Feeling overwhelmed

Wesser

Hello there!
I'm a professional single female in my late twenties and I live in the south of Ireland.
I want to move back to Dublin, and buy a little house and 'settle down'
I'm looking at houses and house prices and am feeling overwhelmed by the huge load of a mortgage on my own.
My job is stressful... I can get as much work as I want, but it's very stressful I don't want to drag myself or my mental health in to a hole just to pay off a mortgage.
I'm looking at a house at the moment on the northside, that I LOVE but the price is going to be 380000 to 400000, it's a tiny house 80sq metres, in a modest estate.
There are probably cheaper houses out there but they are very far out of town or else in very bad repair.
I feel over whelmed at the thought of buying a house in Dublin. I suppose I know what the solututions to my problem are.... Buy further out ....buy an apartment.... Find a man....Win the lotto.
I suspect there are many people in situations like this.... I suppose most people are stressed at work trying to pay off mortgages...I'm not naive.
How have we gotten ourselves in to a situation where houses are so outrageously expensive?
Does anybody have any helpful stories?

MarkAnthony

There are plenty of nice houses in D5 under that rate, a decent size and in nice enough areas.

NIMAN

Wesser wrote: »

Hello there!
I'm a professional single female in my late twenties and I live in the south of Ireland.
I want to move back to Dublin, and buy a little house and 'settle down'
I'm looking at houses and house prices and am feeling overwhelmed by the huge load of a mortgage on my own.
My job is stressful... I can get as much work as I want, but it's very stressful I don't want to drag myself or my mental health in to a hole just to pay off a mortgage.
I'm looking at a house at the moment on the northside, that I LOVE but the price is going to be 380000 to 400000, it's a tiny house 80sq metres, in a modest estate.
There are probably cheaper houses out there but they are very far out of town or else in very bad repair.
I feel over whelmed at the thought of buying a house in Dublin. I suppose I know what the solututions to my problem are.... Buy further out ....buy an apartment.... Find a man....Win the lotto.
I suspect there are many people in situations like this.... I suppose most people are stressed at work trying to pay off mortgages...I'm not naive.
How have we gotten ourselves in to a situation where houses are so outrageously expensive?
Does anybody have any helpful stories?

... or rent?

Piriz

Why not consider a one bed apartment for half the price, there is no point in paying for bedrooms you will not use in the next few years, if your circumstances change you can change your property to match, in the mean time you get to live in Dublin with an affordable mortgage, close to the city with zero maintenance and plenty of choice to work less and socialise more

some good options:

http://www.myhome.ie/residential/brochure/apartment-27-the-beacon-royal-canal-park-ashtown-dublin-15/3124242

http://www.myhome.ie/residential/brochure/25-botanic-hall-addison-park-glasnevin-dublin-11/3143783

http://www.myhome.ie/residential/brochure/79-cranford-court-donnybrook-dublin-4/3142517

http://www.myhome.ie/residential/brochure/230-neptune-house-bellevue-islandbridge-dublin-8/3128289

http://www.myhome.ie/residential/brochure/201-hampton-lodge-drumcondra-dublin-9/3141616

InvisibleWoman

The benefits of buying with additional rooms are
1) lodgers (to help with the mortgage and company)
2) it's hard to sell a one bedroom

Maybe look at different areas?

Firstly, find out how much various lenders will offer you in terms of a mortgage. And the interest rates on offer.

Work out what the repayments will be.

Then you'll know a) if you can afford to repay a mortgage and still have a life b) want to take on a mortgage and c) what your budget is.

It's pointless looking at what's on sale until you know what you can afford.

I am so glad I did not buy a one-bedroomed apartment back in my late twenties, I always had the option to rent out a room in the house I did buy and I'm not dealing with car parking issues or management fees now.

Chris_5339762

3) A 2 bedroom can be made into an entertainment/computer/whatever room simply by removing a bed.

Don't buy a 1 bedroom.

dearg lady

While I agree a 2 bed is a better option if affordability allows, if my only choices were between a 2 bed with lodger or a 1 bed, I would 100% go for a 1 bed!
I think most banks will only lend 75% of a 1 bed apartment though, so that#s another thing to take into consideration.
380k seems awfully high, there are definitely cheaper options out there

romperstomper

380k for a 1 bed? I'm living in the northside for 35+ years and bought at the height of the septic tiger and I don't know of any accommodation bar a marquee area like clontarf with those prices - therefore shop in ANY other area and you are fine.

Please link to these 80sqm apartment/houses (not in clontarf) that sell for 380k.

Piriz

romperstomper wrote: »

380k for a 1 bed? I'm living in the northside for 35+ years and bought at the height of the septic tiger and I don't know of any accommodation bar a marquee area like clontarf with those prices - therefore shop in ANY other area and you are fine.

Please link to these 80sqm apartment/houses (not in clontarf) that sell for 380k.

i don't think anyone is talking about 380k for a one bed...

NIMAN

Be careful too about stretching yourself to buy a 2bed if you don't need it.

I remember one of the presenters of those house programmes on British TV saying one time how people spend an extra 100,000 to get an extra bedroom because "we can have friends round to stay over", and if they live in the property for 10yrs they might have people over to stay 5 times. For the cost they could put them up in 5 star hotels and still save 95,000.

Wesser

Thanks so much for the discussion, it's definitely made me think a bit more 'outside the box" and spread the net a little wider.
Can't believe that piriz went to trouble of doing some research on my behalf.... So good!
Yeah I will deffo think about one of those apartments but I think I'd love to get a 2 bed.... I really want a house with a garden...,call me traditional but that's what I want!!

tralalala

Wesser wrote: »

that I LOVE but the price is going to be 380000 to 400000, it's a tiny house 80sq metres, in a modest estate.

I could never imagine putting myself under financial stress just to buy something that is tiny and modest. If I make the purchase of my life I want something big and nice. take your time.

maybe you will be better of sharing or renting while you have the funds to buy what you want or until the prices become reasonable.

hfallada

Dont buy a house in the suburbs. Buy a 2 bed apartment in the city. Rent the spare room under rent-a-room scheme, meaning you wont pay tax on it. Do you really want to maintain a garden, deal with leaky roofes, spend 90 mins in and out of town on a bus everyday?

A modern 2 bed is the solution.

http://www.myhome.ie/residential/brochure/spencer-dock-ifsc-dublin/3135166

dearg lady

hfallada wrote: »

Dont buy a house in the suburbs. Buy a 2 bed apartment in the city. Rent the spare room under rent-a-room scheme, meaning you wont pay tax on it. Do you really want to maintain a garden, deal with leaky roofes, spend 90 mins in and out of town on a bus everyday?

A modern 2 bed is the solution.

http://www.myhome.ie/residential/brochure/spencer-dock-ifsc-dublin/3135166

i think it depends where OP is at in life stage. While they might not be buying with a partner and kids now, perhaps that could happen in the near future, and then a house in the suburbs could be a better option. There are places reasonably close to town, and/or cycling is always a great option!

OP also hasn't mentioned if they want to live alone or share? I only ask because my main motivator for getting my own place is to get out of house shares!

leinsterdude

very sensible lady, if you got a huge mortgage, and are under pressure with work, then have kids, etc etc, all this can just be far too much, don't spend over 300k, its just a house.

Victor

Wesser wrote: »

it's a tiny house 80sq metres

That's a perfectly normal size house and certainly a lot more than one person needs.

Wesser

Thanks Hfallada,

Yes I really want a garden, to grow veggies in and sit in the sun and read a book
That apartment looks fantastic thanks for the link but I'm not sure it's for me.
.
Great to see so many points of view, seems that no matter what you do someone thinks you're right!

I would really prefer live alone, or hopefully with a partner...im past the house sharing stage of life I feel... So I'd really like a small house with would last me for say 5 orv10 years.......

Yes I knowc80 sq metres in enough... That's my dream house.... Hence the financial conundrum.

Crumbs868

NIMAN wrote: »

Be careful too about stretching yourself to buy a 2bed if you don't need it.

I remember one of the presenters of those house programmes on British TV saying one time how people spend an extra 100,000 to get an extra bedroom because "we can have friends round to stay over", and if they live in the property for 10yrs they might have people over to stay 5 times. For the cost they could put them up in 5 star hotels and still save 95,000.

While you make a valid point your post suggests after 10 years a 1 and 2 bed have the same selling price

anncoates

hfallada wrote: »

Dont buy a house in the suburbs. Buy a 2 bed apartment in the city. Rent the spare room under rent-a-room scheme, meaning you wont pay tax on it. Do you really want to maintain a garden, deal with leaky roofes, spend 90 mins in and out of town on a bus everyday?

A modern 2 bed is the solution.

http://www.myhome.ie/residential/brochure/spencer-dock-ifsc-dublin/3135166

Couldn't imagine anything more depressing than going to all the trouble and expense of buying property and then having to share it just to pay the mortgage.

I'd much rather the Bus ride / commute you mention to my own place rather than sharing after a certain age.

Sala

Why is it your dream house? If it's the decor etc you could buy a cheaper house and do it up?

beauf

Wesser wrote: »

... but it's very stressful I don't want to drag myself or my mental health in to a hole just to pay off a mortgage....

I think I would rent if I was you.

Dr Strange

Victor wrote: »

... and certainly a lot more than one person needs.

Yes, but this is where it sometimes falls down. What people need and what people want are sometimes two completely different things. That's what causes a lot of the problems with house prices as well, people not thinking with their head.

hfallada

anncoates wrote: »

Couldn't imagine anything more depressing than going to all the trouble and expense of buying property and then having to share it just to pay the mortgage.

I'd much rather the Bus ride / commute you mention to my own place rather than sharing after a certain age.

I know most dont like shares and only consider them for 'students'. But they are becoming the norm in cities with high rent prices eg Munich, NYC, London. I think they will become more of the norm here with the fact, I cant see 1 bed apartments being built in large quantities again.

If I had a choice between being able to afford a 2 bed with a house share in Dublin city or a small house in Meath with no house share and having no social life. I would take the house share.

anncoates

hfallada wrote: »

I know most dont like shares and only consider them for 'students'. But they are becoming the norm in cities with high rent prices eg Munich, NYC, London. I think they will become more of the norm here with the fact, I cant see 1 bed apartments being built in large quantities again.

If I had a choice between being able to afford a 2 bed with a house share in Dublin city or a small house in Meath with no house share and having no social life. I would take the house share.

It's pointless arguing about this because it's quite rightly about preference but I've lived centrally and in the suburbs and haven't felt like the latter equals no social life. Often it's been only about the difference of about 50% taxi fare extra. Obviously I'm talking about still living in the city not the country, but I think there's still a huge saving to be made when people don't get hung up on a specific or distance to the centre

Or work. I've worked in 5 different companies in the last 12 years and one has been centrally located.

It's different strokes really. You can't say one is better, except for yourself. And for me, I could not face sharing with a non romantic housemate.

Plus not everybody buying property is using social life as their major yardstick.

Do bear in mind that what suits you right now might not suit you in 5 or 10 years' time.

When I bought a three-bed house, I was single and living alone. Within two years my then boyfriend was living with me, and we subsequently married and had children.

While that was something I had hoped for, there was no guarantee it would happen. But it did happen, and we had plenty of room and no urgency to try to sell and move to a bigger property.
I know SO many people who bought around the same time I did and now have either rented out their one-bed and are renting a bigger home or desperate to buy another with space and a garden because their circumstances at 35 are not the same as they were at 25.

Do try to think beyond how close you are to pubs and clubs etc.

Good transport links, even a cycle lane, parks, close to decent schools and walking distance to shops, doctor, pharmacy etc are all worth considering. There's a reason why these kind of properties are in demand in Dublin.

NIMAN

Having heard of quite a few people who bought 1 bed apts when they were young and single, then stuck with them when they were married and looking to start a family, think very carefully about buying an apt in a block. We would all like these when we are young and have social lives, but I would guess they are awful places to raise young kids in.

@ OP, you say you feel overwhelmed, and that's (I assume) with a job, a decent life and no major debt? I'd say you aren't overwhelmed. Now if you had a family, no job and a mortgage for 350k for a house worth 200k, that would be overwhelming.

Thoie

I was you 10 years ago, so here's my experience if it helps

• I have always been glad I didn't go for a 1 bed. I sometimes wish I had gone for a 3 or 4 bed (instead of the 2 bed I have).
• While some people will say 80sqm is loads for one person, go with what you're happy with. I'd say the bigger the better. The more important thing though is what's the storage like? You can have a 100sqm house but nowhere to put a food processor, or you struggle trying to figure out where to keep extra towels. When looking around houses think "where will the vacuum cleaner live? The ironing board? If you put a coffee machine, a microwave, a toaster, a kettle, a breadbin and a fruit bowl in the kitchen, will you have any counter space left?
• You say you want somewhere you can sit out in a garden. What time of day do you want to do this? What direction is the garden facing? If you will mainly be sitting out in summer evenings after work, then a W/SW facing garden may suit you better than south facing.
• When working out mortgage affordability, ask what the repayments would be if the interest rates were 10%. Would you still be comfortable paying that?
• Don't mind too much what the local pubs/clubs are like. How easy is it to get to (and home from!) the pubs/clubs your friends go to? There's a pub near me I've never been to, because most of my friends live elsewhere, and we meet in the middle.
• Do you work from home ever/often/sometimes? Where would your desk be? If you work from home with any regularity, you want a proper desk and chair - not sitting at the kitchen table.
• If, like many people 10 years ahead of you, you got "stuck" living in the same place with a partner and 2 kids, would you manage?
• Where will you park? Buy groceries? Dash to for a litre of milk?

Wesser

Thanks everyone.
Yes I'll definitely think of all of these things. Yes youre right, i dont have any major debt im very lucky....I agree the feeling of being overwhelmed is relative, can definitely talk myself out of it!!!

I went to view the house today. It's a 3 bed semi, in an estate off Griffith avenue, a massive estate with abut 400 houses. Loved it... Needs very little work for me to move in. Can't afford it though... so gonna go back to the drawing board, organise a mortgage etc and then take things from there with all the advice.

riclad

http://www.daft.ie/dublin-city/houses-for-sale/?s[mxp]=225000

Theres always smaller terraced houses for sale,
in the city centre,
with at the rear, small garden or yard,
150 -230k,
or just buy a 1 bed apartment .
You can always sell it in the future ,if you meet someone .
i would not advise anyone to buy a 2bed if it costs 80-100k extra ,for 1 more room,
unless they are on a very high salary.http://www.daft.ie/sales/7-maxwell-street-dublin-8-dublin/1045693/
MAXWELL ST, so this is almost a 2 bedroom house .

ATTIC ROOM~ 3.86 X 2.87, Laminated Timber Floor
Velux Skylight

Try and buy a small house, maybe with a yard .
All apartments have service charges, 1000 euro minimum in dublin .

Also look at 1 bed apartments with balcony s .

Think under 220k,
ie i agree a massive mortgage would not be a good idea for a single woman in your situation .
of course some people who bought apartments in the boom as a starter unit,
cant leave as they are now in negative equity .
Some apartments are built like a square ,eg
the owners have acess to shared garden,green spaces in the middle of the square .
Many apartments outside the city centre ,
have free parking space ,for the owners .
renting a 1bed flat with acess to a shared garden space ,
may suit you better .

Some ground level apartments have a small garden at the back of the apartment .
Acessed from the apartment back door .

DivingDuck

It's difficult to get your mind away from a house if that's really where your heart is, but it's definitely worth considering some other alternatives. As the above comment suggests, many ground floor apartments will have a terrace or patio for your exclusive use. It won't be big enough to grow vegetables, but you could have a little herb garden and a deck chair, certainly.

I have to ask: have you lived alone in a house before? Many of the single girls I know in their 20s and 30s would be uncomfortable with the idea of living alone in a house, and would prefer an apartment for security reasons.

Personally, I would prefer to live alone in an apartment in my desired location than share a house in my desired location or live alone in a house outside my desired location, but that's a choice you will need to make for yourself.