Do you own a house/apartment?

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!

popa smurf

Bought my first house 16 years ago, moved from a house share in dublin out to a commuter town, a lovely new 3 bedroom semi in a new estate never even seen it till I picked up the keys bought off the plans and just didn't have the time to look at it. Jez it was heaven compaired to where I was living , my now wife moved in 3 months later, and i sold it after 3 years it had gone up 110k and we moved down the country, great years in that semi, just the 2 of us no kids.

Galwayguy35

Yeah have my own house in a village in a rural part of the county, bought about a year before the crash so if i knew the future I'd have saved a hat of money but compared to others my mortgage is not too bad and way less than the cost of renting.

Vela

I honestly can't see myself ever in a position to buy a house, mainly because the only part of Ireland I'd live in is Dublin and prices are just mental, and I'm also self-employed which doesn't go in my favour. I'm still paying off a ton of **** too. And, well, I like renting. I like being able to move around/travel as my job doesn't tie me to one place. For example, friends of mine offered me their place as a sublet for a few months abroad this year as I've been looking to move into a new rental in Dublin and finding it tough enough. I like having the freedom to go and do that. But, on the other side of it, I wish there was more security in the rental market here because I don't have a family home to go back to and I sometimes feel like I'd just like somewhere that I know will always be there. It's stressful to think about, but I don't think it'd make me move. I love it here. I'm just hoping my next move will be a budget-friendly one because renting a 1 bed at the mo really hasn't been.

lukesmom

Rented for years and then bought in 2013 when we got extremely lucky and bought a house for cash and own outright. Couldn't have done it any other year before or since with the way the prices have increased. Feel blessed to own it outright in our 30's