Renting is dead money

alias06 wrote: »

If you have the money to do this and it makes sense then go for it. But there is absolutely no point worrying about 30 years time. With the way the world is going with climate change, economic instability and over population we just have no idea what property will be worth in 30 years time at which point you'll probably have more serious things to worry about like your physical health. You can't take it with you anyway.

Very true, the sale of my mortgage free property in hopefully 40/50 years time will contribute handsomely to nursing home care if I need it.

Do people renting really want to be paying rent when they are retired? It's a lot to take out of your pension, especially if you've only got a state pension .

Paying rent is great for paying other peoples mortgage. It is dead money, I'd rather leave my childern a legacy. All paying rent does is improve the lifestyle and bank account of the landlord. I bought a house over ten years ago, best thing I ever did, I know people paying rent 20 years and regret every cent of it, they would have nearly owned a property by now.

StinkyMunkey wrote: »

Paying rent is great for paying other peoples mortgage. It is dead money, I'd rather leave my childern a legacy. All paying rent does is improve the lifestyle and bank account of the landlord. I bought a house over ten years ago, best thing I ever did, I know people paying rent 20 years and regret every cent of it, they would have nearly owned a property by now.

While I own rental properties and the major factor is that after 25 years of someone else paying rent I will own them outright. It doesnt improve my lifestyle all that much until they are paid off. I provide a service to people who need that service. Both sides are happy with the arrangement or else we wouldnt be doing business.
Renting just suits some people, but not others. Its a pity that people get so polarized though. Some people will pay for 20 years and be happy that they got the service they paid for, while others will be very sore that they paid the service provider.

Just like to add my point of view in here, at the moment I'm trying to buy a house the mortage process is a nightmare one little thing could get you refused and you have to wait another 6 months to a year. When we go to look at house there is loads of cash buyer trying to buy the house to rent because rent is so good these days. My point is it a long and hard process these days to 1. Get a mortage and 2. Find a house you like and could live in. The rent markets has really turned In the last 6 months and some day most of ireland will be renting like the other big countrys and the investor have coped this on so dead money or not it a reality that most young people these days have to rent.

Peoples memories are short. What suprised me most during the temporary boom, was how acceptable it became to be a landlord in Ieland.
In the past the Irish people devoloped ways of dealing with landlords, leading to a high level of home ownership. I fear those days will return again.

Dash Repulsive Cornet wrote: »

I can't see the need for it to be honest. I don't know why someone would want to rent a place long term instead of buying an equivalent property. There is merit to people renting who could need to move in 6 months or a year but someone signing a 10 year lease for instance I just think would be madness.

Then on the other side I don't see many landlords wanting their property tied up in long term leases thus preventing them from moving in themselves, other family members moving in or stopping them selling the property.

I would love to rent on a long term lease, but unfortunately a long term lease means absolutely nothing to a tenant. Tenants can just not pay the last months rent and off they go. Nothing at all a landlord can do about it.
The lease would have to be enforceable for both sides to make it work.

donegal__road wrote: »

I think people should speak to some of the workers who were involved in the construction of property during the boom, before they decide to buy a house.

Builders got around this problem by hiring staff, whose english was as poor as their blocklaying.

Weathercheck wrote: »

Well rent is so high at the moment, that sometimes it works out as better value to purchase a house.

No commitment issues I take it?

I don't understand this one size fits all that is prevelant in Irish society.

Buying suits an awful lot of people especially outside of Dublin.

It sure as hell doesn't suit me as I intend to move in the next few years.

There is also the fact people seem to be ignoring which is that you can't get a rent controlled long term lease in Ireland so you can pretty much look forward to increases in your rent every damn year.