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Cheaper to buy than rent

2»

Comments

  • #52
    kandoola
    Registered Users Posts: 70 ✭✭kandoola


    dubrov wrote: »
    High management fees are not a product of the quality of construction.
    Of course management fees can become very high if members of the management company take little interest in monitoring them.
    This applies to new and old developments,

    More services => Higher management\service fees
    Bigger apartments => Larger construction costs

    Sure, there were loads of apartments built in bad locations but I think they have already seen a proportionately higher drop than those in better locations.

    As far as I can tell, there seems to be huge demand to rent apartments in the city centre. This can only push up sale prices as well.
    Judging by current rental prices, there is a need for many more apartments to be built there.


    Ah I give up.
    You're not getting the point, but I'll tell Constantine to go to you for advice though :)


  • #53
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭handlemaster


    Is not also the problem with management companies that the builder appointed family members or friends which could only be removed once the last unit on the development was sold. The issue then was the builder not selling the last unit thus retaining control of the development and high fees.


  • #54
    dubrov
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭dubrov


    Send him my way alright :)

    My point is that you can build bigger apartments with better services but they would cost more than the equivalent smaller apartment with less services.
    I just don't think there is a market for large family style apartments (in Dublin anyway). This rule if dwelling would be trying to compete with family homes and I think the Irish mentality means that houses would win out.

    No market means builders aren't going to build it.


  • #55
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    handlemaster wrote: »
    Is not also the problem with management companies that the builder appointed family members or friends which could only be removed once the last unit on the development was sold. The issue then was the builder not selling the last unit thus retaining control of the development and high fees.
    The MUD Act has gone a good way towards fixing that.


  • #56
    Saipanne
    Closed Accounts Posts: 4,882 ✭✭✭Saipanne


    Step 1

    "Sure renting is dead money"

    Step 2

    "You gotta get your foot on the ladder"

    Step 3

    "i just bought a nice little place in Bulgaria"

    Step 4

    "it's all the government's fault"

    Step 5

    "where's my nama"


    And repeat.


  • #57
    worded
    Registered Users, Registered Users 2 Posts: 4,608 ✭✭✭worded


    Saipanne wrote: »
    Step 1

    "Sure renting is dead money"

    Step 2

    "You gotta get your foot on the ladder"

    Step 3

    "i just bought a nice little place in Bulgaria"

    Step 4

    "it's all the government's fault"

    Step 5

    "where's my nama"


    And repeat.


    It's rince and repeat ....


  • #58
    kandoola
    Registered Users Posts: 70 ✭✭kandoola


    Saipanne wrote: »
    Step 1

    "Sure renting is dead money"

    Step 2

    "You gotta get your foot on the ladder"

    Step 3

    "i just bought a nice little place in Bulgaria"

    Step 4

    "it's all the government's fault"

    Step 5

    "where's my nama"



    And repeat.


    Step 6

    "Im in NE. Im going to default." sure i pay insurance for that.

    Step 7

    10,000 people do exactly the same

    Step 8

    Insurance companies come up with an excuse that they never expected so many claims. They cant pay.

    Step 9

    New levy for all of us whether we own a property or not or whether we have a mortgage or not to pay for this. Insurance companies pocket profits and pay nothing, we pay for it.


  • #59
    mfergus
    Registered Users Posts: 326 ✭✭mfergus


    Ah sure you can make these "steps"to argue the opposite too...

    Step 1:
    Why would you buy, it's like having a noose around your neck...etc

    Step 2:
    The washing machine is making too much noise, it's handy tho I can just contact the landlord again.

    Step 3:
    The landLord is raising my rent (time to construct an argument for prtb)

    Step 4:
    Rent is too expensive. There's no suitable places around.

    Step 5
    Moves to a small place

    Step 6
    Retire and continue to pay rent until you die wishing that 35 years previous you decided to buy...


  • #60
    Saipanne
    Closed Accounts Posts: 4,882 ✭✭✭Saipanne


    mfergus wrote: »
    Ah sure you can make these "steps"to argue the opposite too...

    Step 1:
    Why would you buy, it's like having a noose around your neck...etc

    Step 2:
    The washing machine is making too much noise, it's handy tho I can just contact the landlord again.

    Step 3:
    The landLord is raising my rent (time to construct an argument for prtb)

    Step 4:
    Rent is too expensive. There's no suitable places around.

    Step 5
    Moves to a small place

    Step 6
    Retire and continue to pay rent until you die wishing that 35 years previous you decided to buy...

    Yeah, unfortunately in my list of steps I have to pay for mistakes I didn't play any part in...


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  • #61
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    ted1 wrote: »
    You see you don't own a place and think of it as a noose around the neck. Where as I think of it as being liberating.
    My kids have a bedroom they can paint and destroy and make as much noise as they want , I can dig up the garden and plant what eve fruit and veg I want. I can retire at 55 and have a place to live without having to pay rent or anything. As I bought our family home in 2012 I can sell it and pocket twice as much as I paid for it, in fact I paid 210,000 with an 8% deposit and could sell it for 450 so my 18k can be converted to 280k cash.

    With regards a link I'm on my phone so no , but could dig one out when back on a PC

    Ok in your particular situation it worked out immensely well, which is great for you and your family (but only useful if you trade down or emigrate/move to the sticks) but for the people still stuck in negative equity for the forseeable future it's sad times, as they must feel stick to the stomach that they own a house that is 100-200k less that what they paid for it. Not only that, there's the feeling of stupidity that they risked it all to overborrow and did not have the foresight to get a mortgage they could afford on one salary in case things go bad.

    Had those people rented all this time perhaps life would be a little bit better and they wouldn't have this dark cloud over their heads.


  • #62
    worded
    Registered Users, Registered Users 2 Posts: 4,608 ✭✭✭worded


    It's very morbid to be preparing
    for a nice gaff to see you through
    until you die

    But I suppose having a landlord decide
    if you live on the bread and water by upping the rent yet again when you are in your 70s is a dire thought


  • #63
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    mfergus wrote: »
    Ah sure you can make these "steps"to argue the opposite too...

    Step 1:
    Why would you buy, it's like having a noose around your neck...etc

    Step 2:
    The washing machine is making too much noise, it's handy tho I can just contact the landlord again.

    Step 3:
    The landLord is raising my rent (time to construct an argument for prtb)

    Step 4:
    Rent is too expensive. There's no suitable places around.

    Step 5
    Moves to a small place

    Step 6
    Retire and continue to pay rent until you die wishing that 35 years previous you decided to buy...

    ahh sher tis de ded muny isnt it only!


  • #64
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    worded wrote: »
    It's very morbid to be preparing
    for a nice gaff to see you through
    until you die

    But I suppose having a landlord decide
    if you live on the bread and water by upping the rent yet again when you are in your 70s is a dire thought

    No more morbid than saving towards a pension. Future and retirement planning is not morbid.


  • #65
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    lima wrote: »
    ahh sher tis de ded muny isnt it only!

    Text speak is forbidden by the charter - cut it out.


  • #66
    Galwayguy35
    Registered Users, Registered Users 2 Posts: 16,669 ✭✭✭✭Galwayguy35


    lima wrote: »
    Yeah but their 400k property is now only worth 200k

    Not everyone ona tracker paid €400 k for the house they are living in, I certainly didn't.

    Buying was a cheaper option for me in the long run, rents will go nowhere but up as the years go on.


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  • #67
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    The_Morrigan wrote: »
    Text speak is forbidden by the charter - cut it out.

    Whoops sorry it was purely satirical in nature, I certainly don't speak like that!


  • #68
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    dubrov wrote: »
    In fairness, interest rates are currently at ridiculously low levels. When they return to more normal levels I would expect renting to be cheaper than a mortgage

    In all honesty, given that the rental market in Dublin is predominately (open to correction) wannbe paddy property barons, through accident or design on their part, will rents just not rise in line with interest rates. Are we expecting some other factor such as professional investors/NAMA to prevent that from happening?

    It would seem to me that the whole reason there are professional investors creeping into the Irish market is the huge potential returns from properly managed property because of the fact that rents have to rise inline with mortgages here.

    Happy to be corrected.


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