How old were you when you bought your first house

OU812

Congratulations mate. Absolutely astounding. Delighted for you.

Benevolent Misanthrope

OU812 wrote: »

Congratulations mate. Absolutely astounding. Delighted for you.

Well, the missus deserves more credit than I do...

wally1990

Now.. That is commitment and top class

notsoyoungwan

Bought my first house at 32, on my own, and intend it to be the only house I ever buy. I got a 92% mortgage over 20 years but am in the fortunate position of being able to overpay that, so I expect the mortgage to be cleared in ten years, maybe even a few months less.

quadrifoglio verde

Plan to buy next year at 25, unless I get some very lucrative contracting work and I'll push it off 6 months. Plan is to buy a 3 bed ex corpo and rent out the other two rooms
It's legally quite challenging for me to set up the business I want to set up until I'm three years qualified which won't be until I'm 28. Then as I'll be self employed, I'd be waiting another 3 years before I can get a mortgage which has me at 31.
However business could go tits up and unable to get a mortgage for a few years after that.

Having watched Ireland's slow repossession process I've concluded it's better to be broke and have a mortgage of 200K than broke and looking for a mortgage of 200K

Most of my friends think I'm bonkers to be even considering buying on my own but it suits my needs for the next ten years at least and due to the rent a room allowance will be close to self financing.

Benevolent Misanthrope

quadrifoglio verde wrote: »

However business could go tits up and unable to get a mortgage for a few years after that.

Having watched Ireland's slow repossession process I've concluded it's better to be broke and have a mortgage of 200K than broke and looking for a mortgage of 200K

You are totally right on that. It's almost impossible to repossess a house in this country, regardless of what you hear in the media. About 40,000 properties are over two years in arrears and have not been repossessed.

somefeen

Jesus if I had 3k in savings at 20 I'd probably be marooned somewhere in the third world or just starting to sober up now.

wally1990

I'm 25 have 3.7k since jan(had 1k in gift from presents) saved with the GF for a wedding for 2018 and plan to have 29k saved by our due date. In July 2018
We will keep the wedding as cheap as possible in Spain (15-18k hopefully) yet prices we are being quoted are high. (60pp in Spain etc)madness
The remainder(12k hopefully) will be used to start for savings for a house and hopefully add another 8k so have about 20k by the time I'm 29 and look then to buy the house
I'm on a 35k salary and she is on 28k (she is struggling big time as she has a 400pm car loan) (don't ever get one if you can't afford it ) think of net income people not gross!!!
Anger vented on her behalf.
So 29 -30 hopefully

OU812

^ Sell that car Wally. Pay off the loan & buy a basic car for cash. €400 a month for a car is an insane amount of money to be going through.

wally1990

Oh I told her that

She would get >12k for the car but she only bought it in Feb and the second I mentioned the idea of selling it . I am shot down with an outright no!
Can't do anymore I guess . Let her at it

mad_shopaholic

I'm 27 and getting my keys tomorrow hopefully also bought on my own as a single parent the only issue I found is that even though mortgage is just over 500 a month and my income is circa 2.5K net per month I was only allowed to take it over 35 year term.

wally1990

mad_shopaholic wrote: »

I'm 27 and getting my keys tomorrow hopefully also bought on my own as a single parent the only issue I found is that even though mortgage is just over 500 a month and my income is circa 2.5K net per month I was only allowed to take it over 35 year term.

What was the reason for the 35years? What did they say

OU812

mad_shopaholic wrote: »

I'm 27 and getting my keys tomorrow hopefully also bought on my own as a single parent the only issue I found is that even though mortgage is just over 500 a month and my income is circa 2.5K net per month I was only allowed to take it over 35 year term.

Free tip: Pay it weekly & overpay (assuming you can afford it). e.g. Mortgage is 500 a month. Pay 200 a week (even 175 a week), Hell, pay more if you feel you can afford it. You'll be overpaying by between 40% & 60% a month.

Let this build up until you have between 3-6 months worth in prepayments. Then after that point, keep doing it & pay anything over the prepayments balance off the principle.

This will bring down the term of the mortgage over the next couple of years & if you run into a hiccup in the future, you have an emergency fund of prepayments there that you can fall back on should you not be able to reach the mortgage that month.

Into The Blue

Sleepy wrote: »

I like the adage of save 10% of everything you earn and have fun with the rest.

More like, Save 10%, pay for life with 85%, have fun with 5%

mad_shopaholic

wally1990 wrote: »

What was the reason for the 35years? What did they say

I could have taken 30 or 25 but each term they reduced the amount they would give me so to get the max amount I needed I had to take to the 35 it was due to the fact that I am on my own and have a dependent I am a higher risk.

I have a good fixed rate for the 3 years which I will stick to and use extra funds to do the kitchen and bathrooms and once the fixed expires I will go back to variable and start overpaying no way am I keeping it for 35 years!

twowheelsonly

You're 20. My advice for anyone that age would be not to spend money on things... Any things....
Spend it on experiences and spend the rest of your life benefiting from those experiences.

You'll be old enough for long enough.

At the moment you're in college. When you graduate you don't need a house to tie you down. You need to enjoy the next few years and then decide what you want to do. Home ownership is not the be-all and end-all and the experiences you can gain at a young age might make you decide that you want to live in America / Australia / Antartica or a tent on the side of the M50.

Trust me, when you're 40 or 50+ you'll be wondering why you didn't just sh*g off and enjoy yourself while you could.

Alf Veedersane

wally1990 wrote: »

We will keep the wedding as cheap as possible in Spain (15-18k hopefully) yet prices we are being quoted are high. (60pp in Spain etc)madness

I got married in Spain five years ago and that's what we paid. Knowing prices in Ireland, it certainly wasn't high or madness.

SarahMollie

Alf Veedersane wrote: »

I got married in Spain five years ago and that's what we paid. Knowing prices in Ireland, it certainly wasn't high or madness.

Also depends on what you're getting for the money. Like are drinks included or even just more drinks than you'd get in Ireland?

Also, is that for a high end venue in Spain? High end venues in Ireland cost on average €120 per head these days. If you want to go nuts altogether, I think you can spend €180 per head in the Shelbourne, depending on the package you choose.

Alf Veedersane

SarahMollie wrote: »

Also depends on what you're getting for the money. Like are drinks included or even just more drinks than you'd get in Ireland?

Also, is that for a high end venue in Spain? High end venues in Ireland cost on average €120 per head these days. If you want to go nuts altogether, I think you can spend €180 per head in the Shelbourne, depending on the package you choose.

I don't want to drag the thread off-topic but was just a note.

It included the food and drinks. We specified Cava as the wine and the beer was included in the cost. Tea and coffee was extra though but given that the alcohol was in the cost of the meal and that wasn't skimped on, it certainly worked out cheaper than might have been here.

I'd consider the hotel it at least comparable to pretty much every venue I've been to in Ireland anyway.

On topic, I didn't buy til I was 32. We were looking for 2 years at that stage. I'd have had the 20% deposit myself. I've always been a saver. The value of money is something that was instilled in me as a young fella, thanks to my Mam.

wally1990

SarahMollie wrote: »

Also depends on what you're getting for the money. Like are drinks included or even just more drinks than you'd get in Ireland?

Also, is that for a high end venue in Spain? High end venues in Ireland cost on average €120 per head these days. If you want to go nuts altogether, I think you can spend €180 per head in the Shelbourne, depending on the package you choose.

The above covers absolutely everything for the wedding besides travel cost and spending money (hopefully)

We will be looking at ways to cut it down. It actually makes me sick to spend so much . (I know it's my wedding and best day of my life etc) but places take advantage and I'm not exactly rich so going to try to cut cost and out towards a house or travel cost etc

athtrasna

Mod note

Folks there's a weddings forum, and this isn't it

El_Dangeroso

RedXIV wrote: »

I'm getting married in August and once that's done, the vast majority of the money I'm squirreling away for that every month will go into saving for a deposit. I reckon after 5 years of saving I should have enough to cover the deposit for the house I'd like. I did my 20s of college and then having kids so I'm gunning for fun forties I hope

I think that's a big difference between now and the boom. Most people I know in the boom bought houses and then got married. Now it's get married then start saving for a house.

emeldc

I was 24 in 1984 and bought a two up two down new build in bray for
IR£27,500. In those days you got a £3K grant . Sold that in 1992 for £39K and bought a four bed semi again in Bray for £45K. Sold that in 1997 for £92K and bought a four bed detatched for £125K. Sold that in 2003 when things started going mental for €407 :eek:. Cleared the mortgage and fcuked off down the country and bought a bigger gaff for €210K. The way the market has gone it's really only worth slightly more today but then I've lived in it mortgage free for thirteen years so I think I've done well overall. If it's what you want OP, I'd say go for it and good luck.