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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !!" Great idea  | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea "I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out. | |||
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"My eldest is 15, and I'm fully expecting him to be at home for another 15+ years. This crisis isn't going anywhere" Same | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea
I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out."This 100% , tell him move out simple. He will love it or hate it. | |||
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"Just a few answers All his friends are in the same boat A one bedroom flat is about 2 k a month in Dublin He wants to live on his own to try it ...not share as he shares at home We've never taken housekeeping money off him since he started work on the understanding he'd save for a place He saves a lot every month but obviously every year the prices go up " I don't have kids ex's all did and was in same situation but just saying 2k a month for rent of a one bedroom apartment in Dublin Jesus I know I'm from other side of Ireland but I'm renting a housing executive house 3 bedroom for 400 a month Jesus that's bloody ridiculous what they are looking for down there | |||
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"If you have the space, extend and make a granny flat?? Seperate unit. Or those cabins for about €50k look really nice. I know that's a weird solution, but people are starting to live in them, in parents gardens etc. " Exactely....and they look very comfortable | |||
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"If you have the space, extend and make a granny flat?? Seperate unit. Or those cabins for about €50k look really nice. I know that's a weird solution, but people are starting to live in them, in parents gardens etc. " Was just about to type this, can think of two properties near me where adult children are living in this kind of arrangement in their parent's back yard. | |||
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"If you have the space, extend and make a granny flat?? Seperate unit. Or those cabins for about €50k look really nice. I know that's a weird solution, but people are starting to live in them, in parents gardens etc. Exactely....and they look very comfortable " Unfortunately (despite what the manufacturers say) you aren't allowed to live in these in the republic. If the council get wind you'd have to take it down. | |||
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"If you have the space, extend and make a granny flat?? Seperate unit. Or those cabins for about €50k look really nice. I know that's a weird solution, but people are starting to live in them, in parents gardens etc. Exactely....and they look very comfortable Unfortunately (despite what the manufacturers say) you aren't allowed to live in these in the republic. If the council get wind you'd have to take it down." Two of my neighbours have recently built these. Neither of them are complete yet and they have already been reported by a local Karen for not having planning permission. Local council has told one of them to take it down because he has cavity walls up to sill level and the other was told he didn't need planning as it was classed as a temporary structure but he would be told to take it down if he used it as living accommodation even for family members. | |||
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"Just a couple of updates to questions We have a large house....we have everything we could need He just wants to try on his own to give his head space as he calls in The nearest apartments to me for a one bed are 1900 a month plus utilities...thats the norm He's looked at a few in town and they are on average 2k a month plus bills He works from home 3 days a week anyway and goes into his office the other 2 days He wants to live in town its where he works and meets up with his mates My hatred for some city centre area's is apparently not helpful while talking to him " These are really tough times for our children to be making their own way. I expect mine will never move out. All I can say is, it sounds like you're very supportive of him and the potential of saving for a deposit while living at home. He is an adult and has to make his own decisions. If he feels he needs to spread his wings now to the detriment of that potential extra saving, so be it. Be supportive of that too by letting him know your door is always open because that is essentially what our role as parents is. Also remember, we never know what's around the corner - live life to the fullest. It's more often the things we haven't done that are a regret rather than the things we did do. I hope he finds his path to content x | |||
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"When mine reached 21 instead of giving them the key to the door I just "gave them the door". They rented for a while, worked hard, saved hard and now they have their own homes. Make them independent and they will thank you for that gift. "Teach a man to fish....."" All very fine until a single person is trying to buy somewhere in Dublin My new car cost more than my first house back in the day but wouldn't even pay for a shed nowadays | |||
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"When mine reached 21 instead of giving them the key to the door I just "gave them the door". They rented for a while, worked hard, saved hard and now they have their own homes. Make them independent and they will thank you for that gift. "Teach a man to fish....." All very fine until a single person is trying to buy somewhere in Dublin My new car cost more than my first house back in the day but wouldn't even pay for a shed nowadays "Not easy, but it can be done. I. Did it! | |||
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"I don't understand what young people are thinkin these days paying 2k a month on rent. All you get is a tiny 1 bedroom apartment that you still don't own and can't do anything with, plus paying 100% on all utilities! Get a nice houseshare for €800, where internet/bins/etc are split, and in 4 years you have 60k for a deposit on a house. If you have a partner doing the same, that's 120K you saved between you. With 2 salaries, there's no excuse for young couples not being able to buy a house if they chose to pay crazy money on rent. " I'm inclined to agree with you; if I as as a singleton did it with a 25% deposit (to bridge the gap between the mortgage and cost of the property) couples with say 50k each jobs have little excuse. | |||
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"Tell the son, to find a sugar mommy. " Or sugar daddy | |||
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"I don't understand what young people are thinkin these days paying 2k a month on rent. All you get is a tiny 1 bedroom apartment that you still don't own and can't do anything with, plus paying 100% on all utilities! Get a nice houseshare for €800, where internet/bins/etc are split, and in 4 years you have 60k for a deposit on a house. If you have a partner doing the same, that's 120K you saved between you. With 2 salaries, there's no excuse for young couples not being able to buy a house if they chose to pay crazy money on rent. " 👍 | |||
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"Just my take as someone who works in the financial service sector and is a young person - -Big misconception that deposit is the key driver in mortgage approvals in today’s economic climate. While deposit is a minimum requirement, mortgages are now largely assessed on the applicants repayments capacity. You could hypothetically save your 60k deposit as some have suggested but if your salary doesn’t provide a high enough repayment capacity you won’t have a chance at a mortgage. Another interesting example is looking in the trend of average income vs average house price in Ireland over 20/30 years. The disparity keeps on getting bigger. -again based on the 60k deposit example, you would need to be able to save 1250 per month + 800 for the rent, that’s 2050 per month before your food shop and other expensives. Meaning at the bare minimum you need to be earning 2500 net, without any form of discretionary income to afford this. This then discounts minimum wage employees / the lower class immediately as the average salary for a minimum wage worker is only 2150. -although I do agree that with enough work ethic and desire it is definitely possible to look at applying for your mortgage in your 20’s for example, I believe it puts you in the minority not the majority, whereas in the past it would have been the inverse. I know that some may not agree with this but your 20’s is not designed to be a period of heavy saving and regulated expenditure, there needs to be an element of being able to enjoy life also -I’m currently in a house share in Dublin paying about 710 (without utilities), for my age I earn an above average income and of course I’d rather consider the option of a mortgage but I personally experience a difficulty to make meaningful savings (definitely not 1250 a month anyway). -There’s definitely a frustration from young people about the in affordability of housing, and there are definitely steps that can be taken to give you a better chance to achieve it sooner but the sacrifices you have to make/ the salary you need to be achieving to do that are in a much different situation - the only good news I can think of is even with a slightly stabilising economy and with inflation slowing down a bit, we are still due a recession in the next few years or atleast a significant period of deflation, I certainly will be saving what I can until then and buying a house on the dip "........ *....."I know that some may not agree with this but your 20’s is not designed to be a period of heavy saving and regulated expenditure, there needs to be an element of being able to enjoy life also".......* Married and bought first house in my early 20's (with no help from the bank of mom and dad, they were stretched rearing their other 7 children). Mortgage (17.25%) and 3 kids by 30, same as my brothers and sisters and most of my age group at that time. My own kids have repeated the process in recent years. Only you can make your life decisions. You reap what you sow. | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea
I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out."If they do pay their way on a monthly basis and it’s all above board, the bank can use this to show repayment capacity on a mortgage they apply for. | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea
I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out.
If they do pay their way on a monthly basis and it’s all above board, the bank can use this to show repayment capacity on a mortgage they apply for. "This is interesting. I thought the banks didn't take this kind of thing as proof of repayment capacity. They certainly don't take rent as proof of this | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea
I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out.
If they do pay their way on a monthly basis and it’s all above board, the bank can use this to show repayment capacity on a mortgage they apply for.
This is interesting. I thought the banks didn't take this kind of thing as proof of repayment capacity. They certainly don't take rent as proof of this "They took it into account for me anyway. So I had about a 40/60 split between savings and contributions at home and they used this as proof of repayment capacity. Will this work for everyone I’ve no idea but it does work for some people | |||
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"Btw, I didn't initially charge my son anything until he had a secure job, within a month of telling him he needed to contribute to utilities he found somewhere else to live !! Great idea
I don't think we do our kids any favour by not making them pay their way, they end up stuck at home resenting you because you are essentially facilitating a lifestyle they can't afford if they move out.
If they do pay their way on a monthly basis and it’s all above board, the bank can use this to show repayment capacity on a mortgage they apply for.
This is interesting. I thought the banks didn't take this kind of thing as proof of repayment capacity. They certainly don't take rent as proof of this
They took it into account for me anyway. So I had about a 40/60 split between savings and contributions at home and they used this as proof of repayment capacity. Will this work for everyone I’ve no idea but it does work for some people "I was told by the bank that I needed to show evidence of savings for the the mortgage amount in addition to living costs. This was a few years back. I always thought it was an unfair way of calculating ability to pay. Hopefully it's different now | |||
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" *....."I know that some may not agree with this but your 20’s is not designed to be a period of heavy saving and regulated expenditure, there needs to be an element of being able to enjoy life also".......* Married and bought first house in my early 20's (with no help from the bank of mom and dad, they were stretched rearing their other 7 children). Mortgage (17.25%) and 3 kids by 30, same as my brothers and sisters and most of my age group at that time. My own kids have repeated the process in recent years. Only you can make your life decisions. You reap what you sow. " It’s very easy to apply the same logic that worked in the economy 50 odd years ago to today’s climate, but unfortunately it’s not a like for like comparison. There’s a lot of other factors too like where you’re based geographically, marital status, income etcetera While it is is admirable what you achieved and your kids went on to achieve, the change in the economy even in the last 4 years (since Covid) does not make it a buyers market, a certainly not for people in their early/ mid 20’s. The average age of first time home buyers is now 35 years old, with the average housing price in Dublin anyway being approximately €400,000 It’s a bit reductive to still give the argument ‘ well I was able to do it 50 years ago so kids these days should be able to aswell!’ If it were that simple we wouldn’t be in a housing crisis While 17.25% is a very steep interest rate, the total mortgage amount was way lower as stated by another poster, and the gap between average income and average mortgage was much lower meaning it could be repaid quicker meaning you’ll have a lower total cost of the loan  | |||
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