Flying the nest - so disheartened at rental market

willhogan79

Ya you really need some sort of a glowing reference now...The competition is unreal. Even if you come half hour outside the capital it's crazy!

willhogan79

Well I have recently seen landlord ringing a potential tenants manager to check out the reference. Of course I do think the majority of the time they get a very good reference.

willhogan79

willhogan79 wrote: »

Well I have recently seen landlord ringing a potential tenants manager to check out the reference. Of course I do think the majority of the time they get a very good reference.

Unless someone is working for a small business a potential LL won't be given a reference by or contact details of the potential tenants manager. It will all be done by HR who in general will just confirm the person works there, they wont give any information because firstly HR don't normally know anything about the persons day to day life at work and secondly they aren't allowed give information anyway.

A employer reference will say "x" is employed by "company y" in the role of "z". That's what HR give where I work if someone asks for a reference.

willhogan79

I suppose that is the downside of large companies with HR departments.

Just have to hope your proof of solid income/reliable job is enough and a bit of luck in a rental market gone mad. Maybe as previously suggested to offer two months deposit would be the way to go too.

Hollister11

There really isn't much on offer atm that's affordable. If you move out, you probably won't have as great quality of life as you have know.

You need to factor in that you will be paying full rent, bills, and trying to save, instead of parts of bills, small rent, and trying to save.

It would be worth sticking it out for another couple of years, and see which direction the market goes in.

willhogan79

Ya all true and Dublin has its own property bubble as we know going on so even in few years you might have to consider living a certain radius outside of Dublin and commute to get both the standard and affordability you want.

slowjoe17

Joza wrote: »

Thanks for the input people.

I expected a little of "I'm so great because I don't live at home and you're just a big sap because you're 28 and a mammy's boy", so on that point, I do contribute financially to the household and I do live a largely independent lifestyle; I think most people my age and living at home would be in similar situations...but it's personal freedom that's really at stake here and I'm happy to rent to get that.

I've saved but I'm way off being able to buy at the moment. Staying at home a few more years to save is sacrificing personal freedom and growth, so I'm happy to wait a few more years before going the mortgage route. I've had one or two friends buy recently and to be honest, I'm almost certain their parents' remortgaged to prop-up the deposit they needed - I would never burden my parents with that.

Play the cards you're dealt. You have the opportunity to save probably minimum 1k/month that would otherwise be spent on rent. In two years, you'd have 24k, which would put any property < 230k within reach (assuming 3.5 x salary takes up the slack.)

The Dublin rental market right (I say as a notorious bear) is much tougher than the buying market. It will take many more years to save a deposit if you are paying market rents.

Start thinking "national housing emergency" while you make your decision. My rent went from 1550/pcm to 1750/pcm when I move out after a year. That's >13% pa increase.

The rental market is in crisis - mortgages are significantly cheaper than rents. A couple of more years at home with aggressive saving will change your life.

April 73

There's a lot to be said for that advice above. Short term pain of living at home for another couple of years, versus a deposit of €24,000 in your pocket. Seems like a hell of a lot of money to hand over to a LL.

April 73

April 73 wrote: »

There's a lot to be said for that advice above. Short term pain of living at home for another couple of years, versus a deposit of €24,000 in your pocket. Seems like a hell of a lot of money to hand over to a LL.

A lot of people lost multiples of that after buying. And the cost of maintenance, insurance added on. And the fact that if the nighbours or area go downhill yer absolutely screwed, and even if not you're tied down.

No one argument is simple between simple own vs buy positions

But id certainly agree that in these circs the option btwn paying dublin rent or not paying dublin rent seems a simple choice

Joza

Thanks for all the input everyone. Here's how things are going so far:

Finally got a chance to go see an apartment with a friend. Took time off work and went along to find a queue of about 30 people outside waiting. Gritted my teeth and viewed the place anyway, then let the agent know we were interested. Got an email back saying that work references were not enough, and that we also need previous landlord references

People have been talking about the 24K deposit, and to be honest I'm not too far from that. But seriously, are there places to buy in Dublin in decent areas for the price that would get you!?

I've got this feeling that getting a mortgage might literally be a lead weight. Is it the right time to buy? Are prices still sky-rocketing? Is there really such thing as the property ladder? That is, can buying a 200K-ish apartment in a dull complex really lead to getting a nice house down the line? So many unknowns about buying!

Konata

Joza wrote: »

Thanks for all the input everyone. Here's how things are going so far:

Finally got a chance to go see an apartment with a friend. Took time off work and went along to find a queue of about 30 people outside waiting. Gritted my teeth and viewed the place anyway, then let the agent know we were interested. Got an email back saying that work references were not enough, and that we also need previous landlord references

People have been talking about the 24K deposit, and to be honest I'm not too far from that. But seriously, are there places to buy in Dublin in decent areas for the price that would get you!?

I've got this feeling that getting a mortgage might literally be a lead weight. Is it the right time to buy? Are prices still sky-rocketing? Is there really such thing as the property ladder? That is, can buying a 200K-ish apartment in a dull complex really lead to getting a nice house down the line? So many unknowns about buying!

A 24k deposit is the minimum required for a house costing 230k (10% of 220k plus 20% of 10k). You will need a salary of approx 59000 to borrow the remaining 206000. So first you need to make sure that fits your means. To buy a house you also need to set aside another 5000 approx for stamp duty, legal fees and survey, plus a few grand more to start off with some furniture.

230k will open you to a decent range of 2 bed apartments within commuting distance of city centre (not sure where you work). You might find a few 3 bed houses but 230 is pushing it for a decent 3 bed in a decent area... stretch to 250-300 and you'll get some nice places in areas like Clongriffin, Belmayne, Kilbarrack, Swords, out Clonsilla direction etc. (not familiar with south side prices apologies).

You'll get a lot of conflicting advice about a property ladder and the pros and cons of 'investing' now in the hopes of climbing up in a few years. I personally think the best advice is to consider your current and medium term needs. Do you need and want a house right now? If yes, look at what you can afford. If it is only 2 bed apartments, ask yourself if you will be happy to be in a 2 bed apartment in 5 years time, if you will be happy to be in one with a partner, if you will be happy to start a family in one etc. Do you plan to move abroad in the next few years, is that something that could happen? Would you be happy to stay in Dublin for the next 5 years? If the 2 bed apartment (again, just using this as an example) fits all those criteria, then ask the same questions for the next 10 years and see if it still fits it. You need to plan for the worst case scenario (being that you are unable to sell what you buy/afford something bigger and are thus 'stuck'where you are for a long term period) and then look for something that will fit those needs.

If buying just doesn't seem like it will fit your personal circumstances then you're back to the renting vs. staying at home for another while situation.

oppenheimer1

Joza wrote: »

Thanks for all the input everyone. Here's how things are going so far:

Finally got a chance to go see an apartment with a friend. Took time off work and went along to find a queue of about 30 people outside waiting. Gritted my teeth and viewed the place anyway, then let the agent know we were interested. Got an email back saying that work references were not enough, and that we also need previous landlord references

People have been talking about the 24K deposit, and to be honest I'm not too far from that. But seriously, are there places to buy in Dublin in decent areas for the price that would get you!?

I've got this feeling that getting a mortgage might literally be a lead weight. Is it the right time to buy? Are prices still sky-rocketing? Is there really such thing as the property ladder? That is, can buying a 200K-ish apartment in a dull complex really lead to getting a nice house down the line? So many unknowns about buying!

Write your own landlords reference and sign it with your mothers maiden name.

References really aren't worth the paper they're written on tbh.

Sleeper12

You will need the usual stuff. Deposit, rent etc. You will need reference. From your parents and boss. You might need to show bank statements. Being your first rental they could ask for a double deposit especially if it's a really nice place.

Sleeper12

oppenheimer1 wrote:

Write your own landlords reference and sign it with your mothers maiden name.

Not a terrible idea