Ever think you'll own your own place?

Im( 35) renting in Dublin, two couples sharing, lease is up in the summer so rather than stay here and pay even more over the odds for this place, we're going to take a hit and move back home with the folks for a year or so and save like rabbits. I'm on decent money on paper, we should be able to save about 2k a month and with saving other equities etc. I bought back with my ex in 2007(just as the last bubble burst!) and still fighting to get out of that mortgage/property so it will be a challenge to get approval. Would like to buy in Dublin or surrounding towns since my career and family are here, but if prices keep going up the way they are there will be nothing to buy. The plan was something for 300k but thats now looking like 350k! Seems like ill have to go back to doing those male stripper nixers at the weekend to raise a bit more cash

buddyboy wrote: »

Im( 35) renting in Dublin, two couples sharing, lease is up in the summer so rather than stay here and pay even more over the odds for this place, we're going to take a hit and move back home with the folks for a year or so and save like rabbits. I'm on decent money on paper, we should be able to save about 2k a month and with saving other equities etc. I bought back with my ex in 2007(just as the last bubble burst!) and still fighting to get out of that mortgage/property so it will be a challenge to get approval. Would like to buy in Dublin or surrounding towns since my career and family are here, but if prices keep going up the way they are there will be nothing to buy. The plan was something for 300k but thats now looking like 350k! Seems like ill have to go back to doing those male stripper nixers at the weekend to raise a bit more cash

https://www.youtube.com/watch?v=44-EhGCZoNM

I was thinking about this more last night, I'm living in Dublin nearly thirteen years now. I've lived in house shares and studio flats for the last ten years, I've never lived in an apartment block. I could live with never owning my own property, provided where I was living had a community atmosphere, I'm not running down people's homes here but I just don't see that around most of the apartment blocks or new estates. I come from rural Ireland and still have an identity that's strongly linked to where I'm from, there are also older urban areas that have a distinct identity and character, even if they are a bit run down.

Politicians and planners are saying that we need to let go of the strong desire in our makeup to own our own home and follow the lead of European countries and make peace with renting for life. What they're not saying is that while in Europe while many people do rent for life, it's a local enterprise with leases often being inter-generational. If I was starting a family I would 100% strive towards owning the home, I would consider it vital in putting down some kind of roots.

There's a huge difference between a community made up of tenants that has a heritage in the area and renting from a vulture fund or absentee landlord. I see place as being crucially linked with identity and psychological health. I think I'd become seriously depressed living ten floors up in an apartment where I have no connection to anybody living around me, other than passing them in the hall on the way to and from work.

Winterlong wrote: »

And it improves the banks balance sheets.
And guess who will be trying to sell off their bank stakes soon?!

The notion of inflating your way out of debt is nothing new and considered fairly standard by economists. Unfortunately it usually inflates some people into difficulty of some kind, as is the way with property.