Dirty_Article
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First of all, apologies if this is not the right forum.
Basically I have gone (or am about to) go sale agreed on a small one bed apartment and I just want to make sure I am being realistic with my budget.
I earn around 2600 pm after tax and that is with health insurance taken out. The mortgage repayment is 759 pm (this is fixed as its with the LAHL scheme). The thing that is throwing me is the maintenance fees which is 1500 PA or around 125 a month. That obviously includes building insurance and refuse. If I allocate around 20 pm for MPI then my monthly costs will about 904 a month.
Then there will be bills on top of that. Internet & electricity. The apartment is top floor. It has C rating. It has two electric radiators and I did visit on a cold day with the heating off and the apartment was warm.
I am currently setting aside 300, sometimes 400 a week (so around 1300 - 1700 pm) for savings for my mortgage. I have been doing this for about 1 year and 1/2 now. My hope is that I wouldn't need to be setting aside more than 1300 pm for bills and mortgage/house payments and even hope that I could keep it in around 1100 - 1200 mark. That would leave me with 1300 is a month for general spending and savings. Am I being naive in that being a realistic amount to live on a month? I mean I guess I am doing that now. With that I get to eat out/go for drinks a few times a month but anything big comes up I find myself dipping into a little emergency fund I have set a side. At the same time, realistically in my budget in Cork city I looking at small one beds or very old houses that need a lot of work. So at least I know I wont have big surprise expenses with the apartment (like roofing etc)
Another thing to keep in mind is that while livable, eventually you would want to replace the kitchen and bathroom so Id like to set aside some savings for that.
Also I do intend to change jobs in the next year or 2 (if the current market allows) That would hopefully bring my salary up to the 40 - 45k at pa. I'm relatively new in my current career so there is room for my salary to go up. The reason why i'm not waiting until I get a better salary is because I'm in my early 30s and I really need to move out of parents at this point. The market is growing fast still in cork. Especially the second hand market. My current mortgage would have gotten me a lot further even a year ago so I am worried where the market will be in a years time even on a higher salary.
Basically I have gone (or am about to) go sale agreed on a small one bed apartment and I just want to make sure I am being realistic with my budget.
I earn around 2600 pm after tax and that is with health insurance taken out. The mortgage repayment is 759 pm (this is fixed as its with the LAHL scheme). The thing that is throwing me is the maintenance fees which is 1500 PA or around 125 a month. That obviously includes building insurance and refuse. If I allocate around 20 pm for MPI then my monthly costs will about 904 a month.
Then there will be bills on top of that. Internet & electricity. The apartment is top floor. It has C rating. It has two electric radiators and I did visit on a cold day with the heating off and the apartment was warm.
I am currently setting aside 300, sometimes 400 a week (so around 1300 - 1700 pm) for savings for my mortgage. I have been doing this for about 1 year and 1/2 now. My hope is that I wouldn't need to be setting aside more than 1300 pm for bills and mortgage/house payments and even hope that I could keep it in around 1100 - 1200 mark. That would leave me with 1300 is a month for general spending and savings. Am I being naive in that being a realistic amount to live on a month? I mean I guess I am doing that now. With that I get to eat out/go for drinks a few times a month but anything big comes up I find myself dipping into a little emergency fund I have set a side. At the same time, realistically in my budget in Cork city I looking at small one beds or very old houses that need a lot of work. So at least I know I wont have big surprise expenses with the apartment (like roofing etc)
Another thing to keep in mind is that while livable, eventually you would want to replace the kitchen and bathroom so Id like to set aside some savings for that.
Also I do intend to change jobs in the next year or 2 (if the current market allows) That would hopefully bring my salary up to the 40 - 45k at pa. I'm relatively new in my current career so there is room for my salary to go up. The reason why i'm not waiting until I get a better salary is because I'm in my early 30s and I really need to move out of parents at this point. The market is growing fast still in cork. Especially the second hand market. My current mortgage would have gotten me a lot further even a year ago so I am worried where the market will be in a years time even on a higher salary.