First time buyer- cashflow

N

ned official

Registered User
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Hi,
Need some advice regarding new house cashflow situation. Myself and my wife take home about 5k net per month. No kids. For the last 2 years we have been saving 1,200 per month plus 1,150 rent plus the usual bills etc. We have just signed contract on a new house with mortgage of 1,100 per month (less than current rent) The issue is all our savings down to the last penny has gone into deposit/legal fees etc. We need about 6k to get into house ( house is only to builders finish). Have car loan for 500 per month so going to try freeze that for few months only 4k left on it. What is best way to finish house without taking out another loan. We can only put about 1k on credit card. We have already got gift from family member so can't go down that route. Any ideas or advice would be greatly appreciated?
 
Ask for a 3 month payment holiday from the Bank at the start of the mortgage

Furniture - Harvey Norman offer 6 months interest free. Argos have 3 months. I'm sure other electrical/furniture stores have similar-ish offers.

Ask for the credit card limit to be extended. But pay it off asap and don't let the interest build up.

Are you in a credit union- get a loan from them?
 
At the risk of going down the road of when I were a lad.........

https://www.youtube.com/watch?v=Xe1a1wHxTyo

You can get by with very little especially coming in to the summer

Microwave and kettle in the kitchen

Washing machine

Garden table and chairs - borrow from someone

Inflatable mattress

mf
 
Minimise your requirements.

You NEED
- a bed
- a table and two chairs
- a fridge
- a washing machine
- a hob
- a cooker (could put this as optional)
- a microwave
- a kettle
- plates
- cutlery
- saucepans (one is never enough)
- (probably) curtains

Beg, borrow steal from family and bits and bobs they have.

Use websites like freecycle and jumbletown to pick up a few things for free.

Use Donedeal etc to pick up stuff second hand.

Use SVdeP shops or other charity shops to pick up stuff second hand.

Assume that the things you get now are temporary fill ins until you get settled and can start actually planning more long term purchases when you are better able to afford them.
 
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ned official said:
house is only to builders finish).
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Need is probably for necessary finishing rather than furnishings etc. You don't want to borrow yet are proposing using CC as a source of funds. This is borrowing and expensive. 6k is not much based on your income/savings record. Surely you have a family member/friend who can provide the funds and be repaid over a 6 month period!!
 
Delboy I don't agree with the OP getting into more debt, those kind of "offer's" can have stings in their tails.

Socrates has given a minimal list. And many can be got second hand and cheap or even free. It's amazing what relations have in their garages.

We made do with a mattress on the floor for the first month. I've used boxes for tables. And bought two put together chairs from Ikea at one stage. With two screws sticking out that I couldn't get fully in. But enough of the MF1 where I were a lad stuff. Based on the extra 1K the OP has left over monthly he'll be sorted in no time.
 
If it's to a builders finish, I'm guessing you need to get a kitchen in (I can do without a lot, but I'd insist on a kitchen!). Is sanitary ware included? You will have to do some tiling (to prevent water damage). If you aren't going to put in flooring for a little while (there's no need to do it straight away, beg or borrow rugs) then it's a good idea to seal concrete floors with diluted polybond to prevent dust and/or sand and varnish wooden floors. Basic furniture etc. is cheap if you're prepared to put up with anything in the short term, it sounds like this is a short term problem.

Can you move back home, or into a house with friends for a month or two while you save money to install a kitchen? Do you think you can manage without a 'real' kitchen for a few months? It would be very tricky, but if you can do it, it would save a lot in the long run.
 
terrysgirl33 said:
Can you move back home, or into a house with friends for a month or two while you save money to install a kitchen? Do you think you can manage without a 'real' kitchen for a few months? It would be very tricky, but if you can do it, it would save a lot in the long run.
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It also means putting it off he'll be able to put in a 'proper' kitchen. He never mentioned no kitchen or bathroom, I assumed he had those, he has to have a toilet and running water and a kettle for sure !
 
Bronte said:
It also means putting it off he'll be able to put in a 'proper' kitchen. He never mentioned no kitchen or bathroom, I assumed he had those, he has to have a toilet and running water and a kettle for sure !
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Yeah, I'm not sure what a 'builders finish' is. We bought our house new and it came with a kitchen, but it was in a housing estate, I think it's different for a one-off house. I think the OP would need to clarify what is included in a 'builders finish'.
 
Thanks you all for the replies. Builder finish includes kithen and all all bathrooms finished. Just have to buy all electrical appliances for kithen and furniture biggest expense is flooring. Wife wants fancy porcelain tiles. I would be happy living in house without any flooring for while but wife is a bit OCD freak. Good idea about the diluted polybond. Is the finish decent? Any ideas on cost?
 
ned official said:
Thanks you all for the replies. Builder finish includes kithen and all all bathrooms finished. Just have to buy all electrical appliances for kithen and furniture biggest expense is flooring. Wife wants fancy porcelain tiles. I would be happy living in house without any flooring for while but wife is a bit OCD freak. Good idea about the diluted polybond. Is the finish decent? Any ideas on cost?
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If youi go to Woodies a tub of polybond is up to €35 depending on the area you have to cover (but you dilute it anyway) http://www.woodiesdiy.com/action/searchsite/polybond. It doesn't look finished after you've done it, but the floor is a bit glossy, however you don't have concrete dust rising off it either. I dunno about flooring, we managed with concrete for 18 months back in the heady days of the 1990s... If you are looking at porcelin tile throughout, then I haven't a clue. I find them cold, hard and unfortunately slippy as a friend of mine recently discovered (she ended up with a badly broken leg from water on tile)
 
ned official said:
Thanks you all for the replies. Builder finish includes kithen and all all bathrooms finished. Just have to buy all electrical appliances for kithen and furniture biggest expense is flooring. Wife wants fancy porcelain tiles. I would be happy living in house without any flooring for while but wife is a bit OCD freak. Good idea about the diluted polybond. Is the finish decent? Any ideas on cost?
Click to expand...

Do everything on the cheap until you have money to do it properly. We've all been there. Borrow loads of stuff. I got an old cooked my mother in law was getting rid of and still have it 10 years later!

The cost of flooring can be nuts. Consider going up the north where you should be able to get it cheaper (or at least you used to be able to). Get a load of cardboard and put it on the floor to keep the cold out until you have the money to get the tiles you (she) wants.

If you are saving €1,200 a month, you'll be able to get a fair amount of stuff on the way. Get a cheap bed and move it into the spare bed when you have the money to get a decent one for yourself.


Steven
www.bluewaterfp.ie
 
terrysgirl33 said:
If youi go to Woodies a tub of polybond is up to €35 depending on the area you have to cover (but you dilute it anyway) http://www.woodiesdiy.com/action/searchsite/polybond.
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Go to a proper builders providers and get the same thing for less than a tenner!
 
Leo said:
Go to a proper builders providers and get the same thing for less than a tenner!
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Fair enough, I got the hubby to do it, and that was 17 years ago now so I've forgotten the details!!

To the OP, decide what you want to get (there's no point in us pointing towards things that you just don't want) and what kind of time frame you want them in. This is something for you and your wife to decide, none of us are going to be living in the house!! You seem to have managed to save a lot, it would be a shame to run up debts you don't have to at this stage, but that is completely up to you!

Would your wife be happy with a plan that has the house completely kitted out in 12 months? In 24 months? Right now and hang the costs? Again, this is something the two of you have to agree on. If you get to live in the house for a while before getting 'everything' then it gives you a chance to get used to it and get a feel for what works and doesn't work (again, this only works if the two of you agree on it, you can't impose it). You will need kitchen appliances straight away, how did you plan on getting them? (I know a lot of people who had appliances bought and put away for them in DID/Power City before their house was ready, did you think about this at all?) If you want to hold off, you can check Done Deal or https://groups.freecycle.org/group/freecycleDublin/posts/all or http://www.jumbletown.ie/forums/index.php. I don't know how common appliances are, but things like couches and bedframes are often being got rid of. Again, is this something your wife will be happy to do?
 
Thanks you all for the different ideas. I have been flat to the mat working every hour to get into this house. Have done about 100 hours in the taxi this week :) Originally I taught I could lump a extra 5-10k on top of the mortgage for furniture, flooring etc. Bank was having none of that. They actually came back today saying I can't freeze car loan so under more pressure. I like the idea of putting a 12 month plan in place for the wife and do a small bit every month.
 
Best of luck with it don't work too hard. Homes never get finished which is the beauty of them.
 
Don't forget you will hopefully be getting the deposit back on the house you are renting. €1150 if you have paid a months rent deposit. That should go some way with the house kit out.
 
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