How Much Better Off Would You Be?

Big Nasty · 10-09-2011 8:11pm #1

Say you won just enough on the lotto to clear your mortgage or buy the house you are renting. How much more expendable income would you have each month to play with?

Me? €1600 a month.

El Weirdo · 10-09-2011 8:14pm

MCMLXXV wrote: »

Say you won just enough on the lotto to clear your mortgage or buy the house you are renting. How much more expendable income would you have each month to play with?

Me? €1600 a month.

So... "How much is your rent/mortgage", then?

later12 · 10-09-2011 8:16pm

It depends, how much is the lotto?

If I were to buy the apartment I rent after winning €1m, then I think I'd have about €580,000 after the price of the apartment as it was when my landlord bought it, allowing for some depreciation. Then again, would you be foolish enough to buy?

Forest Master · 10-09-2011 8:16pm

€1670 per month.

What an amazing concept for a thread, OP. So well though-out...

Forest Master · 10-09-2011 8:17pm

later10 wrote: »

It depends, how much is the lotto?

If I were to buy the apartment I rent after winning €1m , then I think I'd have about €580,000 after the price of the apartment as it was when my landlord bought it, allowing for some depreciation. Then again, would you be foolish enough to buy?

Read the fooking post - DUH!

MCMLXXV wrote: »

Say you won just enough on the lotto to clear your mortgage or buy the house you are renting.

parker kent · 10-09-2011 8:19pm

I haven't won the Lotto, but I'm extremely glad that I'm not paying €1600 a month on rent or a mortgage!

later12 · 10-09-2011 8:20pm

Oh right, misread the question. It's Saturday evening. Relax.

Forest Master · 10-09-2011 8:21pm

parker kent wrote: »

I haven't won the Lotto, but I'm extremely glad that I'm not paying €1600 a month on rent or a mortgage!

It's all relative.

Big Nasty · 10-09-2011 8:22pm

parker kent wrote: »

I haven't won the Lotto, but I'm extremely glad that I'm not paying €1600 a month on rent or a mortgage!

Say hello to your ma for me!

westendgirlie · 10-09-2011 8:23pm

I wouldn't be any better of as I would be spending the mortgage money on shoes instead.
In money terms (cos the OP is a nosey fecker) that's 1 1/2 pairs of Christian Loubitins

kellsbells73 · 10-09-2011 8:27pm

2800 better off a month.

pow wow · 10-09-2011 8:29pm

€0. Thanks mammy and daddy. I'd win the lotto and still be a loser.

Big Nasty · 10-09-2011 8:29pm

kellsbells73 wrote: »

2800 better off a month.

Feck that, I thought I was bad! :eek:

That must service a €700k mortgage!

argosy2006 · 10-09-2011 8:32pm

Quote:

2800 better off a month.

MCMLXXV wrote: »

Feck that, I thought I was bad! :eek:

That must service a €700k mortgage!

He bought during the boom,

http://3.bp.blogspot.com/__5qVJorX4hQ/RyCNSOocAyI/AAAAAAAAAkk/d9OmVErtA2Y/s400/071025+****+house+Kalimantan.jpg

kellsbells73 · 10-09-2011 8:37pm

argosy2006 wrote: »

Quote:

2800 better off a month.

He bought during the boom,

http://3.bp.blogspot.com/__5qVJorX4hQ/RyCNSOocAyI/AAAAAAAAAkk/d9OmVErtA2Y/s400/071025+****+house+Kalimantan.jpg

He's a She and bought before the boom goodish price but instead of a 25 yr mortgage doing over 15.

Big Nasty · 10-09-2011 8:38pm

El Weirdo wrote: »

So... "How much is your rent/mortgage", then?

Dime Bar!

Greentopia · 10-09-2011 8:39pm

It's impossible to put a figure on how much better off I'd be because if I won enough money to buy the apartment I'm renting the first thing I'd do would be to sell it and use the money to buy a plot of land to build a house on.

So I may not be any better off in the short term financially, but in the long run I'd have much higher expendible income because I'd have lower living costs than I do now as I'd have a much more self-sufficient lifestyle on a farm.

So tl dr;-no idea :pac:

starbelgrade · 10-09-2011 8:44pm

I don't have a mortgage.

Big Nasty · 10-09-2011 8:57pm

starbelgrade wrote: »

I don't have a mortgage.

Or don't rent either?

Live with the ma or in a box of Camden St?

parker kent · 10-09-2011 9:09pm

MCMLXXV wrote: »

Say hello to your ma for me!

You are aware that you can pay less than €1600 a month on rent, no?

I could afford more but why bother when I can get somewhere decent for much less?

starbelgrade · 10-09-2011 9:16pm

MCMLXXV wrote: »

Or don't rent either?

Live with the ma or in a box of Camden St?

I own my house.

parker kent · 10-09-2011 9:28pm

MCMLXXV wrote: »

Live with the ma or in a box of Camden St?

What is with all the snide remarks about "living with ma"? Not everybody is either paying a fortune in rent/mortgage payments or living at home.

Solnskaya · 10-09-2011 9:33pm

starbelgrade wrote: »

I own my house.

I do to. Can't get my head around mortgages. Can't really get my head around renting either. How the feck do people class themselves as "homeowners" when the bank owns 98% of It??

SafeSurfer · 10-09-2011 9:47pm

Solnskaya wrote: »

I do to. Can't get my head around mortgages. Can't really get my head around renting either. How the feck do people class themselves as "homeowners" when the bank owns 98% of It??

For the vast majority of people the only way to home ownership is through taking out a mortgage. A lucky few will inherit a house or enough money to live mortgage free, or win the lotto.

For most "homeowners" of a certain age, the bank holds the deeds.

10-09-2011 9:50pm

Solnskaya wrote: »

I do to. Can't get my head around mortgages. Can't really get my head around renting either. How the feck do people class themselves as "homeowners" when the bank owns 98% of It??

Most people aren't fortunate enough to inherit a house, have their parents buy it or make enough money to buy it outright. How can you not get your head around that?

phasers · 10-09-2011 9:59pm

Solnskaya wrote: »

starbelgrade wrote: »

I own my house.

I do to. Can't get my head around mortgages. Can't really get my head around renting either. How the feck do people class themselves as "homeowners" when the bank owns 98% of It??

So you think that people who can't buy property outright should just live in a tent or something?

westendgirlie · 10-09-2011 10:04pm

I know there are many people having a tough time right now, but surely mortgages are a large part of what keeps our economy going???

Money makes the world go round and all that.

Solnskaya · 10-09-2011 10:27pm

buying 1 house seems straightforward enough. earn dosh, buy house. Buying five or six is where it gets tricky. Anyway, I'm not gonna argue, everyone has a different mindset. To me, you buy a house with money. To get money, you work. I work a lot. Go figure.

10-09-2011 10:53pm

Solnskaya wrote: »

buying 1 house seems straightforward enough. earn dosh, buy house. Buying five or six is where it gets tricky. Anyway, I'm not gonna argue, everyone has a different mindset. To me, you buy a house with money. To get money, you work. I work a lot. Go figure.

God, you're worse than Gwyneth Paltrow at relating to the masses. On what planet is it normal to earn enough money to buy your own house outright? Did you buy the house in 1978? Save up your salary from a well-paid job while living at home for years? Are you an A-List movie star or a footballer? Did you build yourself a house out of Lego blocks?

The average person even struggles to get a mortgage today. The average age for first-time buyers is around 38. A recent college graduate in 2011 is doing well to even find an entry-level job, rent a room and support him/herself. If you really can't understand why the majority of people can't just buy their own house without ever renting or paying a mortgage, you're in cloud cuckoo land.

unkel · 10-09-2011 11:34pm

Solnskaya wrote: »

Can't get my head around mortgages. Can't really get my head around renting either. How the feck do people class themselves as "homeowners" when the bank owns 98% of It??

Kailyn Early Computer wrote: »

God, you're worse than Gwyneth Paltrow at relating to the masses. On what planet is it normal to earn enough money to buy your own house outright?

No need to fight

There might be a cultural difference at play here. In eastern europe, there typically are no mortgages. You work hard and save up, and then you buy your house outright. In most of the western capitalist world, you get a long term loan (mortgage) from a bank otherwise you would not be able to buy a house

That said, strange as it may seem, the vast majority of houses in Ireland do not have a mortgage on them. Some have the mortgage paid off, some were inherited, some were bought from the county / city council for a few pounds, courtesy of the ever generous tax payer (civil servant salaries are still going up I read today :eek: but that's for another thread)

Me, I'm struggling on to pay my mortgage

SafeSurfer · 10-09-2011 11:55pm

unkel wrote: »

No need to fight

There might be a cultural difference at play here. In eastern europe, there typically are no mortgages. You work hard and save up, and then you buy your house outright. In most of the western capitalist world, you get a long term loan (mortgage) from a bank otherwise you would not be able to buy a house

That said, strange as it may seem, the vast majority of houses in Ireland do not have a mortgage on them. Some have the mortgage paid off, some were inherited, some were bought from the county / city council for a few pounds, courtesy of the ever generous tax payer (civil servant salaries are still going up I read today :eek: but that's for another thread)

Me, I'm struggling on to pay my mortgage

60% of Irelands houses have no mortgage the remaining 40% percent carries a debt of 148 billion euro.

I dont want to get into a petty argument but 60% could hardly be seen as a vast majority. The point is also that mortgage debt effects a certain demographic disproportionately.

Yes retirees in their 60s and 70s live in mortgage free houses. But the majority of current taxpayers are more likely than not still paying a mortgage.

http://www.economist.com/node/18176072/comments

Jess16 · 11-09-2011 12:19am

Solnskaya wrote: »

buying 1 house seems straightforward enough. earn dosh, buy house. To me, you buy a house with money. To get money, you work. I work a lot. Go figure.

I figure you might be missing out on important things in life with all this work you're doing just so you can lay claim to a pile of bricks. I understand the motive behind wanting to be a homeowner but there are a lot of people who require much more than the deeds of a house to say they've lived

Solnskaya · 11-09-2011 12:39am

Jess16 wrote: »

I figure you might be missing out on important things in life with all this work you're doing just so you can lay claim to a pile of bricks. I understand the motive behind wanting to be a homeowner but there are a lot of people who require much more than the deeds of a house to say they've lived

okey dokey, here we go. 1. I'm Irish. 2. A house is the least of my problems and the least of my expenses. It costs me far more to pay wages/materials in a year than it costs me for my/a house. A lot of people on boards seem to be either in a job or unemployed. Very few seem to be business people. Heres the news lads-a lot of people own their own business and earn a fair chunk of change in a year. That chunk of change is often a lot more than the price of a house. It comes down to perspective. To some, a car is a big deal. To others it's a house. To some, it's a yacht. Why the feck do people assume everyone who posts on boards is either broke/unemployed?? There are a lot of very wealthy people in Ireland, a hell of a lot would regard me as a pauper, not all Irish people are operating hand to mouth, or did ye not notice?? Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

Jess16 · 11-09-2011 12:53am

Solnskaya wrote: »

Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

When you spend large amounts of your time working to pay for said house, like you mentioned. And no, owning a house outright isn't a hallmark for having a life. And what has your nationality got to do with anything?!

11-09-2011 12:54am

Solnskaya wrote: »

okey dokey, here we go. 1. I'm Irish. 2. A house is the least of my problems and the least of my expenses. It costs me far more to pay wages/materials in a year than it costs me for my/a house. A lot of people on boards seem to be either in a job or unemployed. Very few seem to be business people. Heres the news lads-a lot of people own their own business and earn a fair chunk of change in a year. That chunk of change is often a lot more than the price of a house. It comes down to perspective. To some, a car is a big deal. To others it's a house. To some, it's a yacht. Why the feck do people assume everyone who posts on boards is either broke/unemployed?? There are a lot of very wealthy people in Ireland, a hell of a lot would regard me as a pauper, not all Irish people are operating hand to mouth, or did ye not notice?? Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

Nobody assumes everyone who posts on Boards is either broke or unemployed. I would just expect most people, even the mega-rich and the mega-famous, to realise that the vast majority of people just don't have the option of buying a house outright. A 'lot' of people earn enough to be able to buy a house in a year? You have got to be having a laugh. Even if you were earning a six-figure salary from the day you left school, who on earth has so few outgoings that they can just buy a house in a year or two? And where do you think these people live while they're saving up the money for this house? In a tent in Mammy's garden? Or had you built up your fortune by the time you were 16? :rolleyes:

SafeSurfer · 11-09-2011 1:04am

Solnskaya wrote: »

okey dokey, here we go. 1. I'm Irish. 2. A house is the least of my problems and the least of my expenses. It costs me far more to pay wages/materials in a year than it costs me for my/a house. A lot of people on boards seem to be either in a job or unemployed. Very few seem to be business people. Heres the news lads-a lot of people own their own business and earn a fair chunk of change in a year. That chunk of change is often a lot more than the price of a house. It comes down to perspective. To some, a car is a big deal. To others it's a house. To some, it's a yacht. Why the feck do people assume everyone who posts on boards is either broke/unemployed?? There are a lot of very wealthy people in Ireland, a hell of a lot would regard me as a pauper, not all Irish people are operating hand to mouth, or did ye not notice?? Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

Funny you say [HTML]A lot of people on boards seem to be either in a job or unemployed[/HTML]

Then you say [HTML]Why the feck do people assume everyone who posts on boards is either broke/unemployed?? [/HTML]

So what if you spend more on staff wages and materials each year than you do on your house? I would assume most business owners who employ staff do.

If you earn enough from your business to own a home without renting or having a mortgage then good for you. I would say that even for the highest earners it is very very unusual.

phasers · 11-09-2011 10:31am

Solnskaya wrote: »

okey dokey, here we go. 1. I'm Irish. 2. A house is the least of my problems and the least of my expenses. It costs me far more to pay wages/materials in a year than it costs me for my/a house. A lot of people on boards seem to be either in a job or unemployed. Very few seem to be business people. Heres the news lads-a lot of people own their own business and earn a fair chunk of change in a year. That chunk of change is often a lot more than the price of a house. It comes down to perspective. To some, a car is a big deal. To others it's a house. To some, it's a yacht. Why the feck do people assume everyone who posts on boards is either broke/unemployed?? There are a lot of very wealthy people in Ireland, a hell of a lot would regard me as a pauper, not all Irish people are operating hand to mouth, or did ye not notice?? Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

Great, you're rich. Well done.

You however posted this:

Can't get my head around mortgages. Can't really get my head around renting either.

Which to me implies that you think everyone should be wealthy enough to buy their own home. That is ignorant and shows how little you know about how life works for the majority of people in the country. Your employees for example probably rent or pay a mortgage. Maybe you should give them a raise so they can all buy their homes.

May I ask where you lived while you were saving up for your own house? I assume the money didn't just fall out of the sky the day you turned 18.

Son Of A Vidic · 11-09-2011 11:10am

argosy2006 wrote: »

He bought during the boom

What 'Boom'? We had a lending spree alright, but no 'Boom'.

Mike 1972 · 11-09-2011 11:28am

phasers wrote: »

So you think that people who can't buy property outright should just live in a tent or something?

How on earth did you arrive at that conclusion ?

Carter P Fly · 11-09-2011 11:40am

I have two mortgages, paying either off with a lotto windfall would save me between 5-600 a month, depending on current interest rates.

The problem with most irish folk is they thaught small and only extended themselves on one property. The smart money was taking a second mortgage out on the market value of your first property. (and by smart I do mean retarded).

phasers · 11-09-2011 11:58am

Mike 1972 wrote: »

How on earth did you arrive at that conclusion ?

He doesn't understand why people rent or get mortgages. What is the other option I'm missing?

Tigger · 11-09-2011 12:06pm

SafeSurfer wrote: »

For the vast majority of people the only way to home ownership is through taking out a mortgage. A lucky few will inherit a house or enough money to live mortgage free, or win the lotto.

For most "homeowners" of a certain age, the bank holds the deeds.

some people work hard and save up for things

11-09-2011 12:19pm

Tigger wrote: »

some people work hard and save up for things

And the question that has been asked, several times now, is where do these people live while they're saving up? If they don't rent or pay a mortgage, then presumably they're either homeless (unlikely) or living off someone else.

westendgirlie · 11-09-2011 12:20pm

I work hard but I'd never be able to purchase a house without the mortgage option.

A girls gotta eat y'know!

EarlERizer · 11-09-2011 12:41pm

Solnskaya wrote: »

okey dokey, here we go. 1. I'm Irish. 2. A house is the least of my problems and the least of my expenses. It costs me far more to pay wages/materials in a year than it costs me for my/a house. A lot of people on boards seem to be either in a job or unemployed. Very few seem to be business people. Heres the news lads-a lot of people own their own business and earn a fair chunk of change in a year. That chunk of change is often a lot more than the price of a house. It comes down to perspective. To some, a car is a big deal. To others it's a house. To some, it's a yacht. Why the feck do people assume everyone who posts on boards is either broke/unemployed?? There are a lot of very wealthy people in Ireland, a hell of a lot would regard me as a pauper, not all Irish people are operating hand to mouth, or did ye not notice?? Since when did owning a house outright mean you don't live a life?? I would have thought the opposite applied??

If all your employees had your mindset,infact if everyone had your mindset we'd all be broke! we cant all be businessmen

Solnskaya · 12-09-2011 6:10pm

EarlERizer wrote: »

If all your employees had your mindset,infact if everyone had your mindset we'd all be broke! we cant all be businessmen

how do you work that out? Why would we all be broke? And just for your info, I bought my first housekip at 18, with a 5k deposit and a 40k mortgage. I did that up, in my evenings and weekends, flogged it and used the money released to buy another bigger one, also a kip. Did that up, flogged it, etc etc until the money released was enough to buy one outright. Not exactly rocket science, but produced a house with no mortgage pretty rapidly. No great strokes involved and I was on absolutely crap money at the start doing crap jobs. Maybe you don't want to hear it, but hard work and saving up can actually produce a lot better results than being a spa and borrowing a fortune from a bank to impress the neighbours. I always did, and still do, drive a crap banger of a car. Nice house, crap car, thems the rules unless you're Steve Jobs.

12-09-2011 6:19pm

Solnskaya wrote: »

how do you work that out? Why would we all be broke? And just for your info, I bought my first housekip at 18, with a 5k deposit and a 40k mortgage. I did that up, in my evenings and weekends, flogged it and used the money released to buy another bigger one, also a kip. Did that up, flogged it, etc etc until the money released was enough to buy one outright. Not exactly rocket science, but produced a house with no mortgage pretty rapidly. No great strokes involved and I was on absolutely crap money at the start doing crap jobs. Maybe you don't want to hear it, but hard work and saving up can actually produce a lot better results than being a spa and borrowing a fortune from a bank to impress the neighbours. I always did, and still do, drive a crap banger of a car. Nice house, crap car, thems the rules unless you're Steve Jobs.

Yeah, that's really realistic. Everyone in Ireland is in a position to take on a massive renovation project. :rolleyes: Yes, we should all buy a rundown shack and do it up, that's something that really works for everyone.

filthymcnasty · 12-09-2011 6:42pm

Solnskaya wrote: »

how do you work that out? Why would we all be broke? And just for your info, I bought my first housekip at 18, with a 5k deposit and a 40k mortgage. I did that up, in my evenings and weekends, flogged it and used the money released to buy another bigger one, also a kip. Did that up, flogged it, etc etc until the money released was enough to buy one outright. Not exactly rocket science, but produced a house with no mortgage pretty rapidly. No great strokes involved and I was on absolutely crap money at the start doing crap jobs. Maybe you don't want to hear it, but hard work and saving up can actually produce a lot better results than being a spa and borrowing a fortune from a bank to impress the neighbours. I always did, and still do, drive a crap banger of a car. Nice house, crap car, thems the rules unless you're Steve Jobs.

Just wondering how you managed to save the 5k at 18yo, because you say you were on 'absolutely crap money' and doing 'crap jobs'
To do this you must have saved every penny and being really focused on getting a mortgage/house (fair play)- yet now you can't understand why people would buy/rent a home..

Jess16 · 12-09-2011 7:44pm

Solnskaya wrote: »

And just for your info, I bought my first housekip at 18, with a 5k deposit and a 40k mortgage

Right. So you're a hypocrite. You can clearly understand why you wanted a mortgage, just not why anyone else does

EarlERizer · 12-09-2011 7:48pm

Solnskaya wrote: »

how do you work that out? Why would we all be broke? And just for your info, I bought my first housekip at 18, with a 5k deposit and a 40k mortgage. I did that up, in my evenings and weekends, flogged it and used the money released to buy another bigger one, also a kip. Did that up, flogged it, etc etc until the money released was enough to buy one outright. Not exactly rocket science, but produced a house with no mortgage pretty rapidly. No great strokes involved and I was on absolutely crap money at the start doing crap jobs. Maybe you don't want to hear it, but hard work and saving up can actually produce a lot better results than being a spa and borrowing a fortune from a bank to impress the neighbours. I always did, and still do, drive a crap banger of a car. Nice house, crap car, thems the rules unless you're Steve Jobs.

Simple really, we cant all be at the top of the ladder,if everyone had the mindet that they were going to buy a house outright by going into business for themselves there wouldn't be anyone to do the work! Your a business man surely you can see that? without those working for you you would either be working solo or not in business.

Im sure those working for you aren't earning what you do and so are unable to just go and buy their home outright, what I'm getting at is the general workforce (and there's more of us than there are business owners) use the little income we get to try build a life for ourselves (and our family),unfortunatley,for most that means getting a foot on the property ladder by way of mortgages.

Earlier you said you cant get your head around mortgages,did you get your 40k mortgage on the blind? how did you 'get your head around' that one?

I curse the day I took out a mortgage tbh,it's an albatross if ever there was one!

I'm not knocking you or your achievements,fair play to ya,your living proof that hard work earns dividends and I tip me cap to ya for that,I just found your earlier post somewhat obnoxious or at the very least a lame attempt at trying to come across as oh so clever,there is a saying "there's a fine line between confidence & arrogance" you've made your few bob not only through your own hard work but that of those you pay to work for you!

orangebud · 12-09-2011 8:01pm

feck paying the mortgage i just won the lotto im out of here

How Much Better Off Would You Be?

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