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Worried first time buyer

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    #32
    Skatedude
    Registered Users Posts: 2,674 ✭✭✭Skatedude


    I dont see anyone mentioning that the new rules also say that you can only borrow 3.5 times your salary, Not sure if that is been enforced yet


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    #33
    cpoh1
    Registered Users Posts: 1,605 ✭✭✭cpoh1


    trobbin wrote: »
    Exactly!! Now what does that tell you? If you're screwed and also so many others. Just think about it?

    I dont believe that for a second either. My sister in law and partner both in their late 20's and out working 4-5 years have no problem saving €35k between them a year while renting in Cork. That is them taking it easy on their living but not being a complete miser either.

    Owning and buying a house never was a done deal for the masses. There is a social pecking order out there, guys with the most money can afford to live in the best areas and others have to live further out. Some less fortunate again cant afford to buy and will need to rent long term. This is what a balanced market looks like and these measures will dampen prices but still maintain the social balance.

    Having all houses in SCD for under €350k is not the answer either.


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    #34
    Larbre34
    Registered Users Posts: 24,137 ✭✭✭✭Larbre34


    cpoh1 wrote: »
    My sister in law and partner both in their late 20's and out working 4-5 years have no problem saving €35k between them a year while renting in Cork. That is them taking it easy on their living but not being a complete miser either.

    €340 a week put away, by each of them, out of their take home pay?

    They are either living in a skip, black marketeers or both earning far higher than the average industrial wage, which in their late 20s is good going.

    Believe me when I tell you that rate of saving is the exception, and not possible for most people.


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    #35
    cpoh1
    Registered Users Posts: 1,605 ✭✭✭cpoh1


    Larbre34 wrote: »
    €340 a week put away, by each of them, out of their take home pay?

    They are either living in a skip, black marketeers or both earning far higher than the average industrial wage, which in their late 20s is good going.

    Believe me when I tell you that rate of saving is the exception, and not possible for most people.

    They both put €1500 away each month, one is an accountant the other an engineer. Both are on average salaries for their professions, not mega bucks but a decent income (close to €90k combined).

    My point was that people making comments like "what are all the bright graduates who have only started out on their life path going to do" are in fact misleading. There are loads of people out of college 3-5 years in solid jobs earning over €40k a year and well able to save a deposit of €50-60k in a decent timeframe.


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    #36
    gmisk
    Registered Users Posts: 32,806 ✭✭✭✭gmisk


    cpoh1 wrote: »
    They both put €1500 away each month, one is an accountant the other an engineer. Both are on average salaries for their professions, not mega bucks but a decent income (close to €90k combined).

    My point was that people making comments like "what are all the bright graduates who have only started out on their life path going to do" are in fact misleading. There are loads of people out of college 3-5 years in solid jobs earning over €40k a year and well able to save a deposit of €50-60k in a decent timeframe.
    On a wage of approx 45k....I find it very hard to believe someone could save 1500 euro a month...with travel costs, taxes, rent, pensions etc.
    Unless you mean they put away 750 each? thats very do-able


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    #37
    cpoh1
    Registered Users Posts: 1,605 ✭✭✭cpoh1


    gmisk wrote: »
    On a wage of approx 45k....I find it very hard to believe someone could save 1500 euro a month...with travel costs, taxes, rent, pensions etc.
    Unless you mean they put away 750 each? thats very do-able

    No, I was deadly serious, €1500 a month is easily achievable on a net salary of €2800 plus expenses. I did it with my wife a few years back too. The only difference I can see with Dublin folk is that rent is cheaper in Cork, we were paying €700 a month before we bought for a 2 bed town house.


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