Irish Property Market chat II - *read mod note post #1 before posting*

spillit67

https://www.boards.ie/discussion/comment/123974521#Comment_123974521

Second homes were a thing. There were still people in Ireland quite well off, inequality was higher.

Your argument comes down to a world of libertarian policies. I wouldn’t disagree that this would yield more homes, but I also live in the real world and that’s simply not going to happen. It’s kind of pointless having debates with people who argue the extremes on these points.

spillit67

https://www.boards.ie/discussion/comment/123976844#Comment_123976844

I am seeing a fair few two beds getting built to be fair. People could downsize to them. I know a few people who did it (one from a 4 bed to a 3 bed, another from a 3 bed to a 2 bed). In our are you could go from a fairly tired 130sqm-140sqm 3/4 bed with larger garden and get c. €700k-€750k, and move to a 95sqm 2 bed with a smaller garden for €500k. If you measure out the square metres and loss of garden & the investment needed in a new home (transaction costs and flooring), you are arguably losing out, but you are also getting an A Rated home with everything new. Cash in your pocket as well and that is far more valuable at that age than useless bedrooms and a garden too big for you to manage. It seems most don’t want this (inertia and fear of change the main thing imo) but a nudge from taxation would encourage it more.

Sleepy

https://www.boards.ie/discussion/comment/123977651#Comment_123977651

I wouldn't be opposed to a reduction in or waiver of stamp duty for downsizers as a carrot to incentivise better utilisation of existing housing stock.

My point, however, was that with our aging population, we should be looking at developing assisted living facilities. Not only do they encourage downsizing but they should alleviate some of the pressure on our health service as it would enable more retirees to live in their own home with the assistance they need at hand instead of blocking beds in hospitals or nursing homes that they don't want, and often don't need, to be in yet.