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

ian87

I sold my car, cleared my debts, and made some sacrifices. I'm saving 25% of my net income and paying rent. I've worked hard to get my deposit together and my dad offered over a pint one night to make up the shortfall of the deposit should I see a house I want. His father gave them the money to buy a site after he got married. I don't see the problem with being helped out by a parent when one is putting the work in to scrape a deposit together already. We had an agreement that when the days comes that they need a helping hand I'll be there to give it as best I can. I have close to 10% saved by myself, they will just pull me over the line. Stop attacking the "little princes and princesses" as the vast majority of us aren't taking the whole 10% in one lump.

lima

All I am saying is I personally feel more of a success having saved six figures than if I was given free money by a relative. Each to their own but some people want to be a success in their own right

The Spider

lima wrote: »

They would be getting free money that they did not work for, whether or not they were going to use it for a deposit or not, and whether or not they saved up money themselves

I have great satisfaction in knowing mammy and daddy didn't give me money, it's a wonderful feeling to be building a life without handouts that is all really

Ha ha absolute nonsense, funniest ****e I've read, seriously you must be trolling with a comment like that.

"No I don't want the free money I'd rather bust my back working for years to get it, so satisfying."

I'd say the royal family must be the most dissatisfied people on the planet, with all that free money they don't have to work for!

eviltwin

lima wrote: »

All I am saying is I personally feel more of a success having saved six figures than if I was given free money by a relative. Each to their own but some people want to be a success in their own right

Good for you. I guess you begrudge lotto winners or people who come into an inheritance then. Why should it matter where someone gets their deposit from? A few years after I bought my home a friend inherited a house. She got a three bed in a great part of dublin for nada and good luck to her. She is no less a success because of it, she has struggles just like everyone else only in other areas. I think saving is great and to be encouraged and praised but it is just one way of getting a property. It's no better or worse than any other.

Gits_bone

If you can't save for 3/4 years you shouldn't be getting a mortgage.

If you don't have enough for a deposit after 3/4 years you probably shouldn't be getting a mortgage. Hence why some people getting money from parents means they can't afford to have a mortgage.

baldbear

lima wrote: »

All I am saying is I personally feel more of a success having saved six figures than if I was given free money by a relative. Each to their own but some people want to be a success in their own right

Classifying the ability to save "six figures" as a success is quite sad. But i suppose each to their own.

Qualitymark

I've known several people who worked abroad in high-paying jurisdictions and came home with the price of a house after a few years.

Gits_bone

Qualitymark wrote: »

I've known several people who worked abroad in high-paying jurisdictions and came home with the price of a house after a few years.

Arab countries. No tax.

pwurple

Alf Veedersane wrote: »

If you're the kind of person who worries about the potential of a motorway being designed over your house or heroin dealers moving in next door, then you've bigger problems.

Lol. Wasn't worried about it til it actually happened!

Kaizersoze81

lima wrote: »

All I am saying is I personally feel more of a success having saved six figures than if I was given free money by a relative. Each to their own but some people want to be a success in their own right

Do you ever get tired of dropping your "six figure savings" into threads here ?

Qualitymark

Gits_bone wrote: »

Arab countries. No tax.

In one case, yes; he said it nearly drove him crazy seeing no women for several years - not the sex so much as the sheer weirdness of interacting only with your own sex in business and at home.

Alf Veedersane

pwurple wrote: »

Lol. Wasn't worried about it til it actually happened!

The motorway or the dealers or both?

Alf Veedersane

lima wrote: »

I have no idea what that religious thing at the end is

It's from Dante's Inferno.

HerrKuehn

Tasden wrote: »

For many. Not everyone cares about 'making it' yourself.

Well the Kidults don't, no.

_Kaiser_

I'd say it's pretty much impossible if you're single and not in some sort of IT/sales role with commissions and bonuses and not living at home

I'm on a pretty decent wage but I also rent/live in Dublin, run a car and have a child that lives down the country. Add on tax increases over the last few years and even having anything left at the end of the month is tough enough. These new CB rules would make it impossible. It's a great country where you can be on "good" money but still have fook all to show for it, and get even less back for it! :rolleyes:

I wouldn't even mind that in itself as I'd happily rent indefinitely were it not for the fact that the Irish system is setup in such a way that if you want ANY kind of security (or even stability) you pretty much HAVE to buy!

The_Morrigan

_Kaiser_ wrote: »

I'd say it's pretty much impossible if you're single and not in some sort of IT/sales role with commissions and bonuses and not living at home

I'm on a pretty decent wage but I also rent/live in Dublin, run a car and have a child that lives down the country. Add on tax increases over the last few years and even having anything left at the end of the month is tough enough. These new CB rules would make it impossible. It's a great country where you can be on "good" money but still have fook all to show for it, and get even less back for it! :rolleyes:

I wouldn't even mind that in itself as I'd happily rent indefinitely were it not for the fact that the Irish system is setup in such a way that if you want ANY kind of security (or even stability) you pretty much HAVE to buy!

I bought on my own in 2008. Pumped all my own savings into the apartment plus the 10k from my parents.

It's tough going, but doable.
I'm only now starting to resave after a bout of unemployment. I depleted my savings to cover mortgage and insurance etc as there wasn't a hope the dole was going to cover everything.

gsmith-

I wouldn't even mind that in itself as I'd happily rent indefinitely were it not for the fact that the Irish system is setup in such a way that if you want ANY kind of security (or even stability) you pretty much HAVE to buy!

And that's a key point, rental market is a disgrace. No security and poor quality and heaps of "accidental landlords" who are landlords out of necessity rather than as their primary job.

Rental market should be like it is in central Europe and Australia etc. You rent the empty shell, you even in some counties have to fit your own kitchen for some empty units. I think unfurnished is the way forward for rental anyway. But anyway its a bit of a commitment and thus rewarded with security and stability.

Unfortunately we have a situation here of individuals like Leonard Rossiter in Rising Damp - often thinly shrouded by some vastly incompetent and under-qualified estate agent firm. Overpriced crap furnished with manky old sofas that were probably found in skips etc. Plus we have our parents generation akin to Richard Harris in the field saying we MUST own our home and we must have land or we are FAILURES. Buying your first home is hard work - and maybe it should be as people were daisy chaining one off the next and owning a string of appartments etc, but be careful what you wish for. It could be a money pit or a home that you outgrow or whatever. You could end up stuck it and negative equity and few options.

In a way I kinda wish I hadn't been sensible at all and just gone on shedloads of exotic holidays and travelled more etc. I'd probably be not much worse off financially than I am now, but at least I'd have not wasted years worrying about money and property. As the kids say: "YOLO"

_Kaiser_

_Kaiser_ wrote: »

I'd say it's pretty much impossible if you're single and not in some sort of IT/sales role with commissions and bonuses and not living at home

I'm on a pretty decent wage but I also rent/live in Dublin, run a car and have a child that lives down the country. Add on tax increases over the last few years and even having anything left at the end of the month is tough enough. These new CB rules would make it impossible. It's a great country where you can be on "good" money but still have fook all to show for it, and get even less back for it! :rolleyes:

It's hardly impossible.
In your own situation the child costs alown over 5 years would be an appreciable amount of money.

lima

The Spider wrote: »

Ha ha absolute nonsense, funniest ****e I've read, seriously you must be trolling with a comment like that.

"No I don't want the free money I'd rather bust my back working for years to get it, so satisfying."

I'd say the royal family must be the most dissatisfied people on the planet, with all that free money they don't have to work for!

Some people do bust their backs working like dogs (maybe you do) but other people love their jobs and the earnings they get for doing something they love, and they savour that feeling of accomplishment

Of course it's nice to get free sh*t and you'd be happy etc. but you'd be that bit happier knowing you created and earned something yourself - you will have lived that bit better


Perhaps people like you don't get the protestant work ethic?

lima

baldbear wrote: »

Classifying the ability to save "six figures" as a success is quite sad. But i suppose each to their own.

Why?

It's not my measure of total success but it is certainly a medium term goal that I have accomplished

T-K-O

Just had a chat with my mam. She informed me that herself and dad should have the full 40k saved in full by 2018.

runawaybishop

lima wrote: »

Some people do bust their backs working like dogs (maybe you do) but other people love their jobs and the earnings they get for doing something they love, and they savour that feeling of accomplishment

Of course it's nice to get free sh*t and you'd be happy etc. but you'd be that bit happier knowing you created and earned something yourself - you will have lived that bit better


Perhaps people like you don't get the protestant work ethic?

No one is saying that earning your own way doesn't have its own rewards. I just don't think getting cash of parents instantly means you lose the run of yourself and become a useless sponger.

lima

lima wrote: »

..............
Perhaps people like you don't get the protestant work ethic?

I know lots of protestants working in the family business living in houses that the folks helped buy/build.

wtf is the protestant work ethic?
Aren't most of the wasters in England protestant?

_Kaiser_

The_Morrigan wrote: »

I bought on my own in 2008. Pumped all my own savings into the apartment plus the 10k from my parents.

Assuming you have parents that can help out like that

Augeo wrote: »

It's hardly impossible.
In your own situation the child costs alown over 5 years would be an appreciable amount of money.

Yes, money which therefore can't be used for saving for a deposit

_Kaiser_

_Kaiser_ wrote: »

I'd say it's pretty much impossible if you're single and not in some sort of IT/sales role with commissions and bonuses and not living at home............

_Kaiser_ wrote: »

..........

Yes, money which therefore can't be used for saving for a deposit

In your own case it seems having a child is a factor in you not being able to save for a deposit.

Most single people don't have kids.

It's quite possible for loads of single folk to save a deposit.

Dog of Tears

Augeo wrote: »

wtf is the protestant work ethic?

A fairly common phrase.

Alf Veedersane

Augeo wrote: »

It's quite possible for loads of single folk to save a deposit.

But they might not want to all chip in the same amount.

The_Morrigan

_Kaiser_ wrote: »

Assuming you have parents that can help out like that

Yes, but in fairness, considering the rate at which I was saving at the time it was only bringing forward the date of purchase, I wasn't reliant on my parents providing me with a deposit.

In my case my parents and myself seems to be passing the same amount back and forth between ourselves between the renovation, the purchase and now the monthly payments.

El_Dangeroso

lima wrote: »

Some people do bust their backs working like dogs (maybe you do) but other people love their jobs and the earnings they get for doing something they love, and they savour that feeling of accomplishment

Of course it's nice to get free sh*t and you'd be happy etc. but you'd be that bit happier knowing you created and earned something yourself - you will have lived that bit better


Perhaps people like you don't get the protestant work ethic?

I normally agree with you lima but your posts on this thread smack of a little of begrudgery.

If I wanted to get on a higher horse than you I could say I saved my deposit while working and paying tax in this country that paid for the all the services surrounding the property that you bought and contributed nothing to for the years you were away. I mean it's a facetious point, but no more facetious than saying that anyone who's family helps them out are less deserving somehow.

Lombardo86

lima wrote: »

Some people do bust their backs working like dogs (maybe you do) but other people love their jobs and the earnings they get for doing something they love, and they savour that feeling of accomplishment

Of course it's nice to get free sh*t and you'd be happy etc. but you'd be that bit happier knowing you created and earned something yourself - you will have lived that bit better

Perhaps people like you don't get the protestant work ethic?

You are not the only person who works hard though. I work hard and am progressing in my career nicely, i earn above average wage and am in a relationship where my partner earns above average wage. We have our holidays each year, we have a car, eat out and live a happy, healthy life.

When we moved into our house i never asked anybody for anything. My parents offered to refurbish one of the rooms for us completely.

Do i lose that sense of accomplishment and admit im a failure if i accept the donation?

You may not have taken anything but the ability for a parent to help their child out is probably completely satisfying to a) the parent and b) me, in my case.

Your arguments are silly and are nothing but thinly veiled "i did it on my own" posts