single person on average wage get a mortgage?

Ursus Horribilis

Connor Green Playboy wrote: »

In fairness people living rurally need a car they can trust, spending 10k is very reasonable to get something decent rather than messing around with cheap cars which are almost guaranteed to give trouble.

Also, if you have a newish decent car and you look after it, you should get years of trouble-free motoring out of it. No matter what anyone says, buying old cars is a risk unless you know the car's history.

Ursus Horribilis

Where in this thread did the OP say he/she paid €20k for their car?

lisasimpson

I dont blame you for going visiting your brother family is important. Unfortunately you arent in a position to buy but positive side is you can improve your finances increase savinga and still have a life. After all at 29 you are still young and you never know what life has in store for you. I was single till my mid 30s and was saving for my own place. Wasnt easy but i still had a life

Theres a few things you can do OP keep the chin up. 1st off tackle your outstanding loans.have you checked your tax refunds for the last 4 years, ie completed a med1 form etc if you had been at the doctors etc?
Do a clean out. Do you have stuff you no longer need that maybe you could sell on adverts or done deal like. Might not get much but whatever you get use it to pay off the loans that are costing you interest.
At work when was your last salary review? If you have an annual review maybe suss out the situation
Do you have a netfix account? Do you use it every week. I cancel my subscription during the summer month when Im not at home much at the weekends and wouldnt have much time to watch stuff on it. Then when your not as busy reactivate your account (could get a month free again)
Is there any chance you could car pool even one day a week?
Do you eat out for lunch or buy many coffees on the go each week?
Maybe register with an agency that need event staff or maybe do the odd bit of babysitting. A few extra hours here and there would be handy to pay off those loans or put it towards a break away. Also you say you live in a rural area..maybe do house sitting?? Houses can unfortunately be targets when a family have a wedding or a funeral. I know of an retired man who is making a nice sideline for himself doimg house sitting for such occasions
Also take a look at your mobile phone plan.could you move to a cheeper plan?

Pelvis

Ursus Horribilis wrote: »

Where in this thread did the OP say he/she paid €20k for their car?

The implication was if the OP bought a cheaper car then they'd get a less reliable car, so by that logic if they'd bought a more expensive car they'd get a more reliable car, my point is that doesn't justify the cost. The OP simply doesn't have an income that supports such a purchase.

There's no reason a car purchased for 5k couldn't be just as reliable as one purchased for 10k.

ArtyC

Ok so I'm a single buyer with a salary of €25k before bonuses ( though I get them yearly the bank would not take it into consideration) . I'm currently sale agreed, should be all good come end of September .

The reality of getting here at 33 is a whole lot of doing nothing. I paid my rent and basic groceries in Aldi. I saved €140 a week by DD into my credit union- which I did not touch. No holidays, no fancy car, no nights out past 12, no sky, quit smoking the list goes on and on ; that's how I lived the last 6 years.

IT IS SO MUNDANE!!! I've come close to cracking, I've watched people not work get houses and I've been downtrodden.


I now get jealous snotty remarks from my peers about how lucky I am etc etc while they have lovely attire on and I'm still in my charity shop stuff as I haven't got my key yet.

The mortgage repayments I'll be making will be about €400 a month... life can start for me again but deffo can be done but be prepared for boredom- it's a long road

I'll report back in September to let you know if it was worth it

GingerLily

ArtyC wrote: »

Ok so I'm a single buyer with a salary of €25k before bonuses ( though I get them yearly the bank would not take it into consideration) . I'm currently sale agreed, should be all good come end of September .

The reality of getting here at 33 is a whole lot of doing nothing. I paid my rent and basic groceries in Aldi. I saved €140 a week by DD into my credit union- which I did not touch. No holidays, no fancy car, no nights out past 12, no sky, quit smoking the list goes on and on ; that's how I lived the last 6 years.

IT IS SO MUNDANE!!! I've come close to cracking, I've watched people not work get houses and I've been downtrodden.


I now get jealous snotty remarks from my peers about how lucky I am etc etc while they have lovely attire on and I'm still in my charity shop stuff as I haven't got my key yet.

The mortgage repayments I'll be making will be about €400 a month... life can start for me again but deffo can be done but be prepared for boredom- it's a long road

I'll report back in September to let you know if it was worth it

Congratulations!! It'll be worth it in the end

Ursus Horribilis

Pelvis wrote: »

There's no reason a car purchased for 5k couldn't be just as reliable as one purchased for 10k.

No reason?? Have you never heard the phrase "buying other people's problems"? 5k is verging on scraping the bottom of the barrel territory. I sell my cars when they start to give trouble and so do quite a few other people I know. In that price bracket. You can be lucky with a cheap car or you can find yourself with a money pit that'll break your heart. Anyway, OP reckons they'd get about €8.5k for the car if they sold it. At that price they might as well hold onto it and see if money can be saved elsewhere.

IvoryTower

I got a car for 3.5k about 7 years ago, few more years in it yet! I won't be spending much more to replace it either despite earning twice what i did back then

Cows Go µ

ArtyC wrote: »

Ok so I'm a single buyer with a salary of €25k before bonuses ( though I get them yearly the bank would not take it into consideration) . I'm currently sale agreed, should be all good come end of September .

The reality of getting here at 33 is a whole lot of doing nothing. I paid my rent and basic groceries in Aldi. I saved €140 a week by DD into my credit union- which I did not touch. No holidays, no fancy car, no nights out past 12, no sky, quit smoking the list goes on and on ; that's how I lived the last 6 years.

IT IS SO MUNDANE!!! I've come close to cracking, I've watched people not work get houses and I've been downtrodden.


I now get jealous snotty remarks from my peers about how lucky I am etc etc while they have lovely attire on and I'm still in my charity shop stuff as I haven't got my key yet.

The mortgage repayments I'll be making will be about €400 a month... life can start for me again but deffo can be done but be prepared for boredom- it's a long road

I'll report back in September to let you know if it was worth it

I'm the same. I was lucky enough to be able to move back to my parents' house but it still took 2 years of saving - barely ever going on nights out and when I did, I was the sober one, no holidays, all clothes were penneys or ebay. I did get a car but the old one was falling apart and I didn't get a very expensive one

Got the keys back on the 26th of April, moved in after a month of doing the place up - needed a heating system, to be completely rewired and the flooring put down again. The garden has now been cleared and a fence put up so I can finally relax.

The house is in the middle of nowhere, is tiny and needed some work done but it's mine.

I was earning a bit more than the OP but not much when I started saving but I've had a few raises since. It is doable but it requires a lot of hard work and sacrificing luxuries. It's so completely worth it in the end though

ArtyC

Cows Go µ wrote: »

I'm the same. I was lucky enough to be able to move back to my parents' house but it still took 2 years of saving - barely ever going on nights out and when I did, I was the sober one, no holidays, all clothes were penneys or ebay. I did get a car but the old one was falling apart and I didn't get a very expensive one

Got the keys back on the 26th of April, moved in after a month of doing the place up - needed a heating system, to be completely rewired and the flooring put down again. The garden has now been cleared and a fence put up so I can finally relax.

The house is in the middle of nowhere, is tiny and needed some work done but it's mine.

I was earning a bit more than the OP but not much when I started saving but I've had a few raises since. It is doable but it requires a lot of hard work and sacrificing luxuries. It's so completely worth it in the end though

I too had to let go of my dream location, I'm moving 20 miles away from where I'm renting. It's also a fixer upper but livable.. So many sacrifices .... I'm glad to hear all worked out for you!

Pelvis

Ursus Horribilis wrote: »

No reason?? Have you never heard the phrase "buying other people's problems"? 5k is verging on scraping the bottom of the barrel territory. I sell my cars when they start to give trouble and so do quite a few other people I know. In that price bracket. You can be lucky with a cheap car or you can find yourself with a money pit that'll break your heart. Anyway, OP reckons they'd get about €8.5k for the car if they sold it. At that price they might as well hold onto it and see if money can be saved elsewhere.

You are talking through your hoop if you think 5k won't get you a perfectly good car tbh. Like any purchase you need to do your research and due diligence, if you don't then it doesn't make a blind bit of difference what the price tag is, you could still end up with a money pit.

Graham

Mod Note

Welcome to the Accommodation & Property forum.

Emphasis added :pac:

Pelvis

Graham wrote: »

Mod Note

Welcome to the Accommodation & Property forum.

Emphasis added :pac:

I live in my car.

myshirt

Pelvis wrote: »

I live in my car.

Post of the week.

D Trent

Pelvis wrote: »

I live in my car.

You in Dublin? I'm looking for a place to rest my head is the passenger seat still available?
What are we looking at ...€450 p/w?

References available xx

Caranica

Think the thread title is misleading. OP €20k is not an average wage, it's about 2/3 or thereabouts of the average wage. You've had some great advice on this thread and others have shown it is possible to be a homeowner on a low income, it just takes time and dedication.

amcalester

D Trent wrote: »

You in Dublin? I'm looking for a place to rest my head is the passenger seat still available?
What are we looking at ...€450 p/w?

References available xx

Going rate for a passenger seat now is €600 at least. Think of all that extra leg room, €450 will get you a middle seat in the back.

D Trent

amcalester wrote: »

Going rate for a passenger seat now is €600 at least. Think of all that extra leg room, €450 will get you a middle seat in the back.

All mod cons? Electric window and a floor mat or must I provide those?

AlphaOmega1

Ursus Horribilis wrote: »

No reason?? Have you never heard the phrase "buying other people's problems"? 5k is verging on scraping the bottom of the barrel territory. I sell my cars when they start to give trouble and so do quite a few other people I know. In that price bracket. You can be lucky with a cheap car or you can find yourself with a money pit that'll break your heart. Anyway, OP reckons they'd get about €8.5k for the car if they sold it. At that price they might as well hold onto it and see if money can be saved elsewhere.

€5k is scraping the barrel, you're nuts. Reliable cars can be had for much less if you spend the time to research, check the car out, look for service history etc etc. You must be the type of person who gets duped by the mechanics. How much you spending on blinker fluid? €1k to get the good stuff I suppose

But back on topic, OP you should definitely try to find some side project way of extra income. I brought some old stuff to a car boot sale the other week and made €200 from stuff that was going in the bin otherwise.

myshirt

Alpha, the price of second hand cars is going up to be fair. There isn't as much stock with the decline in new car sales, and not a lot of people trading. Yes there is some stock coming in from the UK and new car sales are going up, but it is going to take time for supply to normalise. Look at the Bangernomics thread even, people are feeling the pinch.

DebDynamite

OP, you have some good advice here.

Yes, you're not in a high paying job, but you live at home, so have a great opportunity to save money, and are looking to buy in the country, where house prices are nowhere near Dublin prices.

Try and keep your head down, get the loans paid off, and save as much as you can.

You're only 29 - so much can happen in the space of a few years. You could meet someone and look to buy a place together. Hopefully you'll have a bit put away by then, and they'll be in a similar position.

Bubbaclaus

Bubbaclaus wrote: »

Jesus.

A very reasonable suggestion given the ops situation imo, what's your issue with it? As I said its not an uncommon thing to do, far from it in fact.

mariaalice

There is a correlation between rent, the cost of housing and salaries in Ireland so if the op is living in a part of Ireland where an admin job pay 20k they are also living in a place where a property is 'cheap' so they are not in the worst position ever they just need to get themselves sorted out.

The cost of maintaining and living in a property is a very good point.

TheShow

Interested Observer wrote: »

You then can borrow 3.5 times your annual gross salary. So the house value would be 3.5 times your salary + your deposit.

not entirely true, the central bank rules allow a max mortgage of 3.5 times your salary, however whether you can afford to borrow this or not is a different story. You need to meet the banks affordability criteria to get approved.

Geuze

Caranica wrote: »

Think the thread title is misleading. OP €20k is not an average wage, it's about 2/3 or thereabouts of the average wage. You've had some great advice on this thread and others have shown it is possible to be a homeowner on a low income, it just takes time and dedication.

Mean earnings, incl overtime and bonuses, are 45-46k.

zl1whqvjs75cdy

Geuze wrote: »

Mean earnings, incl overtime and bonuses, are 45-46k.

I thought that was the median? And didn't know it included bonus. Any link?

Fol20

Pelvis wrote: »

You are talking through your hoop if you think 5k won't get you a perfectly good car tbh. Like any purchase you need to do your research and due diligence, if you don't then it doesn't make a blind bit of difference what the price tag is, you could still end up with a money pit.

Yes you can buy a car for 5k and it could go strong(sure my last car I had for 8 years and bought it for 7k)however the odds are stacked against you at that price. The older the car the more wear and tear it has had and the more likely parts will need to be replaced. I think a 10k car would be middle of the road to get a good balance between the two

Geuze

donkeyoaty0099 wrote: »

I thought that was the median? And didn't know it included bonus. Any link?

https://www.cso.ie/en/statistics/earnings/

2017 annual data

https://www.cso.ie/en/releasesandpublications/er/elca/earningsandlabourcostsannualdata2017/

46,402 is mean for FT workers.



Wages and Salaries

All wages and salaries payments are gross (i.e. before deduction of income tax and employees' PRSI contributions and levies such as the public sector pension levy). In the analysis, the total wages and salaries are divided into:

- Regular earnings: payments made regularly at each pay period during the year, excluding all irregular and overtime earnings.

- Overtime earnings: payment for hours worked in excess of normal hours.

- Total earnings excluding irregular earnings: regular earnings + overtime earnings.

- Irregular earnings: bonuses which are not paid regularly at each pay period. For example: end of quarter or year productivity bonus.

- Apprentice/Trainees earnings: total of apprentices & trainees' regular wages and salaries, overtime and irregular bonuses and allowances.

- Total earnings: total of regular earnings, overtime earnings and irregular earnings.

ArtyC

ArtyC wrote: »

Ok so I'm a single buyer with a salary of €25k before bonuses ( though I get them yearly the bank would not take it into consideration) . I'm currently sale agreed, should be all good come end of September .

The reality of getting here at 33 is a whole lot of doing nothing. I paid my rent and basic groceries in Aldi. I saved €140 a week by DD into my credit union- which I did not touch. No holidays, no fancy car, no nights out past 12, no sky, quit smoking the list goes on and on ; that's how I lived the last 6 years.

IT IS SO MUNDANE!!! I've come close to cracking, I've watched people not work get houses and I've been downtrodden.


I now get jealous snotty remarks from my peers about how lucky I am etc etc while they have lovely attire on and I'm still in my charity shop stuff as I haven't got my key yet.

The mortgage repayments I'll be making will be about €400 a month... life can start for me again but deffo can be done but be prepared for boredom- it's a long road

I'll report back in September to let you know if it was worth it

Ok, so im broke - paid the solicitor, stamp duty, home insurance, had to install a
new heating system ..... etc the list goes on

But....IT WAS WORTH IT !!

Disclosure; I've a sad fondness of cleaning now 😳

bri007

Congrats on getting your house, great news and exciting times ahead for you!

ArtyC wrote: »

Ok, so im broke - paid the solicitor, stamp duty, home insurance, had to install a
new heating system ..... etc the list goes on

But....IT WAS WORTH IT !!

Disclosure; I've a sad fondness of cleaning now 😳