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you should just "GET OVER" ever owning a home says PP boss

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Comments

  • Closed Accounts Posts: 2,379 ✭✭✭ donegaLroad


    mortgage : Death-pledge

    "In the word mortgage, the mort- is from the Latin word for death and -gage is from the sense of that word meaning a pledge to forfeit something of value if a debt is not repaid."


  • Registered Users Posts: 16,251 ✭✭✭✭ Iwasfrozen


    smash wrote: »
    And if this happens while renting?
    You rent down town.
    Rent out your property and go.
    Not as easy as that.
    This only matters when you want to sell.
    That should always be an option.


  • Registered Users Posts: 16,251 ✭✭✭✭ Iwasfrozen


    smash wrote: »
    And if this happens while renting?
    You rent down town.
    Rent out your property and go.
    Not as easy as that.
    This only matters when you want to sell.
    That should always be an option.


  • Posts: 0 [Deleted User]


    The interest that the sharks charge you is also dead money
    Depends on interest rates and payment schedule.

    Historically, real house prices have tended to retain value, being one of the most effective shelters against inflation that exist.

    And those who choose home ownership tend to accumulate wealth faster than those who rent, even correcting for economic and sociological differences. Link to a Harvard study on this point
    http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/hbtl-06.pdf

    And whilst real returns are better in terms of investment in equities, for example, you can actually LIVE INSIDE your investment. You can't live inside your AIB shares.

    Although, you might use them as loo roll.


  • Registered Users Posts: 11,469 ✭✭✭✭ cantdecide


    Is there anything to be said for another government sanctioned attempt for big business to enslave us all forever?


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  • Moderators, Society & Culture Moderators Posts: 7,223 Mod ✭✭✭✭ Michael D Not Higgins


    If you can afford it buy, especially within the current central bank limits. In the long run it's better but I wouldn't call rent dead money. Renting is a service and it protects you from costs like structural repairs and provides flexibility of living, particularly for young professionals. Comparisons to central European regimes are flawed as there needs to be a cultural, legal and mindset shift that would take decades to implement.


  • Registered Users Posts: 20,295 ✭✭✭✭ Akrasia


    If you can afford it buy, especially within the current central bank limits. In the long run it's better but I wouldn't call rent dead money. Renting is a service and it protects you from costs like structural repairs and provides flexibility of living, particularly for young professionals. Comparisons to central European regimes are flawed as there needs to be a cultural, legal and mindset shift that would take decades to implement.

    Renting in Ireland is so insecure. It's grand for people looking for short term accommodation, like students or young professionals, but for families looking to settle down it's a disaster.

    In one way, renters are protected against structural repairs, but if your landlord improves your house, there's a good chance he'll get his money back in higher rents later on because the property is now more desirable.

    If you own your own house and you make improvements, you are adding value to your investment. Renters are terrified of 'gentrification' or better public services, because if a park or a LUAS opens up across from you, your rent will go up 500 euros a month and you'll be forced to move (again) to some other 'affordable' accommodation in a dodgier part of town.


  • Closed Accounts Posts: 2,678 ✭✭✭ lawlolawl


    I bought my house in the middle of a recession like any sane person should and i have my mortgage 2/3rds payed off after about 6 years.

    You can easily afford to own a house if you actually put some thought into the years-long commitment you are going to make.


  • Registered Users Posts: 548 ✭✭✭ leavingirl


    What a ****!


  • Registered Users Posts: 548 ✭✭✭ leavingirl


    YOU may never own a home but we'll take your very low corporate tax rate, thank you very much. Psycho!


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  • Registered Users Posts: 548 ✭✭✭ leavingirl


    cantdecide wrote: »
    Is there anything to be said for another government sanctioned attempt for big business to enslave us all forever?
    You nailed it. It's sick and disgusting.


  • Registered Users Posts: 548 ✭✭✭ leavingirl


    cantdecide wrote: »
    Is there anything to be said for another government sanctioned attempt for big business to enslave us all forever?
    You nailed it. It's sick and disgusting.


  • Registered Users Posts: 10,508 ✭✭✭✭ BattleCorp


    Renting is grand while you are working and earning a decent wage and don't mind having to move from time to time.

    The problems start if you have kids in school etc. Not so easy to move then.

    And the real kicker is when you hit retirement. Good luck paying market rent then out of your pension.

    Buy if you can. It's tough but as athletes say 'no pain, no gain'.


  • Registered Users Posts: 15,101 ✭✭✭✭ Grayson


    BattleCorp wrote: »
    Buy if you can. It's tough but as athletes say 'no pain, no gain'.

    It's not just tough, it's impossible for many. If you're in dublin and have a 300k house you want to buy, that's a 30k mortgage deposit. Saving that money will take a couple a long time.

    Then there's single people like me. I don't know if I'll ever get married. I may but it depends on if I meet someone. If I don't then suddenly for someone like me getting a deposit is twice as hard.


  • Registered Users Posts: 20,295 ✭✭✭✭ Akrasia


    lawlolawl wrote: »
    I bought my house in the middle of a recession like any sane person should and i have my mortgage 2/3rds payed off after about 6 years.

    You can easily afford to own a house if you actually put some thought into the years-long commitment you are going to make.

    You could try to be a little bit less smug about that....


  • Registered Users Posts: 13,945 ✭✭✭✭ nullzero


    How is it always rich people with several properties to their names who make these comments?
    Ireland has a terrible rental market which is essentially unregulated and whilst not outwardly anti tenant is still visibly pro landlord.
    In a rental market where tenants are treated correctly these type of comments from elite nit wits can be seen as having some logical basis, but in the current rental climate in Ireland anyone making these type of comments simply puts themselves in the Marie Antoinette role of essentially saying "let them eat cake".

    Glazers Out!



  • Closed Accounts Posts: 2,379 ✭✭✭ donegaLroad


    All in favour of the 30 year mortgage system, please consider this......

    A builder builds my house for €120k, and sells it for an asking price of €220k.

    (part of the profit includes his labour costs for a year or so)

    I decide to buy the house and get mortgage approved by the bank for €200k @ 4% for 35 years. I end up paying approx. €360k over the period of the mortgage.

    After I pay my mortgage after 35 years, I now have a house worth over €400k, maybe more with a bit of luck.

    I decide to sell it, and a young couple come for a viewing, they like the house and decide to buy.

    They are approved by the bank for a 30 year mortgage, say for the sake of argument €360k @4% over 30 years, they will end up paying roughly €650k over the term of the mortgage.

    After 30 years, they now have a house worth €750k (all being well), and they decide to sell,

    in steps the next couple looking to buy the house.....



    meanwhile, the government still keep getting their share of property tax, and the bank still make enormous amounts of money via mortgage interest...

    ad infinitum


    Everyone is getting screwed in this system

    The only ones who are not, are the people who are paying cash up front on a property.

    This 30/35 year mortgage scheme is not sustainable. Wages need to increase proportionately year by year, or this system is not sustainable.


  • Moderators, Social & Fun Moderators Posts: 11,222 Mod ✭✭✭✭ JupiterKid


    People should be marching on the streets over the housing crisis. And this crisis is only set to get worse.


  • Registered Users Posts: 2,294 ✭✭✭ thee glitz


    nullzero wrote: »
    anyone making these type of comments simply puts themselves in the Marie Antoinette role of essentially saying "let them eat cake".

    She really didn't say that.


  • Registered Users Posts: 5,387 ✭✭✭ storker


    conorhal wrote: »
    What yer wan actually means is that the plebs will have to be trained to accept that all their desposable income is to be funneled to the few, and the chances of accumulated wealth will deminish to nil. From now on you will 'owe your soul to the company store.'

    I think it's becoming ever more clear that what keeps the 1% (who own 99%) awake at night is the thought that there's 1% left that they haven't got their claws into yet...


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  • Closed Accounts Posts: 3,478 ✭✭✭ eeguy


    storker wrote: »
    I think it's becoming ever more clear that what keeps the 1% (who own 99%) awake at night is the thought that there's 1% left that they haven't got their claws into yet...

    I don;t think there's a 1% and a 99%.

    Most of the luxury's of the last 2 decades are affordable to many.

    Who'd have thought that people would eagerly pay for a 600 euro phone?

    It's just that property prices are through the f*cking roof for no reasons other than lack of supply.

    The govt. have an obligation to ease the demand though building and granting permissions.

    The problem is speculators and developers who are content to sit on property until prices reach another Tiger peak.


  • Registered Users Posts: 690 ✭✭✭ okiss


    For people their are advantages and disadvantages to both renting and buying.

    If you can get a deposit together for a house/apartment that suits you and that you can afford even if interest rates go up try to do this. The problem is now that there are less houses for sale, the banks are not giving out money the way they were in a the past and the days of the job for life are gone.
    The majorty of people are trying to go to where they can get work. At this stage Dublin and the major cities need 2 good incomes to get a mortage.

    Meanwhile the rental laws in this cournty are not good either for a landlord or a tennent. A bad tennent who refuses to pay rent and wreks the place takes a long time to get rid of. The landlord then has to fix the place, pay the mortage/tax and costs not covered by the last tennent.
    A landlord then won't go near x type of tennent again after this.
    Some of the place for rent in Ireland you would feel bad letting the family dog stay in them.

    A few years later the tennent still can't buy a house as they can't save a deposit to pay a mortage. They now could have a child or 2 in the local school. Next thing the landlord tells them I am selling the house/taking it back for my own use. The tennent then has x number of days to get another place to live. In some towns in Ireland it is not easy to get another place to rent even if your not on a tight budget or a limited income.
    The cost of rent has gone up for the majority of places in Ireland.

    Then you reach the oap stage. You may have a small pension or may be dependant on the state pension. Trying to find money to cover rent at this stage won't be easy along with this you will pay higher bills for heat, medical bills ect.

    The reality for a lot of people out their now is that home ownership is something they would like but is it something they cant afford. I know friends of mine who got help from parents and relatives to buy property. In some cases they lived at home rent free when they were saving for a deposit.
    Some people have it far easier than other getting on the property ladder so to speak.

    The rules need to be changed soon in Ireland in regards to renting. The goverment need to build more social/affordable houses. People need to be in a position that they can rent long term if they wish in the one house or apartment. Also we need to build smaller places in communities for elderly people so they have the option of leaving large expensive family homes if they wish but can still be near friends/neighbours.


  • Registered Users Posts: 1,889 ✭✭✭ kravmaga


    Go home Yank,

    Tis my field.

    Louise Phelan, does not sound like she is American to me, but dont agree with her opinion or views on the matter, let her fcuk off back to noddy land


  • Closed Accounts Posts: 34,809 ✭✭✭✭ smash


    All in favour of the 30 year mortgage system, please consider this......

    A builder builds my house for €120k, and sells it for an asking price of €220k.

    (part of the profit includes his labour costs for a year or so)

    I decide to buy the house and get mortgage approved by the bank for €200k @ 4% for 35 years. I end up paying approx. €360k over the period of the mortgage.

    After I pay my mortgage after 35 years, I now have a house worth over €400k, maybe more with a bit of luck.

    I decide to sell it, and a young couple come for a viewing, they like the house and decide to buy.

    They are approved by the bank for a 30 year mortgage, say for the sake of argument €360k @4% over 30 years, they will end up paying roughly €650k over the term of the mortgage.

    After 30 years, they now have a house worth €750k (all being well), and they decide to sell,

    in steps the next couple looking to buy the house.....



    meanwhile, the government still keep getting their share of property tax, and the bank still make enormous amounts of money via mortgage interest...

    ad infinitum


    Everyone is getting screwed in this system

    The only ones who are not, are the people who are paying cash up front on a property.

    This 30/35 year mortgage scheme is not sustainable. Wages need to increase proportionately year by year, or this system is not sustainable.

    You keep saying how everyone's getting screwed but your examples keep showing how these same people are making large profits.


  • Registered Users Posts: 5,304 ✭✭✭ The J Stands for Jay


    smash wrote: »
    But so what? It only matters if you're trying to sell. Everyone knows people in negative equity, but the number of people in negative equity who want to sell is relatively small.

    I sold a place in negative equity and was given another mortgage to buy another place.


  • Closed Accounts Posts: 2,831 ✭✭✭ genericguy


    All in favour of the 30 year mortgage system, please consider this......

    A builder builds my house for €120k, and sells it for an asking price of €220k.

    (part of the profit includes his labour costs for a year or so)

    I decide to buy the house and get mortgage approved by the bank for €200k @ 4% for 35 years. I end up paying approx. €360k over the period of the mortgage.

    After I pay my mortgage after 35 years, I now have a house worth over €400k, maybe more with a bit of luck.

    I decide to sell it, and a young couple come for a viewing, they like the house and decide to buy.

    They are approved by the bank for a 30 year mortgage, say for the sake of argument €360k @4% over 30 years, they will end up paying roughly €650k over the term of the mortgage.

    After 30 years, they now have a house worth €750k (all being well), and they decide to sell,

    in steps the next couple looking to buy the house.....



    meanwhile, the government still keep getting their share of property tax, and the bank still make enormous amounts of money via mortgage interest...

    ad infinitum


    Everyone is getting screwed in this system

    The only ones who are not, are the people who are paying cash up front on a property.

    This 30/35 year mortgage scheme is not sustainable. Wages need to increase proportionately year by year, or this system is not sustainable.

    Are you actually whinging because banks make money on loans? You haven't demonstrated any sustainability of lack thereof, you've just moaned that banks make money for lending money.

    Gwan back out protesting about deh water


  • Closed Accounts Posts: 2,379 ✭✭✭ donegaLroad


    genericguy wrote: »
    Are you actually whinging because banks make money on loans? You haven't demonstrated any sustainability of lack thereof, you've just moaned that banks make money for lending money.

    Gwan back out protesting about deh water

    see post #77


  • Registered Users Posts: 1,003 ✭✭✭ dev100


    I think she is right , too much in the Irish mindset that you need to own your home, it's been drilled into generations of people that they should own a home.

    When you are 65 and retired and your wages is now down to whatever your pension is ..... what do you do ?


  • Registered Users Posts: 4,151 ✭✭✭ kupus


    dev100 wrote: »
    When you are 65 and retired and your wages is now down to whatever your pension is ..... what do you do ?
    Tighten your belts and eat bread.


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  • Registered Users Posts: 10,546 ✭✭✭✭ padd b1975


    dev100 wrote: »
    When you are 65 and retired and your wages is now down to whatever your pension is ..... what do you do ?

    The glib answer is to plough every last penny into a pension scheme, we all know how they have performed in recent years!!


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