To rent or not to rent..

BraziliaNZ · 17-07-2012 05:00PM

Deleted User wrote: »

I don't really feel like it is a massive committment tbh, I bought my first house when I was 20. I mean, I would have to pay for somewhere to live wouldn't I? As it happens, I rent my property out, and I rent a different property, so if I decided to up sticks and leave, I would just keep renting out my own property and it would pay for itself.

I didn't even know what a mortgage was when I was 20!

17-07-2012 05:04PM

BraziliaNZ wrote: »

I didn't even know what a mortgage was when I was 20!

I moved out of home at 17, I rented for the first few years, two different properties and buying a house just made sense to me. And I'm a real "live for today, you could be dead tomorrow" type person, but it's one of those things that I never put an awful lot of thought into, I just knew I would buy and not rent forever. I just don't like the idea of paying someone else's mortgage when I can pay for my own

Shryke · 17-07-2012 05:10PM

I don't imagine I'll be in Ireland in 10 years time. Maybe not 5. Anyone that can choose to settle for a lifetime in the one place and put themselves under such a financial burden is very different to myself. That's excepting having a wife and kids, I suppose. Not things I plan on any time soon either.

The future is an uncertain thing. I'm not going to make the only certain thing about it a massive debt that needs paying off. Total madness.

There is a huge obsession with property here. It's very sickening. In the country side it's appalling. Everyone has to build a new 2 story 50 feet down the road from their parents house. That's as far as they're ever going to live away from home. The parents would nearly hear them having a roll about in bed from across a field.
Near me there are 4 siblings all of which built a house right beside the other and just down from their parents in the middle of nowhere.
It's not that there is something wrong with building your own home, it's that there is seen to be something wrong with you if you don't...
Am I ranting? The place is so parochial sometimes it really brings me down.

Diapason · 17-07-2012 05:14PM

Sickening? That people want to live life whatever way they see fit? Okay...

Logical Fallacy · 17-07-2012 05:17PM

krudler wrote: »

Rent if thats what you want, I couldnt imagine tying myself to a life of debt at this point, too much uncertainty, might want to up sticks and leave in a few months so I'd rather have no ties. I'm glad I never took the "sure rent is dead money like!" advice of people during the boom.

Me neither but I did recently buy a lovely house for a very nice price. Baboom.

17-07-2012 05:18PM

Shryke wrote: »

I don't imagine I'll be in Ireland in 10 years time. Maybe not 5. Anyone that can choose to settle for a lifetime in the one place and put themselves under such a financial burden is very different to myself. That's excepting having a wife and kids, I suppose. Not things I plan on any time soon either.

The future is an uncertain thing. I'm not going to make the only certain thing about it a massive debt that needs paying off. Total madness.

There is a huge obsession with property here. It's very sickening. In the country side it's appalling. Everyone has to build a new 2 story 50 feet down the road from their parents house. That's as far as they're ever going to live away from home. The parents would nearly hear them having a roll about in bed from across a field.
Near me there are 4 siblings all of which built a house right beside the other and just down from their parents in the middle of nowhere.
It's not that there is something wrong with building your own home, it's that there is seen to be something wrong with you if you don't...
Am I ranting? The place is so parochial sometimes it really brings me down.

Personally the only place I want to settle is back home. I especially have no interest in moving abroad and even living elsewhere in Ireland would not be the same as back in Galway.

I also would seriously consider building a house on our land at some point next door to my home house, so we are certainly at different ends of the spectrum

In an ideal world I'd buy an appartment in Galway city live there for a while and then build a house myself (and keep the apartment too and rent out or whatever). Finances would of course play a major role in that. I need to finish what I'm doing and get a job back there before I can do anything though :pac:

EDIT: I should say I lived in London for a year and while it was nice It really wasn't for me and I was really glad to move back so when I say I wouldn't like to move abroad I actually know I wouldn't like it rather than just thinking it.

Kurz · 17-07-2012 05:22PM

Deleted User wrote: »

I just don't like the idea of paying someone else's mortgage when I can pay for my own

Anyone who's playing the "Property Discussion Drinking Game"; drink a shot now!

Diapason · 17-07-2012 05:24PM

Kurz wrote: »

Anyone who's playing the "Property Discussion Drinking Game"; drink a shot now!

I was hammered after "dead money".

Shryke · 17-07-2012 05:31PM

Diapason wrote: »

Sickening? That people want to live life whatever way they see fit? Okay...

NO.

Shryke wrote: »

There is a huge obsession with property here. It's very sickening..

That's what I said was sickening. The obsession with property. Good man there.

Diapason · 17-07-2012 05:36PM

So, *you* think people shouldn't be obsessed with property, and ergo you find it sickening? Fine, you're not obsessed with property, but what odds if other people are?

I personally don't get the obsession some people seem to have about other people's obsession with property, but hey, live and let live. You want to rent, more power to your elbow.

Shryke · 17-07-2012 05:45PM

Diapason wrote: »

So, *you* think people shouldn't be obsessed with property, and ergo you find it sickening? Fine, you're not obsessed with property, but what odds if other people are?

I personally don't get the obsession some people seem to have about other people's obsession with property, but hey, live and let live. You want to rent, more power to your elbow.

Troll.

Diapason · 17-07-2012 05:49PM

Shryke wrote: »

Troll.

No.

Most people I know who buy/build houses do it because they need somewhere to live, they'd like to live somewhere comfortable and convenient for them, and if starting a family or whatever, they'd like the security of not having to deal with a landlord's whims. That's about the sum total of the "obsession" that I see.

Just parroting back the pub-talk mantra that "Irish people are obsessed with property" doesn't make it so.

17-07-2012 05:52PM

Kurz wrote: »

Anyone who's playing the "Property Discussion Drinking Game"; drink a shot now!

I don't really know what that means tbh

Scioch · 17-07-2012 06:19PM

Deleted User wrote: »

I don't really know what that means tbh

Probably best to start drinking anyway, just to be safe.

krudler · 17-07-2012 06:23PM

Deleted User wrote: »

I don't really know what that means tbh

its one of the pro-buying phrases, rent is dead money, why pay someone elses mortgage, etc, etc. you could make a drinking game of any thread in AH these days :pac:

I prob will buy a house at some point but I'm in that "need to sort life out" phase and that doesn't involve settling down any time soon. want to have lived in at least one other country at some point.

17-07-2012 06:36PM

krudler wrote: »

its one of the pro-buying phrases, rent is dead money, why pay someone elses mortgage, etc, etc. you could make a drinking game of any thread in AH these days :pac:

Oh right. So he was taking the piss out of me. Fair enough

I tend not to get involved in the renting debate so I don't know the rules of the drinking game, but I'm sure said game could be played on either side of the argument!

Shryke · 17-07-2012 07:13PM

Diapason wrote: »

Shryke wrote: »

Troll.

No.

Most people I know who buy/build houses do it because they need somewhere to live, they'd like to live somewhere comfortable and convenient for them, and if starting a family or whatever, they'd like the security of not having to deal with a landlord's whims. That's about the sum total of the "obsession" that I see.

Just parroting back the pub-talk mantra that "Irish people are obsessed with property" doesn't make it so.

I speak from my own experience with people, I'll let you be the expert on pub talk. You're dreaming if you think Irish people aren't obsessed with property. That's about the last thing I would expect anyone to deny, even on here.

17-07-2012 07:19PM

I don't know where I'll be in 5 years' time, nevermind any longer. I don't think I'll stay in ireland forever, I would like to live somewhere else. Forever? Don't know about that either. Renting is the only thing that makes sense for me

christmas2012 · 17-07-2012 07:46PM

well whatever you do dont go out and panic buy thats what got us into the last mess

Gandhi · 17-07-2012 08:15PM

Don't ask "Is it a good idea to buy a house?".

Go and look at houses for sale and ask "Is it a good idea for ME to buy THIS house right NOW?"

Fizzlesque · 17-07-2012 08:29PM

I love having my own house. Before buying it (7 years ago) I spent 3 years living in a tiny bedsit, and eventually that was really starting to have a negative impact on my life. Like living in a caravan without the holiday feeling. Although I house shared for a few years before moving in to the bedsit, mostly I've lived alone (apart from a few years of living with a boyfriend) since moving out of my family home (when I was 19) and I never really liked sharing - much prefer my own space.

I was lucky, I had a decent deposit so my monthly mortgage repayment isn't much more than my bedsit rent was. It really made sense for me to buy a house and has turned out to be one of the best decisions I've ever made. Took me a month to stop sleeping sitting room and get used to having more than one room and an upstairs too. Great to finally be able to invite more than one person over for a visit or for dinner. 7 years later, I still love my house and have absolutely no regrets buying it.

I can understand people's worries about buying a house, if they don't know where they'll be (or want to be) in X amount of year's time - I felt exactly the same until the year I bought my house, but, having been given notice to move out of rented accommodation a few times and then, as mentioned above, the negative effect of living in a tiny space for so long, combined with the natural changes getting older brought about, one day the idea that had been very unappealing to me became very appealing. I lived in other countries and did a lot of travelling in my twenties, so I don't feel like I'm trapped or stuck. If anything, after years of being a bit adrift, I absolutely love the grounding effect having my own home has had on me.

Then again, I'm in my forties now, but I would never have been able to consider taking on a mortgage in my twenties, or even my early thirties.

I don't think anyone here can advise you what to do, OP, but I wouldn't let the fear of what'll happen if/when you meet someone you're serious about be a deciding factor. You might meet someone with their own house already, or someone who prefers to rent same as you do. Or someone who has no intention of living with another person. It sounds like you hope to have a family one day - do you? Even if you do, that still shouldn't be something you focus on now with regard to deciding whether or not to buy. If being able to move at the drop of a hat (or a month's notice) is something you currently value, then starting a family is unlikely to be something you're thinking about either. In which case, why worry about other people's feelings on owning their own house. Same goes if the day does come when you feel you'd like to own your own house - don't worry about what others feel about renting. It's your life, do it your way.

Shenshen · 17-07-2012 08:41PM

WumBuster wrote: »

Im coming to the conclusion that the smartest thing to do is just to keep renting rather than buying my own property.Ive no real interest in owning one or buying or the hassle and rigmarole that goes with it. I like to just be able to up and move with a drop of a hat(or a month's notice). We are a nation that places high value on owning their own property and i just fear down the line I will have difficulties in getting a partner to settle down with if I only want to rent. So there is pressure in that regard. This ''John and Mary down the road are only renting'' mentality. Do you think it's a big deal? Countries in Europe such a holland and Germany people mainly rent because they have enough common sense to see that life is too short to get yourself in over your head in debt that you may never be able to pay back. That is all.

In countries such as Germany, there is legislation inplace that guarantees affordable rents, and flats/houses for as long as you need or want them.

Here, as a tenant you're at the mercy of your landlords greed.
That's why I would say that here, renting is a good idea if you don't have a family and want to be flexible.
As soon as you want to settle down, buying does become the better option, I'm afraid.

Shenshen · 17-07-2012 08:44PM

Shryke wrote: »

I speak from my own experience with people, I'll let you be the expert on pub talk. You're dreaming if you think Irish people aren't obsessed with property. That's about the last thing I would expect anyone to deny, even on here.

More obsessed than a nation with a tradition of giving a new-born a special savings account called "build-safe", to save up hundreds of thousands so they can then eventually build (not buy!) their own house?

naughtysmurf · 17-07-2012 08:46PM

Just a question for those who decide not to buy and to rent long term, do you save a substantial amount each month to cover your rental costs after you stop working or retire & your income generally speaking drops, sometimes significantly?
Just wondering

Captain Chaos · 17-07-2012 08:52PM

naughtysmurf wrote: »

Just a question for those who decide not to buy and to rent long term, do you save a substantial amount each month to cover your rental costs after you stop working or retire & your income generally speaking drops, sometimes significantly?
Just wondering

I'll never earn enough to get or pay off a mortgage so I have to rent. When I have to retire the age will probably be 70 odd and if I still happen to be alive at that age I'll be very lucky with my family medical history.

17-07-2012 08:53PM

naughtysmurf wrote: »

Just a question for those who decide not to buy and to rent long term, do you save a substantial amount each month to cover your rental costs after you stop working or retire & your income generally speaking drops, sometimes significantly?
Just wondering

you mean my pension? :pac:

christmas2012 · 17-07-2012 09:00PM

listen if buying a house will make you broke dont do it,otherwise bite the bullet away,the good thing about now is house prices are as low as they will ever be apparently,but they havent bottomed out yet,although frisky auctioneers and sellers will want you to buy saying they wont be as low as they are now,blah blah blah,dont fall for their garbage,there all a bunch of lying weasels be careful if your looking for a house,make sure you know what to expect and look for faults you may have to spend thousands fixing that they fogot to mention :pac:

WumBuster · 17-07-2012 09:07PM

Fizzlesque wrote: »

I love having my own house. Before buying it (7 years ago) I spent 3 years living in a tiny bedsit, and eventually that was really starting to have a negative impact on my life. Like living in a caravan without the holiday feeling. Although I house shared for a few years before moving in to the bedsit, mostly I've lived alone (apart from a few years of living with a boyfriend) since moving out of my family home (when I was 19) and I never really liked sharing - much prefer my own space.

I was lucky, I had a decent deposit so my monthly mortgage repayment isn't much more than my bedsit rent was. It really made sense for me to buy a house and has turned out to be one of the best decisions I've ever made. Took me a month to stop sleeping sitting room and get used to having more than one room and an upstairs too. Great to finally be able to invite more than one person over for a visit or for dinner. 7 years later, I still love my house and have absolutely no regrets buying it.

I can understand people's worries about buying a house, if they don't know where they'll be (or want to be) in X amount of year's time - I felt exactly the same until the year I bought my house, but, having been given notice to move out of rented accommodation a few times and then, as mentioned above, the negative effect of living in a tiny space for so long, combined with the natural changes getting older brought about, one day the idea that had been very unappealing to me became very appealing. I lived in other countries and did a lot of travelling in my twenties, so I don't feel like I'm trapped or stuck. If anything, after years of being a bit adrift, I absolutely love the grounding effect having my own home has had on me.

Then again, I'm in my forties now, but I would never have been able to consider taking on a mortgage in my twenties, or even my early thirties.

I don't think anyone here can advise you what to do, OP, but I wouldn't let the fear of what'll happen if/when you meet someone you're serious about be a deciding factor. You might meet someone with their own house already, or someone who prefers to rent same as you do. Or someone who has no intention of living with another person. It sounds like you hope to have a family one day - do you? Even if you do, that still shouldn't be something you focus on now with regard to deciding whether or not to buy. If being able to move at the drop of a hat (or a month's notice) is something you currently value, then starting a family is unlikely to be something you're thinking about either. In which case, why worry about other people's feelings on owning their own house. Same goes if the day does come when you feel you'd like to own your own house - don't worry about what others feel about renting. It's your life, do it your way.

Thanks for pointing out the different ways of ''settling down'' I guess its not all cut and dried

I suppose i would like to sumday but finding that ''one'' is the tricky part! And im under no illusions, being a rent only chap WILL narrow my options. And thats perfectly understandable. Renting can be a pain in the hole, especially for a young family.And it gives people a sense of security and/or working towards something when they buy their own home.

Listen i could just as easy change my mind in 5 years, its just you hear so many horror stories since the recession about negative equity, broken marriages/court cases, shoddy building work and nightmare neighbours that you just kinda figure is it worth the hassle? Thanks to all who replied, to be honest most of the stuff I kinda figured already but I supposed I just needed that little bit validation that Im not ''the only one'' feeling a bit conflicted about this.

daltonmd · 17-07-2012 09:10PM

naughtysmurf wrote: »

Just a question for those who decide not to buy and to rent long term, do you save a substantial amount each month to cover your rental costs after you stop working or retire & your income generally speaking drops, sometimes significantly?
Just wondering

For those who choose to rent long term then I would imagine that they would be in a better position and have plenty of time to make the adequate provisions for themselves.

The question I would ask of buyers is, do you save a substantial amount each month to cover rising interest rates, falling disposable income (due to tax hikes, cost of living) impending property taxes,water charges, maintenance?

For those who bought in 2003/4/5/6/7, many of whom are struggling now - will they survive to retirement in the home that they bought?

Dave! · 17-07-2012 09:20PM

Do they still do 100% mortgages? I presume not.

Cos a friend was telling me someone he knows is looking for a mortgage now, and he has 30k saved for the deposit. I said that it would just break my heart to hand over 30k, when really on a day-to-day basis there is no difference between renting a place and mortgaging one. You can renovate a place that you're mortgaging if you're so inclined, and you will obviously have a good asset in 30 years or however long, but until then you might as well be mortgaging!

There are other benefits too I'm sure, but ultimately if I was mortgaging I'd spend my days thinking "So now I only owe E245,000..."

I'm only 24, I'm sure I'll look to buy a house eventually, but not until I'm absolutely sure that I'm ready to settle down and I have a solid career.

To rent or not to rent..

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