How do most people get their deposit to buy a house?

eviltwin

LaGlisse wrote: »

Some things need to be judged.Theres alot of entitlement out there, loads of these people who got it handed to them now hardly paying anything towards their mortgage and the Banks are letting them away with it ,i know a few like this myself. Entitled immature children

You sound jealous. I never had parents or parents in law who could hand over a chunk of cash but as I said what other help they gave would have cost us money. You add that up over time and it amounts to a lot. They were happy to do it, no one was expected to do it. I have friends who have parents who have been able to help them out and what of it. Again none of it was expected, it was a lovely surprise and much appreciated. If I was in a similar position to help my children out I'd do it.

The Spider

LaGlisse wrote: »

I wasnt talking about inheritances, i was talking about all the people in their 20's and 30's who just expect their parents to help them out, or to let them live rent/ living expenses free. There is a lot of them about.

Grow up seriously, that's what parents do if they can. However I think people who are from Dublin have the advantage here, as they have somwhere they can go to and save every penny. If you're not from Dublin you have no choice but to rent.

As for me I joined the company sharesave scheme and was given equity, I then joined another company and straight into that sharesave scheme.

Any raise I got went straight back into the sharesave and still does, the shares quadrupled in value and I sold some at various stages, some to buy cars and the big bulk to pay 40 percent up front on the house.

I'm not from Dublin and haven't ever had a hand from anyone, I've paid huge rent over the years. I just know that there's other ways to make money rather than just save, save, save. Invest your money it should be doing something rather than sitting in a bank account.

However I don't begrudge anyone who stays at home and can save their rent, why wouldn't you do that if the option was available.

messy tessy

LaGlisse wrote: »

I wasnt talking about inheritances, i was talking about all the people in their 20's and 30's who just expect their parents to help them out, or to let them live rent/ living expenses free. There is a lot of them about.

You have a horrible attitude. Both my brother and sister have lived at home til their late twenties, and neither paid rent... what's wrong with that? If my parents were in a situation to help any of us out with deposits, they would in a heartbeat.

Xaniaj

Girlfriend and I plan on looking at houses late this year/early next year so we're still in the process of saving.

Over the last four years, we've saved approx. 70k between us on a combined salary of 65k or so. We haven't necessarily been frugal but we probably go out/drink a lot less than most, don't smoke but do pay rent and have been on 2-3 breaks a year (abroad) so it is doable without having to resort to re-using tea bags! Hoping to have in the region of 100k when we do start looking properly.

The Spider

Larbre34 wrote: »

Sorry, but locking yourself away for the most enlightening and interactive years of your life is just too much of a compromise. That sort of grind just isnt what life should be about. And its not what we should be teaching our kids to aspire to either.

Renting may be dead money, but at least you are living in the world.

Yeah I know plenty of people who thought the same and are now in their late thirties, early forties either renting or in house shares.

This just sounds like an excuse to spend your wages, plenty do and then complain about the price of houses. It wouldn't make a difference if they dropped to five grand a pop, because these lads would still want to be out 4 nights a week, travelling or going on huge holidays, so still wouldn't buy.

Mrs OBumble

Give up the car and the drink - you'd be amazed how much you save.

wandatowell

pwurple wrote: »

Saved it for first house which was on the low end of things. Terraced house in a crappy area.

Overpaid that mortgage as much as we could for about 6 years... worked our asses off to get promotions and increase wages. Eventually ended up with 60% equity in that, even though the value had dropped during crash. Sold house, used proceeds as deposit for a decent one.


Never got parental gift. Worked and saved. Drove (still drive) crappy 10-15 yr old cars. Have the house we want now... saving for car upgrades.

Very admirable effort. Well done.

hardCopy

eviltwin wrote: »

You sound jealous. I never had parents or parents in law who could hand over a chunk of cash but as I said what other help they gave would have cost us money. You add that up over time and it amounts to a lot. They were happy to do it, no one was expected to do it. I have friends who have parents who have been able to help them out and what of it. Again none of it was expected, it was a lovely surprise and much appreciated. If I was in a similar position to help my children out I'd do it.

If I had the cash to help my kids I'd rather give it to them while I'm still around rather than after I'm gone.

messy tessy

<Mod Snip>

This is a discussion on how people save for a deposit, living at home with parents is a viable option.

FURET

This thread underscores the dire need for the establishment and regulation of long-term, high-quality renting options in the country.

Absolute insanity to scrimp and save to put together so much money for a ball and chain comprised of four-walls-and-a-roof in a very average area. The capital would be much better deployed elsewhere in many cases.

HerrKuehn

messy tessy wrote: »

<Mod Snip> This is a discussion on how people save for a deposit, living at home with parents is a viable option.

Personally, I think living at home with your parents until your late twenties and not paying rent is a problem.
I would not allow my own kids to do that.

The Spider

HerrKuehn wrote: »

Personally, I think living at home with your parents until your late twenties and not paying rent is a problem.
I would not allow my own kids to do that.

Do you have any kids?

LaGlisse

HerrKuehn wrote: »

Personally, I think living at home with your parents until your late twenties and not paying rent is a problem.
I would not allow my own kids to do that.

This. Its insanity but government policy is to do everything in their power to keep property prices sky high so a sizable amount of parasitic landlords can keep fleecing productive people

Caliden

Mrs OBumble wrote: »

Give up the car and the drink - you'd be amazed how much you save.

I was surprised how much it actually costs to run a car when you include tax/insurance/maintenance/fuel and break it down into a daily number.

Mine is the ~12 euro a day. Every day.

Dog of Tears

hardCopy wrote: »

If I had the cash to help my kids I'd rather give it to them while I'm still around rather than after I'm gone.

I'd prefer to provide my kids with the ability to make their own way in life by investing in their education as well as instilling in them the importance of being able to independently save for set goals.

Far better than just giving them wads of cash.

HerrKuehn

The Spider wrote: »

Do you have any kids?

Yes

FURET

Studies have consistently shown that children who receive cash gifts and economic support throughout childhood and early adulthood fail to build wealth.

However, it's very hard for the younger generation to get ahead, so the attitude of parental help is understandable. However, the obsession with property in Ireland is unhealthy and increasingly nonviable.

Kintarō Hattori

Saipanne wrote: »

Yep. What some people fail to realise is that all these little changes add up, over time.

For sure. A €2 cup of coffee Monday to Friday is roughly €500 a year and most people will buy at least 2/3 a day.

I've started to bring in my lunch as spending €10 a day between something small for breakfast and lunch costs around €2400. So between food and coffee that's almost €3000 a year on something most people don't consider the cost of.

Alf Veedersane

Dog of Tears wrote: »

I'd prefer to provide my kids with the ability to make their own way in life by investing in their education as well as instilling in them the importance of being able to independently save for set goals.

Far better than just giving them wads of cash.

Receiving financial help from your parents at some stage of your life does not mean you have made your way through lift to that point without understanding the value of money and the importance of being able to be financially independent.

The Spider

LaGlisse wrote: »

This. Its insanity but government policy is to do everything in their power to keep property prices sky high so a sizable amount of parasitic landlords can keep fleecing productive people

I lived in Dublin for 17 years and property and rent has always been high relative to incomes and especially relative to people who's wages are average.

Fact is property owners are more likely to vote than renters, renters are transient and don't tend to re-register when they move to another area, except the most committed, they tend to be a younger age group.

People who've invested their money, ie all of the people who posted in this thread who've scrimped and saved and gone without so they could get the deposit together, don't want to see the value of their investment collapse, to subsidise those who haven't made the same sacrifices, sorry but that's fact.

eviltwin

FURET wrote: »

Studies have consistently shown that children who receive cash gifts and economic support throughout childhood and early adulthood fail to build wealth.

However, it's very hard for the younger generation to get ahead, so the attitude of parental help is understandable. However, the obsession with property in Ireland is unhealthy and increasingly nonviable.

I wouldn't give money to a child who I felt was wasting their own money. I don't see the point of that and its a bad precedent. But if your child is saving every cent they have and making sacrifices then yeah, any help I can give, be it cash or letting them stay at home rent free I will do.

tigershould

I found looking at your expenditure as an annual figure was very beneficial.

Split it by car, utilities, tv/broadband, drinking, eating out, social, clothes etc and you'll soon see where you can make cuts without living a miserly life (although there's nohing wrong with that for a couple of years if you get to where you want to be)

For me I reduced the drinking, eating out, social, clothes to a bare minimum eg I noticed I was spending over €100 a month on clothes which I hardly wore!).

Everyone will have a different budget but you need to analyse where you are going to make the sacrifices.

mariaalice

I would give a small amount of help if my children were buying a house. The vast majority of people save for a deposit for houses and that's how it should be. I am surprise at the amount of people on this thread who believe that its parent providing the deposit and cant conceptualise the idea of saving for a few years.

I fell sorry for single buyers or lone parents because they are unlikely to be able to save as much as a couple.

One simple thing start by opening a 21 day notice saving account and set up a standing order to your saving account on the day you get paid.

Dog of Tears

Alf Veedersane wrote: »

Receiving financial help from your parents at some stage of your life does not mean you have made your way through lift to that point without understanding the value of money and the importance of being able to be financially independent.

No it doesn't, but if a person in their mid-20's or older, requires financial support from their parents to make their way in the world, then something has gone wrong somewhere along the line.

The money my parents have is for them to enjoy their lives, I would hate to have to ask them to provide for me when they have already given me so much during my formative years.

on_my_oe

sozbox wrote: »

Can I ask how long that took you? Are you both on 50k/pa?

No, 50k combined but it took two and half years.

We were/are careful with our money - it's lidl and aldi in the main for our weekly shop, we have Sky but it's the basic package, had the same phones for four years (iPhone 4S's), and nights out were usually dinners and a movie. If we did go drinking, cards were left at home and one was sober driver. We didn't eat beans on toast (steak usually once a week, roast dinners, plenty of fruit and vegetables but brought lunches into work etc), and we didn't shop in the charity shops, but we were careful. OH serviced our cars, we shopped around for insurance, utilities etc.

We didn't have help from our parents - we wanted to do it ourselves and they probably couldn't afford it anyway - but I'm ok with those who did. I'm peeved at those who dont pay their mortgages when they're going on holidays to Dubai, or ones who have never worked a day in their lives even though they're fit and able.

If you want to buy a home you need to decide what you want more - a night out ir a new handbag, or your own home. Learning to say No to yourself is the best skill you can learn.

lima

The Spider wrote: »

People who've invested their money, ie all of the people who posted in this thread who've scrimped and saved and gone without so they could get the deposit together, don't want to see the value of their investment collapse, to subsidise those who haven't made the same sacrifices, sorry but that's fact.

'Investment' lol

Alf Veedersane

Dog of Tears wrote: »

No it doesn't, but if a person in their mid-20's or older, requires financial support from their parents to make their way in the world, then something has gone wrong somewhere along the line.

The money my parents have is for them to enjoy their lives, I would hate to have to ask them to provide for me when they have already given me so much during my formative years.

It's not always that clear cut as 'making your way' or not because you've been wasteful.

There are many different reasons why people might benefit from assistance while having made the effort to be financially independent.

lima

Personally I feel like a better, more successful person as I am in the process of making my own way.. that's priceless really

LaGlisse

lima wrote: »

Personally I feel like a better, more successful person as I am in the process of making my own way.. that's priceless really

That's a rare thing in Ireland these days. All you hear in the media is people who over extended themselves looking for a dig out at the expense of the prudent

bigdaddy2010

We have been saving for a few years now and have accumulated 120k.

My income 2550 a month after tax and my wife 3290.

Savings per month:
Me- 1516. Wife- 1000

Rent- 700

Free to air TV

Both on tesco mobile 15e each

It can be tough but we have sacrificed and have 2 10 year+ cars which take us from a to b.
Will be worth it hopefully when we get a house.

Just really examine what your priorities are in life.