Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

The Luxury Trap

124»

Comments

  • #92
    Mr.David
    Registered Users Posts: 1,701 ✭✭✭Mr.David


    Edith Black Mayonnaise wrote: »
    The drop in the price of houses is even more of a reason to buy a house now rather than rent.



    Because renting you do not own the house, but with a mortgage you are working towards owning the house outright.

    I for one will not be renting a room for any longer than I have to. I would much prefer to buy and house and rent out a room or two thus having the best of both worlds. No massive mortgage and you own the house. Then when ever you want to can stop renting rooms and have your own house. I will most likely wait until my postgrad is finished but if things hit rock bottom and prices start to recover I may buy sooner.

    I know my family would much rather help me out buying a house than see me spend money on rent as it has been said to me many times.

    Well I reckon prices will drop further still, so no I dont think now it is better to buy than rent.

    As you say, renting you do not own your own house, but equally with a mortgage you DO NOT own the house for what, 20-30 years? Plus you inheret all the responsibility and risk associated with ownership.

    I have nothing against buying a house, I will buy one in a few years time once I have a deposit. What I do have a problem with is the attitude towards renting, it makes no sense. Open an excel spreadsheet and work it all out based on TYPICAL mortgage rates and see what works out. The Irish attitude towards ownership is outdated. Save a bit longer whilst renting, larger deposit and secure lower interest rates i.e. pay off mortgage sooner and ultimately end up wealthier (based on the assumption that there will be no marked appreciation in the housing market any time soon).

    Remember, the BANK owns the house!


  • #93
    Mr.David
    Registered Users Posts: 1,701 ✭✭✭Mr.David


    fiona12 wrote: »
    O, I just love this thread!

    When did people become so naive? This is the real world, and we are all living in it, so here is a breakdown on my situation:

    House - Mortgaged
    Car x 2 - HP
    Credit card - only small, but still ....
    contents of house - Loan
    Trip abroad - loan

    So I have all these debts-oooh, but guess who is paying for it? Me and my better half with the money we earn, from doing actual work. I am not expecting any handouts or bailouts or whatever you choose to call them. I will pay back every penny I owe, without asking for any help. Because when I went to the bank and asked for these loans, I knew I was in a position to repay them! We are not all ignorant idiots, you know!

    So there you have it, hang me!!! Or on the other hand, just grow up and mind your own bloody business. If it makes you feel any better, just go down to BOI or AIB and ask for an overdraft, that should shut you up!

    You sound very wound up and aggressive! Good for you, as long as you are happy being in debt for all of the above then why not? Personally, I wouldnt do it but different strokes. I would worry about becoming unemployed and being on the hook for huge sums of money with no means to pay it off. Especially for cars on HP, I prefer to own (outright) a cheap car. It then becomes an asset as opposed to a liability.

    But as I said, different strokes.


  • #94
    Pace2008
    Closed Accounts Posts: 3,587 ✭✭✭Pace2008


    fiona12 wrote: »
    O, I just love this thread!

    When did people become so naive? This is the real world, and we are all living in it, so here is a breakdown on my situation:

    House - Mortgaged
    Car x 2 - HP
    Credit card - only small, but still ....
    contents of house - Loan
    Trip abroad - loan

    So I have all these debts-oooh, but guess who is paying for it? Me and my better half with the money we earn, from doing actual work. I am not expecting any handouts or bailouts or whatever you choose to call them. I will pay back every penny I owe, without asking for any help. Because when I went to the bank and asked for these loans, I knew I was in a position to repay them! We are not all ignorant idiots, you know!

    So there you have it, hang me!!! Or on the other hand, just grow up and mind your own bloody business. If it makes you feel any better, just go down to BOI or AIB and ask for an overdraft, that should shut you up!
    If you end up with loans you're unable to repay it is our business though. This is Ireland, where no one will accept personal responsibility for anything, so we like to blame the government and the banks for getting us into this recession, but in reality a significant portion of the population should be held accountable as well. People who were dishonest with the banks, taking out additional loans from other sources to create the illusion of wealth so as to secure further credit (this was quite commonplace), people acting as if their credit cards were free-money dispensers, people taking out mid term loans for holidays, designer furniture and other such frivolities. The same hypocrites who'll turn around and bitch about NAMA bleeding us dry as if they weren't the ones that helped force it on us. If you have a sound financial plan for paying off your debts then more power to you, but don't try to deny us the right to be pissed off at those who've ****ed things up for everyone else.


Advertisement