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

  • 17-06-2016 1:36pm
    #1
    kupus
    Registered Users Posts: 4,151 ✭✭✭kupus


    http://www.independent.ie/business/personal-finance/property-mortgages/get-over-the-idea-of-buying-a-home-says-paypal-boss-34809212.html

    Hmm, it looks like that thinking is here to stay. Why should somebody own a home. Wouldnt it be better for a hedge fund to own it. you just pay rent for the rest of your natural life. your kid pays for their life and on and on and on.

    why should you have the hassle of trying to get a bank loan, trying to save years for a deposit then paying housing tax on top of that. ANd isnt it great that these funds recirculate the money around. Instead of it just going to the bank for a mortgage.

    I mean it couldnt possibly be in her interest that "probably" her pension fund finances these hedge funds to buy housing blocks.
    Could it?

    So AH what do you think of these people and their fantasy to own their own home


«134567…13

Comments

  • #2
    The_Valeyard
    Closed Accounts Posts: 12,452 ✭✭✭✭The_Valeyard


    Go home Yank,

    Tis my field.


  • #3
    stoplooklisten
    Registered Users Posts: 2,492 ✭✭✭stoplooklisten


    has she declared her own property ownership?


  • #4
    Timberrrrrrrr
    Registered Users Posts: 25,396 ✭✭✭✭Timberrrrrrrr


    kupus wrote: »
    http://www.independent.ie/business/personal-finance/property-mortgages/get-over-the-idea-of-buying-a-home-says-paypal-boss-34809212.html

    Hmm, it looks like that thinking is here to stay. Why should somebody own a home. Wouldnt it be better for a hedge fund to own it. you just pay rent for the rest of your natural life. your kid pays for their life and on and on and on.

    why should you have the hassle of trying to get a bank loan, trying to save years for a deposit then paying housing tax on top of that. ANd isnt it great that these funds recirculate the money around. Instead of it just going to the bank for a mortgage.

    I mean it couldnt possibly be in her interest that "probably" her pension fund finances these hedge funds to buy housing blocks.
    Could it?

    So AH what do you think of these people and their fantasy to own their own home

    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.


  • #5
    Captain Chaos
    Registered Users Posts: 11,174 ✭✭✭✭Captain Chaos


    Timberrrrrrrr wrote: »
    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.

    The renting laws need to change first.

    1: Long term leases need to looked at. 10+years.

    2; More long term security.

    Only then will it be a viable option imo.


  • #6
    percy212
    Registered Users Posts: 1,077 ✭✭✭percy212


    I really like renting and did so for many years in the US. Currently I am trying to purchase a home in Ireland because five years of renting has been downright scary re. lack of tenure, and no price controls.


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  • #7
    FTA69
    Registered Users Posts: 9,252 ✭✭✭FTA69


    "Ireland Inc" indeed, f*ck off. A country isn't some sort of corporation run for profit. It consists of human beings and a society in which we live and interact together. In that society, people have needs such as employment, housing, health care and education. These are the pillars upon which any meaningful society is founded; they aren't things to be automatically commodified and sold to the highest bidder to the profit or detriment of others.

    A decent place to live should be something we aim to provide for everybody and a society where home ownership becomes impossible except for those rich enough to accumulate gaffs and gouge the rest of us isn't a society in good health in my opinion.


  • #8
    stoplooklisten
    Registered Users Posts: 2,492 ✭✭✭stoplooklisten


    Timberrrrrrrr wrote: »
    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.

    and why shouldn't they? what's wrong with owning you own home?


  • #9
    adam14
    Registered Users Posts: 199 ✭✭adam14


    How are people supposed to rent when they retire? Where is the money to come from - approx 60% of people have no private pension.


  • #10
    HensVassal
    Banned (with Prison Access) Posts: 2,570 ✭✭✭HensVassal


    Timberrrrrrrr wrote: »
    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.

    Do you own a car or rent one?


  • #11
    stoplooklisten
    Registered Users Posts: 2,492 ✭✭✭stoplooklisten


    People was us to be more "european" when it comes to home ownership


    Where's our 1.5% fixed 10/15 year mortgages like our European counterparts are enjoying at the moment?


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  • #12
    kupus
    Registered Users Posts: 4,151 ✭✭✭kupus


    stoplooklisten wrote: »
    People was us to be more "european" when it comes to home ownership


    Where's our 1.5% fixed 10/15 year mortgages like our European counterparts are enjoying at the moment?

    Aha, who exactly does this benefit by is being more european?


  • #13
    sbsquarepants
    Registered Users Posts: 11,812 ✭✭✭✭sbsquarepants


    I'd be willing to bet that she owns her house!


  • #14
    kupus
    Registered Users Posts: 4,151 ✭✭✭kupus


    Timberrrrrrrr wrote: »
    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.

    OK can you tell me why it is such a bad thing to own your property.
    You get to 65. You dont owe anybody anything. You pay your house tax. Youre happy, GOV is happy, everybody wins.

    Hedge funds want an extra 15 years of money after you retire. Would that be better for you or better for some company.


  • #15
    Fleawuss
    Closed Accounts Posts: 2,681 ✭✭✭Fleawuss


    kupus wrote: »
    http://www.independent.ie/business/personal-finance/property-mortgages/get-over-the-idea-of-buying-a-home-says-paypal-boss-34809212.html

    Hmm, it looks like that thinking is here to stay. Why should somebody own a home. Wouldnt it be better for a hedge fund to own it. you just pay rent for the rest of your natural life. your kid pays for their life and on and on and on.

    why should you have the hassle of trying to get a bank loan, trying to save years for a deposit then paying housing tax on top of that. ANd isnt it great that these funds recirculate the money around. Instead of it just going to the bank for a mortgage.

    I mean it couldnt possibly be in her interest that "probably" her pension fund finances these hedge funds to buy housing blocks.
    Could it?

    So AH what do you think of these people and their fantasy to own their own home

    There is a serious corporatization of the country going on now: upcoming generations are going to be made into little more than sources of a revenue stream for multi national corporations. There is no society in Thatcher's infamous phrase. To counter the negative "turn back the clock to the 19th century" approach of the corporations, hedge funds and the 1% there needs to be a unified response across Europe from unions, environmentalists and others. Chances of that? I know.:mad:


  • #16
    SEPT 23 1989
    Registered Users Posts: 43,024 ✭✭✭✭SEPT 23 1989


    i feel very nervous about the future of my children


  • #17
    Saipanne
    Closed Accounts Posts: 4,882 ✭✭✭Saipanne


    1/5 of adults own a property in Switzerland. They must be going through dire times in that country...


  • #18
    Vivian Hot Material
    Posts: 0 ✭ Vivian Hot Material


    Saipanne wrote: »
    1/5 of adults own a property in Switzerland. They must be going through dire times in that country...

    Nazi gold...:o


  • #19
    KomradeBishop
    Closed Accounts Posts: 4,981 ✭✭✭KomradeBishop


    It's a good example of how increasing inequality, isn't just about the well off bettering their lot in life by making themselves more wealthy, and making society more 'productive'/better-off (for the better-off in large part...) - a big part of it is about making everybody else less well off, so that the more well off can suck up rents from the rest of society, in order to better secure their own future wealth/power.

    I'm amazed at how complacent people seem to be, in the face of the housing/rental crisis - it doesn't really seem to be affecting peoples view of the big picture politically/economically a whole lot - the people most negatively affected by it still seem to be relatively powerless overall, and not that bothered about being politically active.

    Even the whole narrative surrounding the housing crisis here and elsewhere, still seems to be dominated by those who either stand to gain from (or who just reflexively seek to uphold) the status quo.


  • #20
    Carter Thoughtless Dog
    Closed Accounts Posts: 23,646 ✭✭✭✭ Carter Thoughtless Dog


    I don't think there's anything wrong with working towards owning your own home once you're realistic about it.
    I know I'd rather pay a grand off my mortgage and have something to leave my child when I die than pay a grand to live somewhere.

    I would be so worried that I would die and leave any kids I had without a home or anywhere to go. It's security and peace of mind


  • #21
    Timberrrrrrrr
    Registered Users Posts: 25,396 ✭✭✭✭Timberrrrrrrr


    stoplooklisten wrote: »
    and why shouldn't they? what's wrong with owning you own home?

    I never said there was anything wrong with it, I said too much pressure has been put on generations of people to do so.


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  • #22
    Ruu
    Closed Accounts Posts: 9,622 ✭✭✭Ruu


    Dublin 2050 sounds like a very bad science fiction film. 'We saved Haughey's brain!'


  • #23
    eeguy
    Closed Accounts Posts: 3,478 ✭✭✭eeguy


    Saipanne wrote: »
    1/5 of adults own a property in Switzerland. They must be going through dire times in that country...

    I don't like the idea that the house could be sold out from under me.

    I don't like that I get no reward from putting my own money into the house and garden.

    I don't like that I can't buy my own furniture and dump the existing stuff without LL approval.

    I don't like that I can't paint the walls or put up shelves without LL approval.

    I don't like that the shed at the bottom of the garden is locked and I don't have permission to access it.

    I don't like that I'm just paying his mortgage.

    I don't like that I'm living in a house and not a home.


  • #24
    beach_walker
    Users Awaiting Email Confirmation Posts: 976 ✭✭✭beach_walker


    I think you'd be mad not to be looking at some form of home ownership in this country.
    ...which is examining how Dublin will look in 34 years' time

    https://www.youtube.com/watch?v=1XcGSJ6Of9g


  • #25
    FTA69
    Registered Users Posts: 9,252 ✭✭✭FTA69


    Saipanne wrote: »
    1/5 of adults own a property in Switzerland. They must be going through dire times in that country...

    The difference being that continental European tenants tend to have excellent tenant rights with secure tenure and decent rent structures instead of the total sh*tshow we have in Ireland and the U.K.


  • #26
    Jawgap
    Closed Accounts Posts: 20,297 ✭✭✭✭Jawgap


    HensVassal wrote: »
    Do you own a car or rent one?

    I lease. it makes more sense with a depreciating asset.

    Home ownership is not for everyone, but it seems in this country people are convinced otherwise.


  • #27
    Baylor Long Riverside
    Closed Accounts Posts: 2,709 ✭✭✭ Baylor Long Riverside


    I wish we could be more like some continental countries where renting is a very safe and secure alternaive to buying your own property.

    Too many people end up with a millstone around their neck here, paying off a mortgage on a house they don't particularly like, in an area they don't particularly want to live in. They can't take a job in another part of the country because the cost of moving would be too high, they can't move to an area they'd prefer because stamp duty, legal fees etc are prohibitive, they can't take any risks whatsoever with their careers because if they default on their mortgage their credit rating is ruined.

    People who can't get on the ladder are made to feel like 'losers' because they're still renting in their forties or fifties.

    There has to be a better way.


  • #28
    eeguy
    Closed Accounts Posts: 3,478 ✭✭✭eeguy


    The government need to get off it's arse and initialise a housing program. Compulsory purchase the hundreds of acres of unused wasteland in Dublin city and surrounding areas, rezone for high rises and tender for developers.
    Sell the houses for a marginal profit and rinse and repeat.
    Redevelop the hundreds of crumbling "protected" buildings.

    Individuals have neither the capital or the power to do this.
    Developer will only jump through these hoops for a large payout.

    The Government hold the keys to solving this crisis and they should act as soon as possible.


  • #29
    stoplooklisten
    Registered Users Posts: 2,492 ✭✭✭stoplooklisten


    there's loads of empty properties around the place, they;re been held off the market to held inflate it


  • #30
    yosser hughes
    Registered Users Posts: 3,879 ✭✭✭yosser hughes


    Louise Phelan,has a penchant for telling people what to do. Previously she said graduates were lazy and entitled.
    I'm not sure what her actual qualifications are; apart from running a call centre. She seems a bit arrogant to me.


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  • #31
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    Countries who dont have the "must own" mindset have reasonable rent prices and a solid supply of properties to rent.

    Places like Ireland and England who have the "must own" mindset change asmuch as they can possibly charge and they will get it because the supply is low.

    But regardless of how you look at it if you rent for a life time you will spend far more than a mortgage. Probably 4 times more. Due to rent keeping up with inflation, where as a mortgage value remains the same and you just pay the interest and your salary keeps up with inflation usually so you are actually paying less.


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