[golden lane]

Originally Posted by Gurgle

50% depreciation in 3 years, 80% depreciation in 8 years.
The worst property decision at the height of the boom barely even come close.

a very sad situation to be in.....if repossession is on the cards....

there has been a terrible lesson imposed on a lot of people..but not on everybody....

[Monty Burnz]

Originally Posted by ted1

A house doesn't deprecate like a car does. (with the exception if those bought during the boom)

Once you pay off the mortgage in x years you li e mortgawge and rent free. If your paying rent how on hell will you pay rent when you stop working.

Also i'm currently paying 1150 a month rent. I just bought a house in a slightly better estate and my mortgage will be 750. A no brainer if you ask me.

Houses do depreciate, but perhaps not as fast as cars do.

[Monty Burnz]

Originally Posted by nox001

I fully intend on getting one when I can get a job back near home.

I hate handing money over in rent when I know it could be going towards owning the place instead also the thought of renting all my life is awful.

You rent either way. You rent either the house or the money to buy the house. That's what mortgage interest is - rent on the money.

Bear in mind that - depending on interest rates - you can pay back a multiple of what the house costs. In the first few years, the overwhelming majority of your mortgage is paying the interest portion.

[Gurgle]

Originally Posted by Monty Burnz

Houses do depreciate, but perhaps not as fast as cars do.

Houses can, cars just do.

[Monty Burnz]

Originally Posted by Gurgle

Houses can, cars just do.

Well no, both do. You point me towards a house that doesn't depreciate, and I'll show you a car that doesn't.

[Gurgle]

Originally Posted by Monty Burnz

Well no, both do. You point me towards a house that doesn't depreciate, and I'll show you a car that doesn't.

Going to have to point you towards the 90s if you're comparing to the right now value.
Any house bought up to approx 2000 is worth more now than it was then. Any car bought up to 2000 is worth a small percentage of its original price.

[Domo230]

A very subtle form of slavery.

[Gurgle]

Originally Posted by Domo230

A very subtle form of slavery.

Yes, very subtle.

You decide to purchase, go looking for a mortgage, agree loan conditions, payment schedule, interest rates. At the end of it, if you stick to the deal then you own outright the house you want to live in. They're sneaky feckers alright.

[foxyboxer]

Renting provides shelter in one way, but it also buys flexibility.
Especially if you are not tied to one particular place.

You can't do that with a mortgage (or death contract )
Also renting, doesn't imply that you will be paying off some "smart, ballsy" persons mortgage. You can also rent with the councils, tenancy.

The only criteria for me to get a mortgage would be if I were getting married, intended to have a family, prices were sensible and future job prospects were solid.

[Wile E. Coyote]

Originally Posted by foxyboxer

You can't do that with a mortgage (or death contract )

Just a tad overdramatic don't you think? I'll have my mortgage paid long before I'm dead (hopefully). Where are all the people currently renting going to live when they only have a pension to live off? That €200 a week pension isn't going to go very far.

[Domo230]

Originally Posted by Gurgle

Yes, very subtle.

You decide to purchase, go looking for a mortgage, agree loan conditions, payment schedule, interest rates. At the end of it, if you stick to the deal then you own outright the house you want to live in. They're sneaky feckers alright.

That's the ideal but it doesn't go that way for many. If I lose my job, I can pack up and move somewhere else and rent there. Or I can switch careers if my career sucks and take a pay hit without worrying. People on Mortgages can't. They are very restricted compared to renters. My parents have lost a lot of freedoms due to their mortgage so yes I do think it is a subtle form of slavery and that is why I will go the longer and more difficult path towards saving for a house and paying for it upfront.

Call my reaction extreme but I have no intention of ending up a debt slave like they have.

[Wile E. Coyote]

Originally Posted by Domo230

That's the ideal but it doesn't go that way for many. If I lose my job, I can pack up and move somewhere else and rent there. Or I can switch careers if my career sucks and take a pay hit without worrying. People on Mortgages can't. They are very restricted compared to renters. My parents have lost a lot of freedoms due to their mortgage so yes I do think it is a subtle form of slavery.

There's nothing stopping me from packing up. I can rent my own house out, it'll more than cover the mortgage, and rent somewhere else if I wanted. I don't know very many people though, renting or with a mortgage, who could afford to take a hit in their pay without worrying. Bills still need to be paid.

[Gurgle]

Originally Posted by Domo230

If I lose my job, I can pack up and move somewhere else and rent there.
I can switch careers if my career sucks and take a pay hit without worrying.

People who have such situations on the horizon would be stupid to buy a house at all, mortgage or otherwise.

Originally Posted by Domo230

I will have to go the long and difficult path towards saving for a house and paying upfront.

Sure you can, I assume you've done the calculations.
Good luck with that.

[ocallagh]

Originally Posted by ted1

A house doesn't deprecate like a car does. (with the exception if those bought during the boom)

Once you pay off the mortgage in x years you li e mortgawge and rent free. If your paying rent how on hell will you pay rent when you stop working.

Also i'm currently paying 1150 a month rent. I just bought a house in a slightly better estate and my mortgage will be 750. A no brainer if you ask me.

Yes, 1150 is dead money
Interest is also dead money
A drop in your house price is dead money too

The latter turns it from a no brainer into a high stakes gamble. The 12k you blow in rent each year is pittance if your property drops by 10% in the same period not to mention the money you wasted on maintenance, interest etc.

[nox001]

Originally Posted by Monty Burnz

You rent either way. You rent either the house or the money to buy the house. That's what mortgage interest is - rent on the money.

Bear in mind that - depending on interest rates - you can pay back a multiple of what the house costs. In the first few years, the overwhelming majority of your mortgage is paying the interest portion.

Its still your house from day one though, you can decorate it, change it around, not worry about renewing a lease, getting thrown moved on when the landlords son/daughter wants to move in.

Even better (and what my plan is) is you can build your own house exactly as you want if you chose.

and as I said before in a lot of cases now, rent is more than the mortgage repayments. I cant understand people not wanting to own their own house and own it when they are fairly young too not when they are married with children. I have 3 close friends all under 26 building houses at the moment.