Owning a house

Irishcrx · 22-11-2013 10:15AM

Kintarō Hattori wrote: »

In fairness to them they have price and quality to suit a wide variety of people. Spend cheaply and you'll get cheap furniture. Go up the scale and the quality of their furniture is much better. Their kitchens are guaranteed for 25 fecking years!

Yeah no I'm just taking the piss, There is some great stuff in Ikea. I got a TV unit in there last year for €80, fantastic it is. I really like their kitchens as well.

UCDVet · 22-11-2013 10:18AM

I wish people would stop with the blanket statements like, 'Renting is a waste of money'.

If that were true, nobody would rent.

Of course there are advantages of renting.
Of course there are advantages of owning.

If you can't honestly identify them, you probably have no business owning a home.

Menas · 22-11-2013 10:27AM

To buy or to rent. It is down the what the individual is comfortable with and what their long term plans are.

When I was younger and living the good life I loved renting but as I got older and married with kids then buying suited me as I wanted to customize my living space.
In a few years I will be mortgage free and cant wait for that day, but it is a pain in the arse looking after the property sometimes.
But having said that, with a wife and kid - moving house would be a real pain in the arse for me now.

Irishcrx · 22-11-2013 10:31AM

Trigger Happy wrote: »

To buy or to rent. It is down the what the individual is comfortable with and what their long term plans are.

When I was younger and living the good life I loved renting but as I got older and married with kids then buying suited me as I wanted to customize my living space.
In a few years I will be mortgage free and cant wait for that day, but it is a pain in the arse looking after the property sometimes.
But having said that, with a wife and kid - moving house would be a real pain in the arse for me now.

This is pretty much bang on the money. Renting is easier when you are younger, don't want the responsibility of the property and just want to get on with living life as much as you can, you can move house easily or area whatever. Later in life, not so much and as most get older and have families they want a stable envoirment and control over there living space. It's fairly easy really.

Our mindset & goals in life change as we get older. Well for the majority of us anyway.

Legs.Eleven · 22-11-2013 10:31AM

My parents are never finished fixing their house. Feck that.

Here I am sitting in my rented flat slap bang in the centre of a European capital city a 2 minute walk from some of Pablo Picasso and Dali's most famous masterpieces, 5 minute walk from the very centre, a short walk from all the best bars and restaurants in the city, a 30 second walk from one of the best metro systems in the world etc.

With my salary, I could never afford to buy a flat located somewhere like this. If something goes wrong, we call the landlord who has to fork out the money to fix it. I can up and leave tomorrow and move to any other neighbourhood in the city or even another country if I wish without the baggage of a mortgage.

Rent gives you massive freedom. I'm paying rent for the service of accommodation. I'm getting something in return. How is it wasted money?

Menas · 22-11-2013 10:34AM

Legs.Eleven wrote: »

How is it wasted money?

Simple - it's not wasted money. It is like a farmer saying that paying for fruit and veg is wasted money when you can grow it yourself.

Legs.Eleven · 22-11-2013 10:35AM

Trigger Happy wrote: »

Simple - it's not wasted money. It is like a farmer saying that paying for fruit and veg is wasted money when you can grow it yourself.

I can see the appeal of home ownership with a family, of course but buying just because you believe rent is dead money doesn't make sense to me.

wolfpawnat · 22-11-2013 10:41AM

Femme_Fatale wrote: »

Rent should be at a set rate though, IMO.

Are you insane? The absolute shíte quality of some of the boom apartments don't deserve to be half the price they are. It would end up like the upward only rents situation in Dublin City for a finish!

I rent at the moment, and my MIL is harping on that my OH should get rid of me now because I am in no hurry to buy. He is in college and I am unemployed at the moment so not sure where she thinks we'd get a mortgage from anyway. She is disgusted that we are not considering our pensions and buying next year as soon as he finishes, but we feel it will take us at least 5 years to get a good job, get settled, get a good portion ready to pay ourselves. Some people in Ireland are obsessed with home ownership, that obsession has helped f*ck over the country. Build, build, build, over pay, over pay, over pay.

And besides, if no one rented, how would some people pay off the mortgages?

That said, I would love to rip up the cream carpets (who the fck puts cream carpets in a place) and paint the walls with good quality paint!

SV · 22-11-2013 10:44AM

flanzer wrote: »

As a mortgage holder myself, I'd still prefer to spend just over a 1/3 of my life paying for a mortgage, than spending he whole of my life paying rent. Thank you very much

Yeah but you're pretty much stuck where you are. good luck if you ever want to travel or move.

foxyboxer · 22-11-2013 10:47AM

OneArt wrote: »

All the taxes, water charges etc. coupled with the constant f*cking maintenance of the roof, heating system and all that sh!t that owning a property brings, it's a bigger pain in the arse than renting.

As Tyler Durden said, "The things you own, end up owning you".

22-11-2013 10:49AM

Can't wait to buy myself, sick of sharing and I couldn't face paying 900 to 1200 euro per month to rent my own place when (with a decent deposit) I could have the same place for around 600 per month in a mortgage (+ some additional costs of ownership). Pay back more months you have spare cash etc and you wouldn't feel clearing a sensible sized mortgage.

I'd be disappointed if I don't own my own place by the time I'm 30 (which isn't giving me much time now). I would also have no great plan on the first place I'd buy being the place I live forever, buy smartly in places that are easy to rent and you can easily buy somewhere else while having a rental income also.

I can't understand people who are happy to rent long term. I'd never feel really at home unless I owned the place.

TomoBhoy · 22-11-2013 10:50AM

Buy a house for 200, 000 pay bank back 400, 000 ! Unless I won the lotto or came in to a ****load of money theres no way I'd ever get a mortgage, ireland needs to sort out proper rental rights and go towards a more European view on renting and downsizing.

22-11-2013 10:53AM

I want to have my own garden and watch it grow over the years - that would be difficult to do in rented accommodation.

Irishcrx · 22-11-2013 10:59AM

Deleted User wrote: »

I want to have my own garden and watch it grow over the years - that would be difficult to do in rented accommodation.

'Maybe I don't really wanna know.....how your garden grows I just wanna fly'

Sorry - had to be done.

everdead.ie · 22-11-2013 11:02AM

I'd like to buy once I know I''m settling down at the moment I don't know where I will be working in the next few years so no point tying myself down and limiting my opportunities.

foxyboxer · 22-11-2013 11:07AM

I would only begin to even think about buying a house if we ever wanted to start a family. There would be a lot of upheaval renting and moving constantly. I think for people of my generation (30's), we realise that there are no more jobs for life i.e. 9 to 5 until you're 65.

That leads to a lifestyle in which you have to flexible in terms of working and the attractiveness of owning a house is affected by this reality.

So in essence.

Want a family? Own a home.
Free and single? Rent away.

borderlinemeath · 22-11-2013 11:09AM

Renting isn't dead money, it's money paid for a service received.
The interest on a mortgage is the same, it's the payment for use of the banks money.

Both work for different life stages. Renting is grand at the start of your working life, the ability to move at short notice, maybe when you don't have any job stability or any family responsibilities. Likewise for owning, families take precedent over 'convenience' and living in an apartment within walking distance of the cities best bars and nightclubs.

Owning your own home can be a pain in the backside, with (what seems like) never ending mortgage repayments, property taxes, maintenance & repairs, proposed water rates etc. But on the flip side it can be hugely rewarding, you have a stability in the knowledge that your landlord isn't going to sell the house from under you, you can decorate and furnish to your own taste without fear of deposit retention. Children are always going to be a factor, when they are in school you have a tie to the particular area and renting on the current trend of short leases can be daunting, given that rental prices have increased in the major cities in the past year. It's all well and good saying "just up and leave and move to a cheaper place", when you have to uproot kids from local schools, sports clubs and friends, it's just not that simple.

When your finally finished paying your mortgage you'll probably be well into your 50s or 60s. This is the one thing I never could understand about the 'I never want to own anywhere or have a noose of a mortgage around my neck' people. When it's time for retirement what do you do? If you have a decent pension are you going to continue to rent and spend all your pension plan on existing into old age? The state pension isn't all that much and the thoughts of moving into social housing for OAPs is not something I would be looking forward to at retirement. The knowledge that I'll have somewhere to call my home and if necessary to sell or put towards my care in old age is why I bought my own home.

tin79 · 22-11-2013 11:09AM

I am ten years into a 30 year mortgage. It really made sense to buy for us. Family home, 3 bed with loft conversion, reasonable garden, area is grand, in Dublin where work is, close to the airport for travelling (which we both do a lot) commuting not too bad, close to family and amenities, creches etc.

We are on a tracker mortgage. Lived at home for a while to save a reasonable deposit. At the moment the mortgage repayment is a good bit less than rent on the same place would be. Couple up the road in a similar place are paying 200 more per month in rent than we are on our mortgage. With water charges (estimated), property tax etc it would still be cheaper over the year for us than it would be to rent the same. Maintenance is minimal as I do it all myself for the most part (bar servicing the gas boiler).

In 20 years I will be able to live rent/mortgage free with an asset that will be worth a few hundred thousand. If I was renting all that time I would own nothing and would still have to pay rent every month.

So for me it made sense to buy. As someone said above if you cant see that the decision to rent or buy isn't absolute and is down to personal circumstance then you sir are an idiot.

Menas · 22-11-2013 11:21AM

I think the obsession with buying in Ireland comes down to two key influences.

1) Hangover from the British occupation when the landlord class abused the privilege and treated most of their tenants with distain. Take the Balinglass evictions of 1846 for example when the landlady had the army evicted 300 people on one day so she could raze the village and move to pasture. None were in arrears and no alternative accommodation was offered. Indeed, neighboring villagers were threatened with eviction if they offered shelter to any of the evictees.

2) We do not have much security of tenure. In the oft quoted European example tenants can stay in the same accommodation endlessly with no more than inflationary rent increases (I am pretty sure I a right on this but someone more knowledgeable may offer more facts). That is not the case in ireland where you can be moved on once your 12 month contract ends.

suicide_circus · 22-11-2013 11:27AM

We Irish love owning. Its basically down to our primal fear that Lord Cruelbury of the manor is gonna start rack renting us and then the blight will set in and we'll end up on a ship to Botany Bay.

This is my field!!!!

anncoates · 22-11-2013 11:34AM

cena wrote: »

I wish I could afford to buy a house, cause this renting is a waste of money. Only best bit of renting is if something need fixing you don't have to pay the plumber for a call out etc

Anyone else feel the same?

There are benefits to owning a house, just as there are benefits to renting instead.

Unfortunately this is AH, so making your choice will have to involve shitting on the choice of other people and seeing what caustic bon mot about the Celtic Tiger gets the most thanks.

Warper · 22-11-2013 11:35AM

tin79 wrote: »

I am ten years into a 30 year mortgage. It really made sense to buy for us. Family home, 3 bed with loft conversion, reasonable garden, area is grand, in Dublin where work is, close to the airport for travelling (which we both do a lot) commuting not too bad, close to family and amenities, creches etc.

We are on a tracker mortgage. Lived at home for a while to save a reasonable deposit. At the moment the mortgage repayment is a good bit less than rent on the same place would be. Couple up the road in a similar place are paying 200 more per month in rent than we are on our mortgage. With water charges (estimated), property tax etc it would still be cheaper over the year for us than it would be to rent the same. Maintenance is minimal as I do it all myself for the most part (bar servicing the gas boiler).

In 20 years I will be able to live rent/mortgage free with an asset that will be worth a few hundred thousand. If I was renting all that time I would own nothing and would still have to pay rent every month.

So for me it made sense to buy. As someone said above if you cant see that the decision to rent or buy isn't absolute and is down to personal circumstance then you sir are an idiot.

These four words sum up the Irish mentality perfectly

anncoates · 22-11-2013 11:36AM

Trigger Happy wrote: »

I think the obsession with buying in Ireland comes down to two key influences.

1) Hangover from the British occupation when the landlord class abused the privilege and treated most of their tenants with distain. Take the Balinglass evictions of 1846 for example when the landlady had the army evicted 300 people on one day so she could raze the village and move to pasture. None were in arrears and no alternative accommodation was offered. Indeed, neighboring villagers were threatened with eviction if they offered shelter to any of the evictees.

So property cycles only exist in countries with a recent history of colonialism?

Kintarō Hattori · 22-11-2013 11:45AM

One group of people will favour renting - another group will favour buying.

Can we just agree it's all swings and roundabouts and we all have a choice- which in itself is great. I've done both. I rented for 9 years in various locations i Dublin and certainly renting has it's own pros and cons. You have freedom to move around, you're not responsible for repairs, you can choose to rent as close or far from work as you like. Saying that however we never really felt that any of the properties we rented felt like home. To us it also didn't make a lot of sense to pay someone else's mortgage and still have the need to rent when we were 65+ and not working anymore.

In 2011 we took the plunge and bought our own home. Granted it's not as close to the city centre as I'd like but we own a house instead of a one bedroom apartment (that was the choice we had). We were able to furnish it to the standard and style that we wanted. Although small, we still have more space than we know what to do with. We have gardens instead of a small balcony. Sure I'm liable for all the bills that come through the door- including having to have the roof repaired recently.
However we both love being homeowners. We love the smell and warmth of the place when we walk in the door. We love sitting in our livingroom looking at our home and the warm fuzzy feeling that it's instilled in us that we never had when renting.

Both have pros and cons. Renting will suit some, owning will suit others. You have choice. Choose which suits you best.

naughtysmurf · 22-11-2013 11:51AM

A lot of it is about a sense of security, how much you are prepared to pay for it, timing, luck & a bit of research

We bought, sold & bought again at the right time, have a tracker so interest rates are stupidly low at the mo, mortgage will be paid off when I am in when I'm 55 unless I increase the repayments to pay it off earlier, then in theory I'll always have a roof over my head

Don't want to be worried about paying rent after retiring and my income takes a significant drop

Anyone who is renting really should be putting a chunk of dosh away each month to cover rental costs in old age, seeing as we are all living longer... unless I am missing something

cantdecide · 22-11-2013 11:53AM

I would like to buy a place of my own. I've lived in city centres, suburbs, the countryside, Medium towns etc and they ALL have their distinct advantages. I just know that I will be satisfied when I can afford my quiet, manageable little place with a garage on the fringes of a population centre. Best of both worlds IMO. Plus, the curse of the petrolhead: I want a high class, luxurious garage for my tools my benches, my shelving, my bikes, ramps and whatever car I am in the process of restoring at the time (which is a lifelong ambition...).

It will be years away as I'm only trying to get back to full time work and being single will put me back for sure but hell, it's not about materialism, it's about having a sanctuary that is yours and no one can take away from you.

In the meantime, I'll be happy to rent, maybe in a city centre.

Menas · 22-11-2013 11:55AM

anncoates wrote: »

So property cycles only exist in countries with a recent history of colonialism?

I was not talking about property cycles, I am talking about the high % of home ownership in Ireland and why some people feel so strongly about buying.

tin79 · 22-11-2013 11:58AM

Warper wrote: »

These four words sum up the Irish mentality perfectly

No they don't you are just trying to sound like a smart arse. Its for comparative purposes of mortgage vs rent costs.

anncoates · 22-11-2013 12:05PM

Trigger Happy wrote: »

I was not talking about property cycles, I am talking about the high % of home ownership in Ireland and why some people feel so strongly about buying.

Do you actually know how our ownership ratios with other countries?

Not challenging you. Just wondering as I don't know myself.

The Diabolical Monocle · 22-11-2013 12:12PM

Well I own, and as much as theres positives I still often wish I could move and escape this ****hole. There must be better opportunities in Greece at this stage.

Owning a house

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