What Will happen when Generation Rent Retire?

James20221

https://www.boards.ie/discussion/comment/119062228#Comment_119062228

The only way I see myself not being homeless in reality, is to use my future 1/3rd of our family home valued at around 600,000 to buy a holiday home in Spain and to retire there as I wouldnt be able to afford to retire and pay rent in Dublin and I will likely never be able to buy a home in Dublin

Although I believe capitalism and property markets as we know it will not exist in 20 years and we will be back to the post war high social housing system.

Esse85

https://www.boards.ie/discussion/comment/119062257#Comment_119062257

Plenty of people doing that, I can see the appeal.

What if you met someone and had a relationship with them and they wanted you to leave Dublin and move down the country with them?

This fixation people have about Dublin is hilarious.

James20221

https://www.boards.ie/discussion/comment/119062295#Comment_119062295

I don't want a relationship. I also lived in London for many years, its not an issue with just Dublin but not wanting to commute for hours or live in a isolated commuter town with no culture

landofthetree

https://www.boards.ie/discussion/comment/119061488#Comment_119061488

The Irish construction industry got destroyed from 2008-2015.

While its recovered a lot in the last few years it will struggle for a while yet to build the houses we need.

My worry is a recession could knock the stuffing out of the industry again. Currently its an old man industry with very few young people in it.

Drink loads, eat fatty foods, smoke cigars regularly- you’ll be very unlucky if you reach 74

https://www.boards.ie/discussion/comment/119062257#Comment_119062257

Honestly, the fact you're actively thinking of your inheritance like this.... Christ, you really don't sound like a very nice person. Both my parents are currently alive and I'm not actively thinking about what I'll spend some hypothetical inheritance on....

James20221

https://www.boards.ie/discussion/comment/119062474#Comment_119062474

If you didn't own a home and as such faced homelessness in old age you would be factoring in your inheritance. It comes up all the time in pub chat with mates, its a common topic for generation rent because of the **** we have being put in by the housing market

Esse85

https://www.boards.ie/discussion/comment/119062324#Comment_119062324

Seems like you want the finer things in life but won't make the sacrifices required to live the lifestyle you want.

Bit like a person whinging that Bentleys or Maserati's are unaffordable and worrying about how they'll afford one.

Quitelife

Generation rent should cease working as soon as possible, get on welfare, pay a nominal amount of their welfare for a council property and have it for the rest of their lives....if anyone opens their mouth start on about discrimination and get on to your local Sinn Fein Representative....

Working and going straightpaying your own rent or mortgage is pointless unless youve a very good job.

James20221

https://www.boards.ie/discussion/comment/119062539#Comment_119062539

How is not wanting to spend 3 hours commuting the "finer things"?

https://www.boards.ie/discussion/comment/119062495#Comment_119062495

I know plenty of 30 and 31 year olds that don't own a house.... They're not talking about their inheritance...

maestroamado

https://www.boards.ie/discussion/comment/119062420#Comment_119062420

Not correct Irish people got screwed by Government/Developers/Banks in 10 year period up to 2008... Government gave tax breaks to build houses in the wrong places... Banks gave loans for said developments... Developers and banks went burst and the Government paod about 100 Billion to fbaikl out...

Trioka came in and told the Government what to do and they had to fallow rules and left about 2015... I have been aware of Vulture/Cuckoo funds for about 5 years which more or less means we went back to our old ways the week after the trioka left...

NAMA were created to look after the assets ang got involved in several dodgy deals and just last year sold apartments in Malahide to one of the said vulture funds... afaik NAMA are still in place... last i heard there was over 100 persons on over 100k salary a year and i do not know if they still exist... does anyone here know what they are doing...

Considering alot of the important people in the dail were there through all of this is it any wonder we are where we at... also large %% landlords so all ok... I feel sorry for young peofessionals...

I was told this morning i was ranting when i wasn't... i am now...

James20221

https://www.boards.ie/discussion/comment/119062629#Comment_119062629

What did they do in their 30s? I feel at 31 like Ive missed the time to buy which in my family (extended) was 20s. And in order to rent alone it would be 1400 a month and I would be unable to save

https://www.boards.ie/discussion/comment/119062650#Comment_119062650

One worked in a creche, the other was doing odds and ends but they spent a fair proportion of a decade saving to get to a point where they could buy. My siblings who are older also bought at a younger age.

Also, in relation to renting alone and that not being manageable. You share with one or two people. I've shared with people in their forties in the past... That's not particularly abnormal in your thirties and that applies to anywhere in the country.

So what you want isn't available to you based on your current circumstances.

Rather than do anything about it yourself, you want someone else to solve your problems for you.

At least I know the type of folf voting sf

James20221

https://www.boards.ie/discussion/comment/119062692#Comment_119062692

It is to me. And it was a decade ago. Its not abnormal because of our messed up housing system.

James20221

https://www.boards.ie/discussion/comment/119062707#Comment_119062707

I actually want to be allowed pay for my own home. The issue is the banks are only allowed to lend me 140,000 (460 a month) which I cannot get anything for in Dublin, yet a landlord will let me pay 1500 a month. That makes no sense

https://www.boards.ie/discussion/comment/119062732#Comment_119062732

It makes perfect sense. Banks are loaning you hundreds of thousands. Landlords aren't.

If you can't repay your mortgage, bank could lose a lot of money. If you don't pay your rent, landlord lose thousands.

James20221

https://www.boards.ie/discussion/comment/119062769#Comment_119062769

But that means that long term we will never have everyone owning a home again and perhaps most the population in Dublin will be renters? That seems like social breakdown to me

https://www.boards.ie/discussion/comment/119062732#Comment_119062732

It makes absolute sense, a landlord doesn't view you as a thirty year deal. Meanwhile the Celtic Tiger involved giving mortgages that were far in excess of the ability to pay of an individual... Then when they found it more difficult to pay, people lost houses.

Work outside of Dublin and save. Stop feeling entitled to live in a specific location. Plenty of us give up ideal places to live.

Pussyhands

People have a habit of thinking the way things are now is the way things always will be.

The probability is that in 30 years the landscape will be hugely different.

No one would have asked this question 10 years ago but now you're asking about 30 years time.

James20221

https://www.boards.ie/discussion/comment/119062794#Comment_119062794

Except very few lost homes. Evictions are generally in this country from landlords "selling up" or "renovating" than it is from people missing mortgage payments

It does feel like we have been robbed by being unlucky to have missed out on the tiger, the last time regular earners could buy

Esse85

https://www.boards.ie/discussion/comment/119062732#Comment_119062732

That's your problem not the banks.

The issue here is you can't afford what you desire. That's your problem no one else's, but it doesn't always have to be that way, you have a choice, but I get the impression you'd rather b1tch and moan on here and play the victim card than upskill, work hard and work your way up to a better paying job.

This thread should be closed, it's garbage.

James20221

https://www.boards.ie/discussion/comment/119062943#Comment_119062943

Do you feel the same way about everyone who is impacted by housing? Do you accept we have a housing crisis? Do you think young SF voters are just unworthy?

dasdog

I might move to Crete or somewhere similar. I'd sooner do the revolver and bottle of whiskey thing than pay €700k for a semi-detached in an anonymous boring leafy SCD estate with arsehole nosey neighbours comparing how much they paid and giving out about social housing. The primary reason I still live here is because I am making very good money in the tech sector and have been for two decades with rent expenditure about half the going market rate.

And contrary to what I've always thought about I actually don't think I want to retire anyway. I'm beginning to enjoy co-ordinating crisis situations in my track pants on Zoom.

corner of hells

OP ,Did ya ever see this film , Logans Run .

: The main thread is that everyone must die at a set age, and that age is 30.

That's what's going to happen , live your life till you're 30 and then the state kills you.

macvin

https://www.boards.ie/discussion/comment/119061222#Comment_119061222

You need to skill up and get to 50k-60k

Banks will give 4x earnings if you show potential earnings increase.

As I have said in another thread, there are plenty of properties for 200k in commuter towns close to rail stations. Sallins is an example.

Too many people think they have to buy a 3bed semi in a salubrious suburb. My first home was a one bed apartment in rathfarnham. People said I was crazy and "no-one wants a one bed" - it sold a week after going on the market.

I moved to a 2 bed townhouse, then moved out of Dublin to a 4 bed, then moved to where I am now and at a "young" 56 am mortgage free since last year.

I'd look for a one or two bed apartment in a commuter town.

Without being morbid, your parents will pass away at some point and what they leave you should be in your calculations for the future

y0ssar1an22

if we go liberal enough, euthanasia is always a solution.

https://www.theguardian.com/world/2022/may/11/canada-cases-right-to-die-laws

https://www.christian.org.uk/news/poor-mental-health-and-poverty-enough-for-assisted-suicide-in-canada/

https://www.spectator.co.uk/article/why-is-canada-euthanising-the-poor-

dotsman

Most generation rent folk will not rent for the entirety of their lives. At some stage, they will either improve their financial status, or lower expectations and buy something/somewhere less desirable. On top of that, once they retire, they are not restricted to living in a city, so even if they are renting, they can rent somewhere cheap in the countryside. They will likely also qualify for social welfare assistance if their pension can't cover basic rent.

Renting doesn't mean you are going to be homeless when you retire. It just makes it harder to have a comfortable/enjoyable retirement.

James20221

https://www.boards.ie/discussion/comment/119063224#Comment_119063224

This sounds like we are just following London, anyone left in Dublin needs to be living in poverty or super rich. Entire communities upended all in the name of the market. Shocking. Thank God Sinn Fein will be in power and can reverse this neo liberal hellscape

maestroamado

https://www.boards.ie/discussion/comment/119063114#Comment_119063114

Your parents rear and educate you... job done... off with you.. they say the £ you have in your pocket tjhe day you is a £ lost...

macvin

https://www.boards.ie/discussion/comment/119063583#Comment_119063583

I'd check what they have done in northern Ireland, especially the council areas they control.

How about allowing a developer with known links to build a phenomenally ugly apartment block in Belfast and have the "play area" for the block over 2 miles away.

Not even Fianna fail would attempt that

Be careful what you wish for.

maestroamado

https://www.boards.ie/discussion/comment/119063583#Comment_119063583

I expect a United Ireland in about 10 years and that be a game changer i think...

dotsman

https://www.boards.ie/discussion/comment/119063583#Comment_119063583

Not sure if taking the pi$$. But just in case you aren't - SF have played a massive role in the property market in Ireland being what it is (and along with their ilk would be the single biggest factor), and their proposals are to make things significantly worse. But, let's not let another thread descend into SF vs FF vs FG.

maestroamado

https://www.boards.ie/discussion/comment/119064026#Comment_119064026

I did notice they did not do anything to stop except talk... what do you mean by a massive role...

rom

They won't retire sadly for them just like the way it is in the US.

jo187

My grandmother raised my mother in a council house she bought, them my mother raised me in a council house that she bought. Both were low income workers, that option is not available for me and also for lots of other people. So is it really a good society if were worse off then the previous generation? Despite us supposedly being better off then before?

dotsman

https://www.boards.ie/discussion/comment/119064073#Comment_119064073

The dingle overriding factor in the property crisis is that we have have had a growing undersupply over the last 30 years. The bulk of this is caused by the fact that our cities are still designed as provincial industrial era towns. The majority of Dublin city centre is 1-3 story residential, similar with our other cities. The main reason for this is SF and other far left councillors constantly try to prevent any redevelopment of the city centres and, instead, just tack on housing estates onto the outskirts of our cities and the so-called "commuter towns", which is a terrible strategy and means we are, more and more, left with a massive undersupply, terrible commutes and tiny box houses for ridiculous money.

While people blame successive governments (and they do deserve a share of the blame), they forget it is the councils who control the planning. Constantly refusing high density, plan for mass transit, create green spaces, create liveable spaces, make a city suitable for its inhabitants. Instead prioritising the social housing brigade over everybody else. And all the councils have performed terribly, especially Dublin (where the city centre is controlled by SF and friends, and has been for a long time).

Bigmac1euro

push salary and get up to 50k salary

Save 1k a month for 2 years

youve now 24k

banks will give 3.5 x 50k = 175k + 24k you saved

you now have 199k you can buy this 1 bed and repayments are €643.49 a month providing you get a 2.5% interest rate which is achievable.

https://www.daft.ie/for-sale/apartment-76-block-d2-bow-bridge-place-kilmainham-dublin-8/3823043

or if you get an exemption if 4x salary

you now have 224k you can buy this 2 bed

@ 722 euro a month.

https://www.daft.ie/for-sale/apartment-16-hampton-wood-green-saint-margarets-road-finglas-dublin-11/3821272

Welcome to Dublin

or option B

just keep complaining

Jim2007

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

The same as what happens in every other European country….. The only unique thing about the Irish housing crisis is that people have this dumb idea that taking on huge amounts of debt to put a roof over their heads is a smart idea.

No being able to buy a house does not mean you can’t save for retirement. And in terms of investing property produces a low return at a high risk so there is no disadvantage there either….

And as an EU citizen you have retirement options too.

GSBellew

https://www.boards.ie/discussion/comment/119062324#Comment_119062324

No culture?

Please explain this, because I am bemused as to how you have reached this conclusion.

There is more culture in the dry stone walls of my field in the outskirts of a commuter town than there is in any housing estate in Dublin, this is without mentioning the oldest known inscribed stone in Ireland a few minutes walk away, over my back wall we have 17th century ruins, just beyond that is a standing castle / watch tower, an hour via the M1 has you are at the IFSC in Dublin easily, I've done that many times myself.

You lived in London for 8 or more years, paying into the UK economy, now you feel entitled to tell the rest of us that we owe you a subsidised house in the most expensive area in the country to live, simply because you come from or work there?

Wake up, you get to live where you can afford to live, not where you want to live, there is no entitlement to live in the area you work or come from.

There are areas here that would cost maybe 100k to buy a house, there are others that are 1,000,000 plus, I don't get to live in the more expensive area unless I pay the higher price.

If I want to live in a more expensive area I pay more, if I don't want to pay more I get to live in a less expensive area.

My mother in law has a sensible term for this, "you cut your cloth to suit your means"

Wanderer78

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

...oh i expect a major social upheaval long before that happens, and it may not be far off, at this rate!

_Kaiser_

https://www.boards.ie/discussion/comment/119063978#Comment_119063978

Won't happen. Sure they can't even agree to cooperate enough to form a government up there which is in their own interests to do so, let alone this fantasy rose tinted idea of supporting a united Ireland.

But leaving that aside, and the fact that people down here don't want to pay for the idea, and don't want to accept the idea that we too would have to make some compromises rather than a petty "we won" attitude, the reality is that taking on NI would stretch our already limited resources still further - to say nothing of the impact the government's stance on immigration and refugees will and is having on those resources, particularly in the area of housing.

Anyway... I do (sorta) see where the OP is coming from. We have built our entire idea of success on the notion of being massively in debt to buy and sell overpriced property to each other, hence why the rental sector is considered an afterthought and for those who have no better options, and it's run as such with completely inadequate kneejerk legislation being imposed when the "noise" gets too much that only makes the situation worse for both tenants and landlords (unless of course said landlords are massive investment funds so beloved of particularly FG who would privatise and sell off everything if they could).

Unfortunately though not everyone is in a position to buy, can live at home to save a deposit, or borrow/be gifted from the bank of mammy and daddy, or will have a house waiting for them to live in/sell and divide the profits when said parents die. The smug condescending attitude of some here who have "made it" towards those other groups ("if I did it, everyone should be able to") is again another symptom of the society we've built, and completely at odds with the housing situation we now find ourselves in - it's the same sort of people who complain about negative equity and demand exceptions or intervention while renters have to pay whatever their landlord demands regardless of their personal circumstances. It's also bemusing to read some defending bank policies given the events of 10-15 years ago and how they likely benefitted from it or know those who did, with their 100%+ mortgages, cheap credit and limited checks etc.

The truth is that not everyone can/is able to, should, or wants to buy property for a variety of reasons, and they shouldn't be "forced" to in order to ensure security of tenure or certainty in retirement - let's not forget that house ownership isn't cheap, even after the mortgage is paid. You have property tax, maybe management fees if an apartment, significant maintenance costs when something goes wrong and all the other expenses that will still need to be paid, retirement or not. Property ownership is far from the road to easy street in later years. But all that said, it should still be an option that is open to people too.

What we need is not a groundbreaking idea and that is a mixed market of ownership, long and short term rental (and long term being a lot longer than the Irish notion of 1-2 years in the private sector), social housing and buy to rent options in sufficient quantities and geographical spread that everyone's needs and longer term goals can be met.

But that's not going to happen in this country. Not so long as we continue to view property ownership and the ever increasing value of it as the be all and end all and look down at those who can't/don't "get on the ladder". It really is like 2006 all over again but without the "free money" and SSIA scheme to allow people to buy into it this time.

Murph85

https://www.boards.ie/discussion/comment/119062794#Comment_119062794

Why should workers not feel entitled to live in a specific location? They are paying for others to live in fantastic locations, rent free, in luxury accommodation. Yet they should live in some kip, three hours round trip from Dublin. Spending god knows what on transport etc? Lol!

https://www.boards.ie/discussion/comment/119065176#Comment_119065176

There are nice places outside of Dublin... There are equally jobs outside of Dublin and even remote working. Not sure who you're referring to in relation to luxury homes.

Mr. teddywinkles

https://www.boards.ie/discussion/comment/119061529#Comment_119061529

Well not trying to be rude. Considering my home town is in one of these commuter belts. Its already saturated with people and housing.

A bit ridiculous to just keep building houses in commuter towns expecting them to support massive population influx. Especially when infrastructure is not there.

Dont think that's a solution either.

NSAman

I want a penthouse in Manhattan, but can’t afford it too.

it’s called “cut your cloth to suit your measure”

tom1ie

We constantly hear that the majority of people rent on the continent, so what do they do there?

What happens in Asia where there is low home ownership?

This is not the only country where this happens.

maestroamado

https://www.boards.ie/discussion/comment/119065532#Comment_119065532

Its amazing that we have the one of the richest countries in the world being compared to Asia...

I was talking to a guy recently who's daughter is teaching in Dublin... he said his daughter is no better off now than when he was working in Dublin 40 years ago...

Xidu

Don’t why people believe they are entitled to own a big house in city center.

it’s not for everyone just like clothes handbags shoes restaurants

you have money you buy the most expensive one.

you don’t have money then you buy a cheap one. Same function. Just the feelings is different