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Buy house, don't pay mortgage, live rent-free for 9 years. MOD WARNING POST #268

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    #482
    eddie73
    Registered Users Posts: 647 ✭✭✭eddie73


    Whats new here. He and his wife will prob go straight to that hotel in Ranelagh and have a go on the swing....


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    #483
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Uncle Pierre wrote: »
    Just coming to this thread, and expected this to be a real luxury home altogether, but is this the one? - https://www.daft.ie/dublin/houses-for-sale/clontarf/136-mount-prospect-avenue-clontarf-clontarf-dublin-2514786/

    Asking price €695,000 for what's basically a 1,500 sq. ft. semi-d with a small back garden? And it cost nearly twice that when they first "bought" it?

    I don't pay much attention to property matters in Dublin or anywhere else, but it's times like this that I'm glad I live "down the country".


    Its a lot, but check out the PPR for this area, it looks about right.
    you wouldnt pay it, I wouldnt pay it, others on the thread wouldnt pay it, but there are plenty who will, or at least close to it.

    From a glass half full point of view its a well kept house requires no work of a decent size for Dublin in an excellent location, with location being the primary driver of price here.
    Look at D6w, Monkstown, D4, most property in those locations is similar, old houses, if your lucky they will be renovated and anything over 110sm in size will be 700k+. money doesnt go far in these locations, because the actual house is secondary to the location when pricing.

    These properties still sell, you're just not the target market.


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    #484
    Uncle Pierre
    Registered Users Posts: 1,467 ✭✭✭Uncle Pierre


    fret_wimp2 wrote: »
    you're just not the target market.

    Damn straight!!!! :D:D:D


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    #485
    nthclare
    Banned (with Prison Access) Posts: 3,316 ✭✭✭nthclare


    Uncle Pierre wrote: »
    Crazy what people either pay or are expected to pay.

    This one caught my eye on the price register that you linked to, and I thought at least it wouldn't be toobad for around €700k -
    https://www.myhome.ie/residential/brochure/50-howth-road-clontarf-dublin-3-do3-ew63/4334912

    But then I looked at the photos of the inside, and saw the state of it. You'd want another couple of hundred thousand just to make it habitable.

    Edit - looking again, I see you'd only be getting half what I originally thought, because the main photo is basically of two semi-ds together as well. I thought at first it was a larger stand-alone house.

    Some idiot will buy, wait and see..

    The vendors will relocate to the west of Ireland and live a nice lifestyle...

    I've seen it, like Vidal Sassoon wash and go...


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    #486
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    nthclare wrote: »
    Some idiot will buy, wait and see..

    The vendors will relocate to the west of Ireland and live a nice lifestyle...

    I've seen it, like Vidal Sassoon wash and go...

    Fierce judgemental. If its what someone wants and they have the money then why does that make them idiots?

    Your gaff might not suit many due to being in rural Clare or Galway or wherever, but that doesn't make you an idiot for buying it at any price, if it's what you want.


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    #487
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    It's called industrialisation. People want to learn. They want to live close to each other, they are attracted to the money and wealth. Clontarf is seen as these things yet in reality that house is basically just a social welfare types house.
    The clever ones realise this early on


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    #488
    Nevin Parsnipp
    Registered Users Posts: 832 ✭✭✭Nevin Parsnipp


    fret_wimp2 wrote: »
    Fierce judgemental. If its what someone wants and they have the money then why does that make them idiots?

    Your gaff might not suit many due to being in rural Clare or Galway or wherever, but that doesn't make you an idiot for buying it at any price, if it's what you want.

    Can't disagree with that ....a house and it's location are the "package" you buy...what amuses me is how so much debt and publicity has arisen around what appears to be a fairly bog standard gaff ?.

    And why did they not go for the downsizing option in the first place ?


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    #489
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Nevin Parsnipp wrote: »
    Can't disagree with that ....a house and it's location are the "package" you buy...what amuses me is how so much debt and publicity has arisen around what appears to be a fairly bog standard gaff ?.

    And why did they not go for the downsizing option in the first place ?

    Its a fairly bog standard gaff in a prime location in the capital city. That may not appeal to many on this thread but it appeals to large numbers of people.
    Regarding the debt, do you know their financials? for all anyone on this thread knows they were cash buyers.
    But thats the point, who knows? Buying a house in ireland is generally a very personal decision where money is often not the driving factor.

    Every person and family have their own circumstances so your guess is as good as mine. Why they're selling, again its anyone's guess.

    Maybe it was close to family who have since passed away.
    Maybe it was close to work and now that situation has changed.
    Maybe they dreamed of living there and it just didnt live up to expectations.
    Maybe their family circumstance has changed so downsizing is only now an option.
    Maybe there was a family split up and they have to get rid of the house.
    or
    Maybe they thought they could make a big profit based on location but just bought in at the wrong time.

    We dont know the circumstances. Guessing usually ends up calling the person an idiot or greedy when reality is usually not so straight forward.


    Have a little empathy & faith in people, particularly when you dont know any different. Judge the property itself based on the PPR not on made up reasons why a seller did/did not do something.
    And if you have to guess, why not chose positive reasons for selling instead of disregarding the seller immediately as idiots.


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    #490
    eagle eye
    Registered Users Posts: 37,626 ✭✭✭✭eagle eye


    Well if you live in a house with no payments for nine years then you should be in a great financial situation.


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    #491
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    eagle eye wrote: »
    Well if you live in a house with no payments for nine years then you should be in a great financial situation.

    Im referring to the property listings posted in the previous few threads, with people calling sellers idiots based purely on a house and its price, while knowing nothing of the sellers or their circumstance, all the while poking fun anyone who would be interested in such a property as its smaller than what can be gotten for cheaper down the country.


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    #492
    Uncle Pierre
    Registered Users Posts: 1,467 ✭✭✭Uncle Pierre


    Maybe you misinterpreted my comments above but I certainly didn't mean to imply that people are crazy or are idiots. I meant it's crazy that you pay or are expected to pay something like €650,000 for a 1,500 sq. ft. semi-d with a small back garden, just because it's in a certain place.

    By way of contrast, here's a couple of places within about ten miles of me, with asking prices less than half of that:
    https://www.daft.ie/wexford/houses-for-sale/ferns/whitehaven-dranagh-lane-boolavogue-ferns-wexford-2164707/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/coolgarrow-monageer-enniscorthy-wexford-2393045/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/knockmarshal-enniscorthy-wexford-2372759/

    Would you not be inclined to agree that it's a bit crazy you'd have to pay so much more money for so much less property (e.g. that one in Clontarf), based purely on location?


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    #493
    smelly sock
    Closed Accounts Posts: 6,820 ✭✭✭smelly sock


    Uncle Pierre wrote: »
    Just coming to this thread, and expected this to be a real luxury home altogether, but is this the one? - https://www.daft.ie/dublin/houses-for-sale/clontarf/136-mount-prospect-avenue-clontarf-clontarf-dublin-2514786/

    Asking price €695,000 for what's basically a 1,500 sq. ft. semi-d with a small back garden? And it cost nearly twice that when they first "bought" it?

    I don't pay much attention to property matters in Dublin or anywhere else, but it's times like this that I'm glad I live "down the country".

    Not everyone in Dublin or the commuter belt live like that. I drove through athlone the other day. First thought was " thank **** i dont live down the country".


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    #494
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Uncle Pierre wrote: »
    Maybe you misinterpreted my comments above but I certainly didn't mean to imply that people are crazy or are idiots. I meant it's crazy that you pay or are expected to pay something like €650,000 for a 1,500 sq. ft. semi-d with a small back garden, just because it's in a certain place.

    By way of contrast, here's a couple of places within about ten miles of me, with asking prices less than half of that:
    https://www.daft.ie/wexford/houses-for-sale/ferns/whitehaven-dranagh-lane-boolavogue-ferns-wexford-2164707/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/coolgarrow-monageer-enniscorthy-wexford-2393045/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/knockmarshal-enniscorthy-wexford-2372759/

    Would you not be inclined to agree that it's a bit crazy you'd have to pay so much more money for so much less property (e.g. that one in Clontarf), based purely on location?

    Fair enough, it just read quite judgemental.
    Do I think it's crazy to have that size of a house at that price simply based on location? Not really.
    We all apply different logic to what we consider a good piece of property.

    Your logic is the house is small and regardless of location price per meter squared is too high. Nothing wrong with that logic at all.

    But equally valid logic is that it's in a very good, stable area of Dublin, the capital with much more access to shops, restaurants, services, employment choices, short commutes potentially not requiring a car and lots other facilities.

    A huge thing dublin is area stability, the idea that it's settled and a block of apartments won't shoot up nearby changing the dynamic and demographic of the area, that's a big reason why places like clontarf and Terenure are so expensive, they don't change, they are known quantities with good qualities. Lovely if one can afford it but for the rest of us it's either out of reach or we put higher value on other factors.

    There is no definition of what constitutes good value in property, only what suits one's circumstances & wants, and how many people are willing to pay for similar criteria, driving up the price.


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    #495
    OneMoreBabadee
    Registered Users Posts: 33 ✭OneMoreBabadee


    Another "butter wouldn't melt" piece on this in today's indo:

    https://www.independent.ie/irish-news/we-are-not-bad-people-we-didnt-do-anything-wrong-pamela-flood-after-12m-debt-deal-39212597.html


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    #496
    Cyrus
    Registered Users Posts: 19,725 ✭✭✭✭Cyrus


    Uncle Pierre wrote: »
    Maybe you misinterpreted my comments above but I certainly didn't mean to imply that people are crazy or are idiots. I meant it's crazy that you pay or are expected to pay something like €650,000 for a 1,500 sq. ft. semi-d with a small back garden, just because it's in a certain place.

    By way of contrast, here's a couple of places within about ten miles of me, with asking prices less than half of that:
    https://www.daft.ie/wexford/houses-for-sale/ferns/whitehaven-dranagh-lane-boolavogue-ferns-wexford-2164707/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/coolgarrow-monageer-enniscorthy-wexford-2393045/
    https://www.daft.ie/wexford/houses-for-sale/enniscorthy/knockmarshal-enniscorthy-wexford-2372759/

    Would you not be inclined to agree that it's a bit crazy you'd have to pay so much more money for so much less property (e.g. that one in Clontarf), based purely on location?

    the house in question (as ive said before) is a bog standard semi d, the media got a hard on because they could refer to it as a million euro house.

    the houses you have linked are depressing in their own way though :P


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    #497
    rightmove
    Registered Users Posts: 992 ✭✭✭rightmove


    OneMoreBabadee wrote: »
    Another "butter wouldn't melt" piece on this in today's indo:

    https://www.independent.ie/irish-news/we-are-not-bad-people-we-didnt-do-anything-wrong-pamela-flood-after-12m-debt-deal-39212597.html

    she must have some amount of mates in the right locations......

    "we are not bad ppl"......neither are the ppl who pay their debts - compare and contrast Pammy ...


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    #498
    smelly sock
    Closed Accounts Posts: 6,820 ✭✭✭smelly sock


    It makes you think how many other cases are out there similar to this one and we just don't hear about it.

    If you decide to stop paying your mortgage in the morning or the better part of it what punishment is there really?

    Am I correct in saying that once this agreement is reached and signed off on that in five years this bad debt and failure to service the loan will be expunged from their records?

    At the end of the day this pair obviously couldn't service the level of debt they had and maintain their lavish lifestyles. You'd have to wonder who was advising them financially. They to be fair have played a blinder.

    They will probably buy a house in cash and be mortgage free.


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    #499
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    OneMoreBabadee wrote: »
    Another "butter wouldn't melt" piece on this in today's indo:

    https://www.independent.ie/irish-news/we-are-not-bad-people-we-didnt-do-anything-wrong-pamela-flood-after-12m-debt-deal-39212597.html
    Sometimes you are in the middle of Aldi or Dunnes and some people come up and say they loved the show and they miss myself and Caroline [Morahan] and that is lovely.
    Was probably only in Aldi to get one of the wine cooler fridges they were selling. Story most likely took place in donnybrook fair.


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    #500
    Cuddlesworth
    Registered Users Posts: 13,981 ✭✭✭✭Cuddlesworth


    Uncle Pierre wrote: »
    Maybe you misinterpreted my comments above but I certainly didn't mean to imply that people are crazy or are idiots. I meant it's crazy that you pay or are expected to pay something like €650,000 for a 1,500 sq. ft. semi-d with a small back garden, just because it's in a certain place.

    Do you see any downsides in picking a country home like you linked over a house in the city suburbs?


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    #501
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    There are no immediate disadvantages to not paying your mortgage, yes you will not own the property or be able to sell it unless you get up to date or do a deal, but if you don’t fee like paying, there is nothing a bank can do except try and get a court order, which most of time ends up like this story here. It’s unconscionable that you would “throw someone out of their house” for not paying their mortgage here because the banks “got bailed out”. They talked about not doing debt forgiveness because of moral hazard, so they just put in a system in place that takes a minimum 5 years for a bank to repossess, from the early stages of arrears to getting the sheriff out, which is creating its own moral hazard.


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    #502
    Cuddlesworth
    Registered Users Posts: 13,981 ✭✭✭✭Cuddlesworth


    Maitguel wrote: »
    There are no immediate disadvantages to not paying your mortgage, yes you will not own the property or be able to sell it unless you get up to date or do a deal, but if you don’t fee like paying, there is nothing a bank can do except try and get a court order, which most of time ends up like this story here. It’s unconscionable that you would “throw someone out of their house” for not paying their mortgage here because the banks “got bailed out”. They talked about not doing debt forgiveness because of moral hazard, so they just put in a system in place that takes a minimum 5 years for a bank to repossess, from the early stages of arrears to getting the sheriff out, which is creating its own moral hazard.

    Nah, you get people out of their houses much easier then this. Very few people have the money to drag things through the courts for years. Or get to spend multiple years paying nothing before the process ever starts.

    And there were factors in this that would not be the case in other areas, like the loans changing hands, the bank agreeing on deals which were then reneged on or having media friends who paint storeys about the big bad loan companys.


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    #503
    Uncle Pierre
    Registered Users Posts: 1,467 ✭✭✭Uncle Pierre


    Cuddlesworth wrote: »
    Do you see any downsides in picking a country home like you linked over a house in the city suburbs?

    Personally, not really. I grew up in the countryside, lived in Dublin for a few years when I was younger, and am happy to now be back living in the countryside too. Before lockdown, I travelled to Dublin roughly once per fortnight in connection with work, and every time, I thought both "I'm glad I don't have to do this more often" and "I'm glad I don't live here".

    I understand however that others may prefer to live in Dublin or any other city, for their own personal reasons.

    As an aside, I reckon many people who have spent their whole lives in towns or cities have a wrong idea about what country living is like. Many country people spend at least a few years in a town or city while in college or starting careers, etc., but not as many go in the other direction. People originally from the countryside are therefore often in a better position to compare and contrast the two.

    But I'm not trying to turn this into a city living v country living debate. I was merely remarking upon the differences in prices when you consider what your money gets you.

    The Clontarf house in question here is 1,500 sq. ft. semi-d with an asking price of €695,00 and which once sold for over a million. You'd buy a house of that size and standard in Enniscorthy or Gorey or many other provincial towns for between €200,000 and €250,000. So I just think it's excessive that there's a premium in the region of €450,000 based on location alone.


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    #504
    smelly sock
    Closed Accounts Posts: 6,820 ✭✭✭smelly sock


    Uncle Pierre wrote: »
    Personally, not really. I grew up in the countryside, lived in Dublin for a few years when I was younger, and am happy to now be back living in the countryside too. Before lockdown, I travelled to Dublin roughly once per fortnight in connection with work, and every time, I thought both "I'm glad I don't have to do this more often" and "I'm glad I don't live here".

    I understand however that others may prefer to live in Dublin or any other city, for their own personal reasons.

    As an aside, I reckon many people who have spent their whole lives in towns or cities have a wrong idea about what country living is like. Many country people spend at least a few years in a town or city while in college or starting careers, etc., but not as many go in the other direction. People originally from the countryside are therefore often in a better position to compare and contrast the two.

    But I'm not trying to turn this into a city living v country living debate. I was merely remarking upon the differences in prices when you consider what your money gets you.

    The Clontarf house in question here is 1,500 sq. ft. semi-d with an asking price of €695,00 and which once sold for over a million. You'd buy a house of that size and standard in Enniscorthy or Gorey or many other provincial towns for between €200,000 and €250,000. So I just think it's excessive that there's a premium in the region of €450,000 based on location alone.

    All only relevant if you can work remotely. Most will never buy a house in Clontarf though. They have no choice though but to buy a house in the commuter belt for 350k. The same house in the middle of nowhere or a depressing Irish village is probably 150k.

    Gorey is the commuter belt i suppose. You'd do well to get a decent house there for 200k.


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    #505
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,648 CMod ✭✭✭✭amdublin


    smelly sock wrote: »
    All only relevant if you can work remotely. Most will never buy a house in Clontarf though. They have no choice though but to buy a house in the commuter belt for 350k. The same house in the middle of nowhere or a depressing Irish village is probably 150k.

    Gorey is the commuter belt i suppose. You'd do well to get a decent house there for 200k.

    Surely it would be 2 hours each way if you commuted to Dublin from Gorey?? Nightmare


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    #506
    smelly sock
    Closed Accounts Posts: 6,820 ✭✭✭smelly sock


    amdublin wrote: »
    Surely it would be 2 hours each way if you commuted to Dublin from Gorey?? Nightmare

    From Maynooth on the train to pearse station and then walk up to stephens green is 1.3 hours.


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    #507
    Uncle Pierre
    Registered Users Posts: 1,467 ✭✭✭Uncle Pierre


    Think last few posts might actually show a few examples of city people having the wrong idea of life "down the country". You do realise that there are good jobs to be had outside of Dublin too?

    Both my wife and I are in middle to senior management positions - she in Gorey and me in Wexford town. Commutes of 15 minutes for her and 25 minutes for me, both to places on the outskirts of town, so never any traffic problems or parking problems or anything like that. Both on what most people would call good money and both very happy with where we are.

    I agree that a commute from here or anywhere else this far from Dublin would be a nightmare if you still had to be there in person each day. Already said that when I do occasionally have to travel up, I think how glad I am that I don't have to do it more often.

    Overall, am just saying that when you consider what's possible in a nice part of the countryside, it's crazy to consider the premium you'd have to pay for a much smaller house and smaller garden if you wanted to live in a nice part of the city instead.


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    #508
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Uncle Pierre wrote: »
    Think last few posts might actually show a few examples of city people having the wrong idea of life "down the country". You do realise that there are good jobs to be had outside of Dublin too?

    I get a contrary impression, I'm from the country, moved to Dublin and all i ever hear when i go home is "when are you going to get out of that kip" and sentiment of a similar nature. Similar here, all we hear from people who live in the country is "would hate to live in the city, too expensive, houses too small etc etc".

    Thats fine, thats an opinion but a massive amount of people dont share it, they (we) are happy in Dublin and see life as more than just a house. the services & facilities around it that the city provides are worth a premium.

    In my career there is much less choice of jobs down the country, all with less benefits last time i investigated, so again, its a case of your mileage may vary.
    Uncle Pierre wrote: »
    Overall, am just saying that when you consider what's possible in a nice part of the countryside, it's crazy to consider the premium you'd have to pay for a much smaller house and smaller garden if you wanted to live in a nice part of the city instead.

    Its crazy To you. Again, horses for courses, your mileage may vary, or whatever aphorism you wish to use. Im not for a second saying Dublin is for everyone, i know the countryside suits many, but anyone I speak to who lives in the countryside is convinced Dublin is a total compromise and anyone living there, paying for housing is an idiot.


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    #509
    padd b1975
    Registered Users Posts: 10,704 ✭✭✭✭padd b1975


    Eric Cartman wrote: »
    Was probably only in Aldi to get one of the wine cooler fridges they were selling. Story most likely took place in donnybrook fair.

    Nolan's would be my guess.


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    #510
    eagle eye
    Registered Users Posts: 37,626 ✭✭✭✭eagle eye


    fret_wimp2 wrote:
    Its crazy To you. Again, horses for courses, your mileage may vary, or whatever aphorism you wish to use. Im not for a second saying Dublin is for everyone, i know the countryside suits many, but anyone I speak to who lives in the countryside is convinced Dublin is a total compromise and anyone living there, paying for housing is an idiot.
    I lived in Dublin, Boston , London and Galway for a few years each. I now live down the country on the outskirts of a town and I wouldn't give it up.
    If I had to go back to one of those places I'd choose Galway first, then Boston then London but I couldn't do Dublin again. The properties are just not nice, too small for the most part, too close together, very plain neighbourhoods with barely a plant to be seen in most areas. Terrible public transport system, very expensive, I just don't see the appeal.


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    #511
    Cyrus
    Registered Users Posts: 19,725 ✭✭✭✭Cyrus


    eagle eye wrote: »
    I lived in Dublin, Boston , London and Galway for a few years each. I now live down the country on the outskirts of a town and I wouldn't give it up.
    If I had to go back to one of those places I'd choose Galway first, then Boston then London but I couldn't do Dublin again. The properties are just not nice, too small for the most part, too close together, very plain neighbourhoods with barely a plant to be seen in most areas. Terrible public transport system, very expensive, I just don't see the appeal.

    All depends on the areas to be fair

    You wouldn’t say that if you lived near Killiney hill I wouldn’t have thought ?


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