What to do in the future?

Ande1975

Hi all,

Hoping to get some responses, input from folks here. Lately, I've been thinking quite a bit about the future. I think it has something to do with being 40.
I bought a house 9 years ago in a commuter town. While it was fine for a few years, I was made redundant and had to take a job that was much further away.
As a result, I made the difficult decision to move out of my house and rent an apartment. I did that for 3 years until the madness of rent rates and property prices in Dublin kicked back into gear.
So now I'm moving down the country to live with my parents for a while to try and save to get my house out of negative equity.
Now I know I'm not the only one and I hear lots of stories of people who bought apartments, married and were forced to rent houses.
So my question is, will any of us be able to get to the point of being able to live in a place we want? All I want is a 2 bedroom apartment in Dublin but with my current mortgage I can't afford it but what about those young parents who have apartments and want a 3/4 bed house for their kids?
To be honest, it frightens the cr*p out of me at times,

I'd love to be able to plan for this but considering most of us got royally screwed by the burst 4 years ago, I'm terrified to even think about it - especially since I am not getting any younger...

Any thoughts?

Zulu

Sadly I don't think so.
My wife an I have a property each since before we met. We have enough (in our opinion) to afford the 60% mortgage we are looking for, but no back will offer us anything. Both are properties are renting (and on good trackers). We are renting a house as we now have 2 children. Frankly because we are paying our loans we're screwed.

The only plan we have is to save and buy outright a small retirement home. And unfortunately we're left to the mercy of the current rental market (which is screwing us).

I guess (and I know this isn't what you want to hear) but at least your house is one you could raise a family in. We can't raise a family in either of our properties. We can't sell either of our properties. And even though I've been lucky enough to survive during the recession, we can't get another mortgage.

Life sucks, but there's no point dwelling on what will never be.

Eldarion

Ande1975 wrote: »

Hi all,
I'd love to be able to plan for this but considering most of us got royally screwed by the burst 4 years ago, I'm terrified to even think about it - especially since I am not getting any younger...

Any thoughts?

What burst 4 years ago? Did you mean 8 years ago?

The market dictates the price of the 2 bed apartments in Dublin and the 3/4 bed houses in SCD. There are people out there who can afford these prices and are buying at these prices so yes there are people out there who are able to live in the place they want.

You could argue that supply is being artificially restricted causing house prices to be overhyped currently, but honestly I think even if all these factors are addressed I still don't see the most desirable areas being affordable to everyone.

Ande1975

Sorry - duh - yes - 8 years ago....
Then reading online that there will not be any new supply for 4 years at least.
That means potentially getting the house out of negative equity but not being able to afford a small apartment.
When you are single - its kind of frightening... However, there are some smart people out there who know exactly what to do but I can't find them

Ande1975

Ande1975 wrote: »

--
So my question is, will any of us be able to get to the point of being able to live in a place we want? ---
Any thoughts?

No one has a crystal ball

If you are moving in with your folks down the country and that is doable with work etc what makes a 2 bed apartment in Dublin so appealling?

All you and everyone else can do is to manage away as best they can and try to plant suitable seeds for the future, don't let the current situation stress you too much.

evolving_doors

Neighbour down the road said the only way a bank would give her a mortgage for a second property is if she signed up to the ten year lease with the council (not the RAS scheme btw). Rent for her old gaffe is set for ten years and paid into her bank every month by council, she moved two years ago..still getting rent from council...still no one has been placed into her old house!!. A few drawbacks to it but worth proposing it to the bank if the sums are right and yer desperate to move.
But then again are you wanting to move to Dublin before the prices go any higher?? I think people made that mistake before..you gitta be sure that the gaffe you are getting isnt overpriced...could you walk away from it and let any rent pay for it?