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Doughiska

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Comments

  • #32
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    Webbs wrote: »
    Simple Sam hasn't your quoting of Johnny Skelton one flaw in it? If for example we say that a mortgage is payed over 20 years at E1500 then you pay E1500 now and will be paying E1500 on your last payment in 20years time. Do you think that rents will still be E1000 in 20years time?
    The discussion on his comment is still ongoing in accom/prop if you want to dip your toes in the water over there, I don't want to rehash everything thats already being said.
    Webbs wrote: »
    I'm not coming down on either side of the argument - buying a home (as opposed to a house) is as much a personal/social decision made with the heart as it is one made with the head.
    To be honest anyone thats making a financial decision in the hundreds of thousands of euros, the biggest purchase of their lives, that could potentially ruin them, with anything but their head, needs that head examined. Especially in the current climate, where we have 300 people a day going on welfare, or around 100,000 in the last year.
    Webbs wrote: »
    Those renting will be happy as they are thinking with their head and be glad they havent bought in a falling market. Those who are comfortable with their mortgage and love their home will be glad they bought irrespective of economic conditions
    I'm not saying that buying is a bad idea period. I'm saying that buying now is a really really bad idea. Give it three or four years and I'll probably change my tune. Although even then I'd say that buying a property for financial gain or buying a "starter home" to "get on the ladder" is a really stupid idea.


  • #33
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 27,083 ✭✭✭✭Mrs OBumble


    SimpleSam06 wrote: »
    As far as I can see, prices are going to bottom out in this country, then rise at roughly inflation rates, give or take. Unfortunately for you you've already lost enormous amounts of money because inflation has reduced the value of your "investment", in ten years time when prices again equal 2008 rates, you'll have lost 40% of your cash plus interest. Even as a BTL you have spent decades paying off enormous amounts of interest as well as the capital sum.
    ....

    See this is funny here. Its a typical Irish way of seeing things that an economy starts and ends with property.

    Sorry, but no. I purchased less than ten years ago but and thanks to the wonders of shrewd purchasing, revolving credit, simple lifestyle and some very aggressive cash management on my part, and a nice deposit (sadly gained, but used in a way that deceased relatives would be proud of), I've had some great experiences and am paying almost no interest now. Well, actually, it's my tenants who are paying the interest. And they're paying for a good few other useful things too. Even with the property slump, my asset value is about three times the cash I put in. It will be far more than that when I eventually sell, too (no way I'd sell in the current market).

    As I said, it's horses for courses. Each investment needs to be weighted up in its own terms, taking into account a wide variety of financial and personal circumstances, and personal risk-taking preferences.

    BTW, I'm not Irish. ;)


  • #34
    dr.bollocko
    Moderators, Music Moderators Posts: 35,948 Mod ✭✭✭✭dr.bollocko


    JustMary wrote: »
    Sorry, but no. I purchased less than ten years ago but and thanks to the wonders of shrewd purchasing, revolving credit, simple lifestyle and some very aggressive cash management on my part, and a nice deposit (sadly gained, but used in a way that deceased relatives would be proud of), I've had some great experiences and am paying almost no interest now. Well, actually, it's my tenants who are paying the interest. And they're paying for a good few other useful things too. Even with the property slump, my asset value is about three times the cash I put in. It will be far more than that when I eventually sell, too (no way I'd sell in the current market).

    As I said, it's horses for courses. Each investment needs to be weighted up in its own terms, taking into account a wide variety of financial and personal circumstances, and personal risk-taking preferences.

    BTW, I'm not Irish. ;)

    I just got a little bit sick in my mouth.

    But on the upside I am just about out of Doughiska in two weeks.


  • #35
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    JustMary wrote: »
    Sorry, but no. I purchased less than ten years ago but and thanks to the wonders of shrewd purchasing, revolving credit, simple lifestyle and some very aggressive cash management on my part, and a nice deposit (sadly gained, but used in a way that deceased relatives would be proud of), I've had some great experiences and am paying almost no interest now.
    Lets just translate that as "you got lucky". Property prices have climbed 300% in the last ten years or so, dropping only in the last year and a half. Ten years ago it was a good idea to buy. Now, not so much. As with all investments, past performance is no indication of future blah blah blah...


This discussion has been closed.
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