on his property?!

    Or am I missing something here?


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    #50
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Snakeblood wrote: »
    Then sell the apartment, don't rent it. Being a non professional landlord sucks and you won't like it.

    I'd strongly echo this sentiment- its as much work to rent out 10 units as it is one, being a landlord is not for the faint hearted......


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