Do you own a house/apartment?

c_man

Just wondering what percentage of AHers are property owners? I know it's common wisdom that the Irish have a bigger want than most to be home owners (which I think is bs btw, we're not much different than other similar countries) but even so I've noticed among my own friends a lack of buying going on. Some just straight up can't afford, some don't want to be tied down, others are still in trauma from seeing all the negative equity sob stories from the recession (ok maybe not...).

I don't own a place, am looking to buy next year though.

To those who own, do you see it as an investment? Security? I can't imagine raising a family in a rented place given the laughable nature of that sector in Ireland.

PhlegmyMoses

eoinzy2000 wrote: »

How is paying less per month than rent, and having an asset at the end BS?

Think you misread him buddy. I read it that he doesn't believe that Ireland's love or owning a property is any more than similar countries.

Squall Leonhart

Welllllll, when I say own, I mean that the bank owns it for now but I own a little more of it every month

eoinzy2000

PhlegmyMoses wrote: »

Think you misread him buddy. I read it that he doesn't believe that Ireland's love or owning a property is any more than similar countries.

Realised that and deleted my post too late.... eek😱

Dakota Dan

Depends what you mean by own? Own outright or own but still paying the bank for it?

Eponymous

Been a home owner for about 14 years now.

Shortly after we got the keys property prices were starting on the steep upward curve of the boom. We thought about moving and getting a bigger house with the new found equity we had, but then the arse fell out of the market, so we're quite lucky that we didn't.

Upshot of it is that our house is still worth more now than we paid for it and we're a long way into our mortgage. Monthly repayments are a good bit less then the rental value of the house. Sure, we're kinda stuck there - I doubt we'd get a mortgage for a bigger house now anyway - but that's okay, we like where we live. I'd imagine if we get to the point we could afford it, we'd be more likely to extend or do an attic conversion.

I don't think of the house as either and investment or security. It's our home.

Fr_Dougal

Renting, especially in Dublin, is stressful. Landlords are taking the p1ss with rent increases whenever they feel like it, you never know when they’ll use the line that a relative in moving in or that they’re going to sell.

In saying that, there’s not much value in the market at the moment so you would need a hefty enough deposit to get on the property ladder, in Dublin anyhow.

I wouldn’t buy a property as an investment, buy it for peace of mind to control outgoings, and make sure it’s something to suit your needs.

Beta Ray Bill

Yes but I don't live in it anymore as my Ex and my Kid live there.

She decided it'd be best if she met some else and I didn't live there anymore despite the fact I've paid well over 65% of the cost of that house to date

See you next Tuesday.....

Boom_Bap

After 10 years of paying a mortgage, I think I own about 1 bathroom. The small one.

Princess Consuela Bananahammock

Own, having bought via an inheritance.

It's both security (although where i an there are very strict eviction laws) and investment (its my pension as much as anything).

would never get a mortgage though. Not having seen what happened to friends after the last financial crash.

Donald Trump

grahambo wrote: »

Yes but I don't live in it anymore as my Ex and my Kid live there.

She decided it'd be best if she met some else and I didn't live there anymore despite the fact I've paid well over 65% of the cost of that house to date

See you next Tuesday.....

It's a grand house though. Thanks

(I pop over for the odd dirty session with your filthy ex.)

Kintarō Hattori

My partner and I own (mortgage) a modest 2 bedroom end of terrace. It's fine for our needs with a front/back garden and side access and the mortgage is really quite low as we bought in 2011 when prices were low.
We have no plans to move abroad and both our jobs are in Dublin so it makes sense. We knew we'd be paying less in rent and hopefully when we're retired we'll have an asset that we can do with as we please.

Idbatterim

Princess Consuela Bananahammock wrote: »

Own, having bought via an inheritance.

It's both security (although where i an there are very strict eviction laws) and investment (its my pension as much as anything).

would never get a mortgage though. Not having seen what happened to friends after the last financial crash.

YOU do realise you don't have to buy at inflated peak of the market prices?

Ulysses Gaze

Own a one bed apartment.

Bought it because I had a big enough deposit so that the mortgage costs less than renting a room in Dublin in a two bed shared apartment.

And probably half of what it would cost to rent a one bed on my own.

Princess Consuela Bananahammock

Idbatterim wrote: »

Princess Consuela Bananahammock wrote: »

Own, having bought via an inheritance.

It's both security (although where i an there are very strict eviction laws) and investment (its my pension as much as anything).

would never get a mortgage though. Not having seen what happened to friends after the last financial crash.

YOU do realise you don't have to buy at inflated peak of the market prices?

Oh I know, but they did. And you've no idea how the markets going to react in the next few dwcades.

mojesius

The husband owns land and bog down the country, currently rented out as prices aren't great for sites there right now.

We live with my mother in a big enough house outside Dublin. Have the savings to buy (deposit +) but prices are too steep for us to consider, plus haven't decided on whether we want rural or urban. So keeping saving, sitting tight for now but are in no rush. Very lucky that we get along with my mam and don't have to pay crazy rents, got out of renting 2 years ago after several increases on our 1 bed D1 apartment.

hairyslug

Bought my first place when I was 24 and had got sucked into the idea that everyone had to have a house, that and the banks where throwing money at me and I was too young to remember.
I was lucky in a way cause I sold it a year later, made a few Euro and gave me the chance to buy something (in a ****hole that was closer to work) and bought at the worst time, just before the crash and went straight into negative equity.
We have moved again, thanks to the bank and I don't plan on buying again.

Mooooo

mojesius wrote: »

The husband owns land and bog down the country, currently rented out as prices aren't great for sites there right now.

We live with my mother in a big enough house outside Dublin. Have the savings to buy (deposit +) but prices are too steep for us to consider, plus haven't decided on whether we want rural or urban. So keeping saving, sitting tight for now but are in no rush. Very lucky that we get along with my mam and don't have to pay crazy rents, got out of renting 2 years ago after several increases on our 1 bed D1 apartment.

Do you not pay rent to your mother?

s3rtvdbwfj81ch

When I met my wife she was a couple of years into a 25 year mortgage, ten years later and there's 12 or so years left. Nice.

sbsquarepants

I'm in the "fortunate" position of "owning" both. Bought an apartment about 12 or 13 years ago, which has recently hit mile stone of once again being valued at what I paid for it all those years back.
Very recently (late last year) I also bought a house. All going well I'm hoping that in maybe 5 or 6 years, if things keep going the way they are I'll have the enviable options of either selling the apartment to wipe the remaining mortgage on the house and live mortgage free, either that or leave it sit there as a pension kitty for when I retire, or a few bob deposit for the kids so they can saddle themselves with a couple of decades worth of debt also!

If I can manage to get through the next 5 or 6 years without any major upheavals / property crashes etc. then the future should be handy enough financially speaking. Of course by then it will have taken 20 years of solid effort to achieve that, but still very much worth it overall. IF - that's the important word though - IF.

Truth is that so much of this shít is out of your control that it's largely a lottery whether it works out or not.

FizzleSticks

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mojesius

Mooooo wrote: »

Do you not pay rent to your mother?

Yes , plus bills and we've put a good bit into doing the house up. Still allows us to save a lot

jester77

Bought 5 years ago as had kids and apartment I was renting was not big enough. Turned out to be cheaper to buy and pay mortgage than renting a similar sized place at the time. Plus I could fix the mortgage for 20 years at < 2% interest. Right now my mortgage is around €600 less a month than what the houses beside me are renting for, and this will only increase over the coming years.

Permabear

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veryangryman

I think that due to AH being a forum on the net, there's alot of Software people on boards. This is a decent paid job, ergo highish salaries ergo decent amount of property owners compared to other random groups of people.

sparksfly

I bought a house in the countryside only 6KM from the M7 25 years ago. It is in a rural setting that is peaceful and crime free and only 5min drive to town and is mortgage free. The problem I have is that the area has recently been designated a flood area after recent heavy wet spells caused the river to overflow. Although the house is in no danger it is virtually unsaleable. We raised a happy and safe family here. I am not wishing to sell it anytime soon but I no longer have the same fondness for it that I had.

pickarooney

veryangryman wrote: »

I think that due to AH being a forum on the net, there's alot of Software people on boards. This is a decent paid job, ergo highish salaries ergo decent amount of property owners compared to other random groups of people.

That's a bizarre leap of logic in 2018 : forum users are rich?

I technically still part own an apartment, which I might end up swapping for a smaller one and selling, then eventually buying another decent size one with a manageable mortgage but it's by no means a given.

The J Stands for Jay

Princess Consuela Bananahammock wrote: »

(its my pension as much as anything).

Nice pension. An undiversified, illiquid, deteriorating asset that you live inside and are emotionally attached to.

veryangryman

pickarooney wrote: »

That's a bizarre leap of logic in 2018 : forum users are rich?
.

I didn't say rich.

Pac1Man

People get ever so specific in these threads.

"I'm paying X on my mortgage and X amount of years left."

Do you have a house or not?

FizzleSticks

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BrokenArrows

I bought one with a mortgage last year.

The desire to own a property is purely based on the cost of rental.
Owning a property is a lot of extra hassle but when it costs the same or more to rent then you must become an owner to be financially better off in the long run.

There are plenty of places around the world where it is significantly cheaper to rent over a life time than to buy.

Klonker

Got keys to my place today Just another 30 years and I'll own outright

BrokenArrows

grahambo wrote: »

Yes but I don't live in it anymore as my Ex and my Kid live there.

She decided it'd be best if she met some else and I didn't live there anymore despite the fact I've paid well over 65% of the cost of that house to date

See you next Tuesday.....

I think you should have gotten a better lawyer

Seriously though, try and force through a sale and split the cash and make a clean break.

rainbowtrout

I own my house outright. Bought in Roscommon in 2003. Had it paid off in 2014. It means I have a lot more leeway in terms of being able to spend/save now that the mortgage is cleared.

eviltwin

I bought a house in West Dublin 15 years ago. It wasnt that long ago but the market was completely different. The deposit was just 13k, we were in our early 20's and in low paid jobs but had no problem getting a mortgage, we were still left with enough money to have a life.We were so lucky, friends who weren't looking to buy were screwed when the boom started. I bought to have a stable home for my kids, I love where I life and don't expect to move.

Permabear

This post has been deleted.

CiaranMcDCFC

I bought a city centre (Dublin) apartment in 2009. Not at the bottom of the market but it was heading in the right direction for me at the time. Looked on it as my retirement fund.

I still live there but hope to move out of Dublin this year.

Will keep the apartment and rent it out. By the time I retire the mortgage will be paid off and I will either continue to rent it as a monthly retirement income or sell it and live off the lump sum for a good few years.

Currently have about 100K equity in it so looks good but I am looking more with a long term view and any short term sales plans. That of course could all change depending on how life works out.

bear1

I bought an apartment with my wife in Warsaw back in 2015.
2 bedrooms and we paid 25k of it and took a 60k mortgage.
Checking the prices now we would probably make 10k on the original price but if I include the cost of renovating it then we would break even.
Still paying less than if I was renting.

Beasty

Paid off my final mortgage last year:)

L.Jenkins

rainbowtrout wrote: »

I own my house outright. Bought in Roscommon in 2003. Had it paid off in 2014. It means I have a lot more leeway in terms of being able to spend/save now that the mortgage is cleared.

I began renting in Navan first then Athlone from 2012 onwards. The cost of rent on a monthly basis is ridiculous. Both my older brothers will have there homes paid off soon and neither of them will be in their current homes more than 15 years.

So when I can I'll be purchasing a fixer in Co. Roscommon around Roscommon town or Boyle. I won't mind if I'll have quite a bit to spend repairing the place, but the money won't be ped down the drain paying someone elses mortgage + more.

job seeker

No, at 17/18 I imagined that I would be in a job I enjoyed and would own a house by now. Now at 24 neither has happened...

L.Jenkins

job seeker wrote: »

No, at 17/18 I imagined that I would be in a job I enjoyed and would own a house by now. Now at 24 neither has happened...

I'm 32. Give it 8 years and you be as cynical as I am about jobs you like and homes you don't own :P

rainbowtrout

L.Jenkins wrote: »

I began renting in Navan first then Athlone from 2012 onwards. The cost of rent on a monthly basis is ridiculous. Both my older brothers will have there homes paid off soon and neither of them will be in their current homes more than 15 years.

So when I can I'll be purchasing a fixer in Co. Roscommon around Roscommon town or Boyle. I won't mind if I'll have quite a bit to spend repairing the place, but the money won't be ped down the drain paying someone elses mortgage + more.

You won't have to spend that much around Boyle. Currently can buy a 3 bed semi-d here for about €60,000.

Living in a rural part of the country does have its disadvantages, but with a decent job, the cost of housing is proportionally way cheaper than cities and money goes a lot further.

_Roz_

No, I've never been financially in a position to. I'm hoping to get a job shortly that will be permenant, and if I get it, I should be able to save about 10,000 a year. With my partner contributing, I'm hoping that in about 5 years we'll have a deposit for a decent place and a manageable mortgage.

job seeker

L.Jenkins wrote: »

I'm 32. Give it 8 years and you be as cynical as I am about jobs you like and homes you don't own :P

Thanks, that has put my mind at ease... Kinda.

McGaggs

McGaggs wrote: »

Nice pension. An undiversified, illiquid, deteriorating asset that you live inside and are emotionally attached to.

I don't think you understand the post, imo it's not part of a pension because it would be sold its because it can be lived in for the cost of the maintenance (which will be a fraction of the cost of rent if maintained well all along). How much more money will a pensioner need to find per month if they are paying rent compared to owning a house outright (which most people who buy will by the time they retire).

A lot of people are in for a big shock when they retire and struggle badly with paying rent etc compared to most pensioners nowadays who own their home and don't need as much income to survive.

Colonel Claptrap

Recently a first time buyer. Hopefully a last time buyer too.

Stretched ourselves a little to buy a house big enough to live in, raise a family and die in.

Luxuries like a second car or multiple holidays no longer appeal to us now that we have a secure family home. It's funny how perspectives change.

The property market is a lottery. We bought on the understanding that if the arse fell out of the market, it wouldn't make a jot off difference to us. We chose a house and area that would suit us for decades to come.

A lower LTV and lower repayments would be a nice bonus, but we can comfortably afford the repayments.

When sitting down to do the sums we stress tested our financial position. A loss of 1 salary plus a hefty interest rate rise would be difficult, but not impossible. Salary protection insurance gives great peace of mind

Alf Veedersane

After 2 years of looking and some bidding efforts that went awry, we ended up buying in late 2012. I don't think I realised at the time that I couldn't have timed it better than if I'd had a crystal ball.

We'd had a good idea of what repayments would be in different scenarios and knew what our limit was and looked for places within that budget. Mortgage now is €200 less than the rent we were paying in our modest 2-bed apartment before we moved in and it's about €1200 less than the house next door costs to rent (it was advertised to let less than a year ago).

I don't really see it as an investment, per se. We bought it with the intention of being there for at least 10-15 years and we'd be happy to do so.

somesoldiers

I did but I sold it in 2015 in order to build a house closer to home, 3 years later I have land bought & planning permission but can't get the money I need to build, hopefully this year

mojesius

Alf Veedersane wrote: »

After 2 years of looking and some bidding efforts that went awry, we ended up buying in late 2012. I don't think I realised at the time that I couldn't have timed it better than if I'd had a crystal ball.

We'd had a good idea of what repayments would be in different scenarios and knew what our limit was and looked for places within that budget. Mortgage now is €200 less than the rent we were paying in our modest 2-bed apartment before we moved in and it's about €1200 less than the house next door costs to rent (it was advertised to let less than a year ago).

I don't really see it as an investment, per se. We bought it with the intention of being there for at least 10-15 years and we'd be happy to do so.

Definitely a great time to buy!