What's the BARE minimum required to make it livable?
j
myself
loan - ulster bank €8,000,€210 p/m
cc - bal 3000, trying to clear , just making min - missed 1 month in last 6
currently earning 2700 take home p/m
partner
loan - mbna €9000, 209 p/m
ge car loan €15k, 409 p/m
cc - bal €1500, trying to clear , just making min - missed 1 month in last 6
currently earning 1600 take home every for weeks.
mortgage 162k, 836 p/m
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bought a house in july last year, mortgage 162k, 132k for the property, 30k to renovate.
I hate to sound negative but I think firstly it is highly unlikely that in a 30 year old house (so built in the late 1970's) that there wasn't a functional bathroom (bath or shower & toilet & wash basin) and a functional kitchen (sink, cupboard, fridge and cooker/oven) of some description, it may not have met what you would consider necessary but I would be surprised unless the previous owners had literally walked off with the kitchen sink!! What we need at the most basic is something over our head, somewhere to store and prepare food and somewhere to perform basic ablutions, everything else is a frill no matter how expected it is in this day and age.
Here comes the somewhat rude part (and I am sure you will disagree but...) I think you have an unrealistic view of what is liveable and what is not.
1) Are there actual windows in this house? If so, it is summer, they don't need to be redone as a priority, you could probably even leave them a year although they may be single glazed and not in the best shape.
2) You don't need to tile (aside from showers) as a matter of priority and it is something that you can do yourself (or a friend/relative) - if not necessarily to the same high standard as a professional.
3) Even if it means replacing them in a year or two, a basic bathroom will cost less that €2000 with some work on your part. Tile only the parts that need to be tiled, i.e. over the bath (assuming you buy one), back of the shower and maybe over the sink. Anything other than toilet, washbasin and shower or bath and tiles for protection is really a frill - even if it seems basic.
4) Same utilitarian approach to the kitchen: sink, work surface, storage space, cooker, hob, fridge, washing machine. Firstly, some of these can be obtained second hand (electric goods in particular) and again, you don't have the money to spend so you need to look at cutting every frill out. Budget low as a target with a view to replacing in a year or two. Have a look at the IKEA website and then try and find it all cheaper.
5) Same again with the furniture, €200 will get you a double bedbase and mattress in Bargain City (actually is is €99 and €79), any price you get, look for something cheaper.
I think you need to chase down every bargain, and reduce every requirement to get that 25k you are thinking to spend down to less than 15k to be truly minimal (And that in my books is a bit generous a number really but you have small child and pregnant wife so you do need to be a bit more than frugal or else I would suggest just using a mattress on the floor, toilet and wash basin and bath with one of those rubber shower hoses to hold over your head and a table and stools as cheap as can be found - or as free as can be gathered and a €70 microwave and sink - everything else... can be bought later).
Perhaps if you were to go back to your lender with a smaller sum they might be more open to considering it. Changing to a lender that will charge you more is an option for you it seems, but it does come at a price in the long run. So even if you do change to a more expensive mortgage, I would suggest taking as little as you can by being as parsimonious as possible so as to minimise the additional cost of the more expensive mortgage.
Sorry to sound so harsh but you need to be realistic, you don't have the money so there is no point spending it.
Meant to add in there that you should also look at the free stuff websites in case they can supply you with some of the basics (though they may not match) as people always have things to give away and not all of them are broken or non-functional. So if you are in Dublin (although at that house price I would doubt it) [broken link removed] or www.jumbletown.ie have listings of things people have and want to give away.You would only have the cost of picking it up.
You had no business getting a mortgage with all those outstanding loans. The fact that you couldnt even clear those car loans and credit cards before going and borrowing another 162k shows youre not able to manage money.
However now that youre in so much trouble, the way to get out of it is to:
- sell one of your cars
- stop paying rent and move into your house or move back with your parents.
- use the money from the car sale to make your house liveable.
This is basic stuff. The bank was very foolish to give you a mortgage.
... and take swear that you will never ever take personal loan in your life again no matter what happens. ...
You had no business getting a mortgage with all those outstanding loans. The fact that you couldnt even clear those car loans and credit cards before going and borrowing another 162k shows youre not able to manage money.
However now that youre in so much trouble, the way to get out of it is to:
- sell one of your cars
- stop paying rent and move into your house or move back with your parents.
- use the money from the car sale to make your house liveable.
This is basic stuff. The bank was very foolish to give you a mortgage.
I meant to say --avoid personal loan ..its just wording ...
Aright
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