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

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Comments

  • #62
    Jawgap
    Closed Accounts Posts: 20,296 ✭✭✭✭Jawgap


    SEPT 23 1989 wrote: »
    People won't retire,they will work until they become a burden on the corporations due to failing health and then liquidation

    Just don't eat the Soylent Green when it arrives :D


  • #63
    Potatoeman
    Registered Users, Registered Users 2 Posts: 4,549 ✭✭✭Potatoeman


    Sergio Georgini wrote: »
    Cheaper to rent what, exactly? A room in a house share with 6 other people? That's accommodation for students with no income. It most certainly isn't cheaper than a mortgage payment, and is significantly more expensive over a life time.

    There are apartments being sold in D1 for 160-180k which is 850 over 20yrs that are renting for 1200.


  • #64
    eeguy
    Closed Accounts Posts: 3,478 ✭✭✭eeguy


    Potatoeman wrote: »
    There are apartments being sold in D1 for 160-180k which is 850 over 20yrs that are renting for 1200.

    Its the same all over Dublin.

    Plenty of houses where the monthly rent is 1% or more of the sale price.
    What's the point of a long term rental, when you could just buy the house in 10-15 years?


  • #65
    cerastes
    Closed Accounts Posts: 3,596 ✭✭✭cerastes


    andekwarhola wrote: »
    There is a sense of entitlement in ireland when I think comes to owning property.

    Especially when so many people think they're being swindled from their God given right to own a place in a handful of toney Dublin suburbs (you don't get bitching in places like New York or London that an evil coalation of vested interests is preventing two teachers buying a house in Manhattan or St John's Wood).

    That said, it is unfair to fully consider this properly when our rental sector is so flaky, unregulated and insecure.

    Its not that there is a self of entitlement, its the alternative is unviable and insecure. If there was a viable system to rent for relaistic amounts off private individuals or businesses, then you could say owning might be less realistic, but as people barely have enough to pay rent, how do they also provide for their future via a pension scam?and who is to say that will provide?
    or is it simply better accomodation is more realistically priced, so people can be more mobile that way, rather than relying on the goodwill of some corporate hedge fund.
    conorhal wrote: »
    Into the suicide booth you economically unviable individual!

    I suspect that within a generation the elderly will form a substantial cohort of the homless.

    First we will have to see the demonisation of the poor, even the working poor/those unable to make their way (could be in progress now) reducve the value of life to a comodity for everything and reduce the ability of people to become something better than cogs in a commoditised world.
    Fcuk it, slavery for all, not traditonal slavery mind, you know the nice kind, where you have just about enough to get by, like cattle, they are only slaughtered when its necessary, but they are well kept most of the rest of the time, other than as a resource of food, they dont produce anything meaningful.


  • #66
    donegaLroad
    Closed Accounts Posts: 2,379 ✭✭✭donegaLroad


    Builder builds house for approx €120k and puts it up for sale, asking price €225k (for example).

    Bank lends €200k to purchaser, @4% for 35 years

    Total amount repaid on which originally cost €120k....

    €371,000

    = worst deal ever


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  • #67
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,531 ✭✭✭BrokenArrows


    donegaLroad wrote: »
    Builder builds house for approx €120k and puts it up for sale, asking price €225k (for example).

    Bank lends €200k to purchaser, @4% for 35 years

    Total amount repaid on which originally cost €120k....

    €371,000

    = worst deal ever

    Well in the 12 months (or whatever period) that it takes the builder to build that house he earns nothing. So hes pricing himself a salary into that asking price. Then the bank makes money on interest.

    To be fair i dont begruge the banks charging some money for a mortgage. They are supplying a service. And ive been using a bank and its services for all of my adult life, and most of my teenage life and have always had a free account. Rarely pay any fees for anything except the occasional mistake of forgetting a bill or something.


  • #68
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    donegaLroad wrote: »
    Builder builds house for approx €120k and puts it up for sale, asking price €225k (for example).

    Bank lends €200k to purchaser, @4% for 35 years

    Total amount repaid on which originally cost €120k....

    €371,000

    = worst deal ever

    And at the end of that term you won't have to keep paying for it and it will more than likely be worth a lot more than what you've paid for it. Doesn't look like that bad of a deal to me.


  • #69
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,531 ✭✭✭BrokenArrows


    smash wrote: »
    And at the end of that term you won't have to keep paying for it and it will more than likely be worth a lot more than what you've paid for it. Doesn't look like that bad of a deal to me.

    Yup. House prices usually double every 10-15 years.
    So if you buy a 200k house and repay it over 20 years you will end up repaying about 350k but the house will likely be worth over 400k (Assuming year 20 isnt during a price crash).


  • #70
    cerastes
    Closed Accounts Posts: 3,596 ✭✭✭cerastes


    donegaLroad wrote: »
    Builder builds house for approx €120k and puts it up for sale, asking price €225k (for example).

    Bank lends €200k to purchaser, @4% for 35 years

    Total amount repaid on which originally cost €120k....

    €371,000

    = worst deal ever


    So if that is the cost of it, how is renting cheaper? as there are additional middlemen and intermediary services along the whole process that are additional in renting which do not exist in a purchase scenario.

    I think it needs to be asked if the hypothetical price to build is X, then why is the cost to buy Y, are the increases realistic or is it inflated due to greed or inefficiencies.

    If its due to the plot size, then build up and build in the capacity to house more people comfortable (not shoe boxes where poeple couldnt grow a family and stay) and provide services that do it in a more energy efficient manner (CHP/insulation/mhvp) and have suitable services, schools, shops, transport integrated into a bigger picture, or just allow one off houses or one off estates of a semi-d's that have a lower density and still no services.
    Its not that it cant be done, it just wont be as there is no will or concern to improve the situation or peoples quality of life, for what would not amount to an increased cost, but a reduced more efficient cost.


  • #71
    Sh1tbag OToole
    Closed Accounts Posts: 3,973 ✭✭✭Sh1tbag OToole


    Iiiiiiiiiiiiiit's the hummadum drum
    The dummadum drum
    The daily office hummadum-drum
    The daily working dummadum-drum
    The daily morning hummadum-drum

    Everybody queue queue queue!
    Queue for the hummadum
    Wait for the hummadum
    Pay for the hummadum
    Work for the hummadum
    Run for the hummadum
    Jump for the hummadum drum

    Every price is Up! Up! Up,
    Up for the hummdum drum
    Along with the dummadum drum


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  • #72
    stronglikebull
    Registered Users, Registered Users 2 Posts: 478 ✭✭stronglikebull


    donegaLroad wrote: »
    Builder builds house for approx €120k and puts it up for sale, asking price €225k (for example).

    Bank lends €200k to purchaser, @4% for 35 years

    Total amount repaid on which originally cost €120k....

    €371,000

    = worst deal ever

    Worst post ever.

    The alternate is you pay rent, lets be generous and say you're getting a €225k house for €1000 a month. Assuming no inflation on that over the next 35 years and you pay €420k in rent, will have nothing to show for it, and will still have to continue paying rent until you expire.

    You go ahead and keep doing that. I'm going to pay my mortgage, and we can meet up in 27 years when I own my house, and you'll have nothing. See who got the worst deal then.

    Worse again, the person you've been paying rent to will now own the house outright.


  • #73
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I know quite a lot of people that bought an apartment/house for ridiculous amounts of money during the Boom years, who are now either stuck with it or are in negative equity.


  • #74
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    [Deleted User] wrote: »
    I know quite a lot of people that bought an apartment/house for ridiculous amounts of money during the Boom years, who are now either stuck with it or are in negative equity.

    But so what? It only matters if you're trying to sell. Everyone knows people in negative equity, but the number of people in negative equity who want to sell is relatively small.


  • #75
    flutered
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭flutered


    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.

    so nowdays it needs to be drilled into them that they should never wish to buy their own home


  • #76
    stoplooklisten
    Registered Users, Registered Users 2 Posts: 2,492 ✭✭✭stoplooklisten


    flutered wrote: »
    so nowdays it needs to be drilled into them that they should never wish to buy their own home

    the rise of Communism


  • #77
    donegaLroad
    Closed Accounts Posts: 2,379 ✭✭✭donegaLroad


    stronglikebull wrote: »
    Worst post ever.

    The alternate is you pay rent, lets be generous and say you're getting a €225k house for €1000 a month. Assuming no inflation on that over the next 35 years and you pay €420k in rent, will have nothing to show for it, and will still have to continue paying rent until you expire.

    You go ahead and keep doing that. I'm going to pay my mortgage, and we can meet up in 27 years when I own my house, and you'll have nothing. See who got the worst deal then.

    Worse again, the person you've been paying rent to will now own the house outright.

    I already am in the process of paying for my house, 10 years to go.

    I'm a bit disappointed that you don't like my post :(


    seriously though, on the subject of mortgage interest....

    Irish banks are charging over and above the average lending rate of other European banks. As a result, there are about 300,000 mortgage holders in Ireland who are paying between €2,500 and €3,000 per annum more on their variable rate mortgages than other European mortgage holders.

    Yet we are out marching on streets about having to pay €300 for water.


  • #78
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    donegaLroad wrote: »
    Irish banks are charging over and above the average lending rate of other European banks. As a result, there are about 300,000 mortgage holders in Ireland who are paying between €2,500 and €3,000 per annum more on their variable rate mortgages than other European mortgage holders.

    They could shop around, it's what people do in other countries. In Ireland however, people seem to have a weird sense of loyalty to their bank who are ripping them off so much.


  • #79
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Was there a load of posts deleted in this thread? Can't find a fairly innocuous one I posted that people have replying to.


  • #80
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    Sergio Georgini wrote: »
    Was there a load of posts deleted in this thread? Can't find a fairly innocuous one I posted that people have replying to.
    I've noticed this happening in a few thread recently. Those scallywag mods! :D


  • #81
    kupus
    Registered Users, Registered Users 2 Posts: 4,151 ✭✭✭kupus


    smash wrote: »
    I've noticed this happening in a few thread recently. Those scallywag mods! :D

    Any way to blame the mods and Dooby o brien together. :pac:


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  • #82
    Fr_Dougal
    Registered Users, Registered Users 2 Posts: 9,166 ✭✭✭Fr_Dougal


    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

    Anyone working for PayPal in Ireland should Get Over it, because you'll never afford one working for PayPal!

    They pay sh1t wages and treat their employees like battery hens.


  • #83
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    Fr_Dougal wrote: »
    Anyone working for PayPal in Ireland should Get Over it, because you'll never afford one working for PayPal!

    They pay sh1t wages and treat their employees like battery hens.

    Her title would suggest that she's the one treating the employees like battery hens.


  • #84
    Shenshen
    Registered Users, Registered Users 2 Posts: 9,453 ✭✭✭Shenshen


    Does life-long renting work well in other countries? Yes.
    Will it work in Ireland? Not within the next century.


  • #85
    wally1990
    Registered Users, Registered Users 2 Posts: 1,231 ✭✭✭wally1990


    I'll own my property if I want to
    I'm not paying rent for the rest of my life and have bloody nothing to show for it or to leave behind , rent is just dead money to me
    And with the cost of rent at the moment better off have a bloody mortgage least I'll get something in return then
    Feck off :P . Bring rent way down and we can talk then :P until then no it's fine maybe in other countries where rent isn't bonkers but na, I would like to own something I'm paying for(least leave it for a family members anyway to have )


  • #86
    Iwasfrozen
    Registered Users, Registered Users 2 Posts: 16,250 ✭✭✭✭Iwasfrozen


    wally1990 wrote: »
    I'll own my property if I want to
    I'm not paying rent for the rest of my life and have bloody nothing to show for it or to leave behind , rent is just dead money to me
    And with the cost of rent at the moment better off have a bloody mortgage least I'll get something in return then
    Feck off :P . Bring rent way down and we can talk then :P until then no
    And if you lose your job? If you want to take advantage of opportunities in another location or you find yourself in negative equity what then?


  • #87
    Iwasfrozen
    Registered Users, Registered Users 2 Posts: 16,250 ✭✭✭✭Iwasfrozen


    wally1990 wrote: »
    I'll own my property if I want to
    I'm not paying rent for the rest of my life and have bloody nothing to show for it or to leave behind , rent is just dead money to me
    And with the cost of rent at the moment better off have a bloody mortgage least I'll get something in return then
    Feck off :P . Bring rent way down and we can talk then :P until then no
    And if you lose your job? If you want to take advantage of opportunities in another location or you find yourself in negative equity what then?


  • #88
    joeysoap
    Registered Users, Registered Users 2 Posts: 6,267 ✭✭✭joeysoap


    When I saw PP I thought it was Paddy Power ��


  • #89
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    Iwasfrozen wrote: »
    And if you lose your job?
    And if this happens while renting?
    Iwasfrozen wrote: »
    If you want to take advantage of opportunities in another location
    Rent out your property and go.
    Iwasfrozen wrote: »
    or you find yourself in negative equity what then?
    This only matters when you want to sell.


  • #90
    wally1990
    Registered Users, Registered Users 2 Posts: 1,231 ✭✭✭wally1990


    Iwasfrozen wrote: »
    And if you lose your job? If you want to take advantage of opportunities in another location or you find yourself in negative equity what then?

    Agreed if wanted to travel but I don't
    Lose my job. Def a risk I'd have to take and willing to like most people

    Just hating paying dead money ! Feels like that with road tax too ha ah sure . Such is life


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  • #91
    SEPT 23 1989
    Registered Users, Registered Users 2 Posts: 43,039 ✭✭✭✭SEPT 23 1989


    wally1990 wrote: »
    I'll own my property if I want to
    I'm not paying rent for the rest of my life and have bloody nothing to show for it or to leave behind , rent is just dead money to me
    And with the cost of rent at the moment better off have a bloody mortgage least I'll get something in return then
    Feck off :P . Bring rent way down and we can talk then :P until then no it's fine maybe in other countries where rent isn't bonkers but na, I would like to own something I'm paying for(least leave it for a family members anyway to have )

    The interest that the sharks charge you is also dead money


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