Single First Time Buyer Dublin-possible?

Ryan

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Messages
62
30 year old single guy.
Gross Salary 36k plus 10% bonus
60k savings

Would any bank give me enough to buy on my own in Dublin or am I dreaming?
 

Leo

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9,830
Assuming a clean financial history, banks will lend you up to a maximum of 3.5 times your salary. Some will factor in the bonus if your company state it's guaranteed on the salary cert they provide.

MyHome.ie currently have 299 properties listed for sale under €200k. Refine that by desired location and see how many suit your needs.
 

NoRegretsCoyote

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465
If you're on a good career track with promotion prospects then it might pay to wait a few years.

You're not old enough yet to have to really worry about mortgage term impacting your affordability.

If your income is 10k higher in three years then you're in a better position than if you buy something small/badly-located now.
 

Ryan

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62
I don’t know too much about the rebuilding Ireland scheme. Would that allow me to borrow more. Waiting 3 years would allow me to boost my savings more alright. But then are prices going to just keep rising?

Part of me wants to be paying into something and not sharing any more.
 

EvenStevens

Registered User
Messages
28
Yes essentially you can usually borrow more than a bank would lend you. You are pretty young and a lot can change with the housing market but if you're anxious to buy now it might be an option for you. They offer a fixed rate to some people as well for the duration of the mortgage.More details on the link below.
 

lledlledlled

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177
I don’t know too much about the rebuilding Ireland scheme. Would that allow me to borrow more. Waiting 3 years would allow me to boost my savings more alright. But then are prices going to just keep rising?

Part of me wants to be paying into something and not sharing any more.
About the not sharing part, you will find it much easier to repay a mortgage if you rent out a room.

I would think your salary is on the low side for buying on your own in Dublin. If owning your own home is a priority, I would spend the next few years doing what you can (college course etc) to get your salary increased.

Regarding your original post, there's little point in hoping or dreaming. You need to make a plan and go out and do it.
 

misemoi

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100
Look at the rent a room scheme. You can earn rental income up to a limit tax free. You might not be keen on sharing, but if you're currently living in a house share, imagine how different that would be with a licencee of your own choosing. You could vet any potential licencee, you might find someone who only needs a place to stay during the working week, or someone who works opposite hours to you.
 

Gordon Gekko

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3,531
Is your relationship status likely to change in the future?

Hard to predict, possibly, but if your desire is to meet someone and settle down, I’d hold off.
 

NoRegretsCoyote

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465
Waiting 3 years would allow me to boost my savings more alright. But then are prices going to just keep rising?

Part of me wants to be paying into something and not sharing any more.
Don't mix up two issues.

If you are just looking to get the best you can buy, then waiting a few years until you have more savings and/or a higher income makes sense.

If you want your own space, then obviously buying sooner is a priority.
 

Ryan

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62
What I meant about sharing is I as I get older I feel I should be paying into an asset rather than pay rent every month. Would defiantly consider rent a room although I believe that can’t be counted for mortgage affordability.
Hard to say if my relationship status will change, might or might not but I suppose that goes for anyone.

I know my salary is a bit on the low side for Dublin but I was hoping with my healthy savings I could do it on my own. I’m not going to buy a studio in Tallaght just because it’s what I can afford. Happy to wait 2 years and get something better.
 

NoRegretsCoyote

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465
What I meant about sharing is I as I get older I feel I should be paying into an asset rather than pay rent every month. Would defiantly consider rent a room although I believe that can’t be counted for mortgage affordability.
Hard to say if my relationship status will change, might or might not but I suppose that goes for anyone.

I know my salary is a bit on the low side for Dublin but I was hoping with my healthy savings I could do it on my own. I’m not going to buy a studio in Tallaght just because it’s what I can afford. Happy to wait 2 years and get something better.
Rent is just the price you pay for shelter. So is mortgage interest. There are pros and cons of both.

Renting may be more expensive than mortgage interest but it gives you lots of options if you want to change jobs, emigrate, move in with someone, etc. You can read plenty of stories on AAM of people with an albatross of a first-time purchase still around their neck.

For me, buying makes sense when you are sure you have a career and a personal life in a certain place, and you can see yourself there for a decade or more.
 
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