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11-02-2019, 11:20   #16
Zyron
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Originally Posted by gandalf View Post
Every media outlet has an agenda, the secret is to find out what it is and then to view their news through this lens. Given the Journal and Daft have the same owners it's not surprising that there is a focus on property sales, that's what pays the bills.

Once you realise this then you can make allowances for their bias.
And what bias is that? What allowances must be made in order to counter their bias so that no one falls into this intricate trap that they have seemingly laid out? No organization is going to push their "propaganda" without an end goal in mind. They don't do things just for the ****s and giggles. What is the benefit they stand to receive?
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11-02-2019, 12:24   #17
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And what bias is that? What allowances must be made in order to counter their bias so that no one falls into this intricate trap that they have seemingly laid out? No organization is going to push their "propaganda" without an end goal in mind. They don't do things just for the ****s and giggles. What is the benefit they stand to receive?

seriously? you cant work out the benefit they get in promoting house purchases and starting out your journey towards that end early and them owning the largest house buying website in the country?

Pro tip: the answer is literally in the question.
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11-02-2019, 12:32   #18
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It's not compulsory to spend every single cent you earn in your twenties on having a good time. There is a middle ground here, if you have money to spare (on anything), you don't have to prioritize one particular thing 100% of the time.

It makes sense for long term security and happiness to look after your financial future if at all possible. Pensions are important, if you want to buy a house then savings are too. It's nice to fritter away your twenties on making memories, but it leads to a tough decade in your thirties when you have zero financial cushion and are looking to start from the bottom up.

Bit of both where it's possible. Life is for living but you're still living once you go over thirty and a bit of planning will make the rest of your life much more comfortable, assuming you can afford to squirrel away anything. If you find yourself with a decent disposable income that vanishes with nothing to show for it month after month for an entire decade, you're being foolish with your money.
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11-02-2019, 12:35   #19
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Not that Gob****ery again? I would have thought people would have learned from the boom/bust cycle.

Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
There is nothing wrong with renting for your whole life but you have to make sure you know how you're going to pay the rent when you're 70+.

So a 20 year old today paying 1k a month will be paying close to 3k a month in 50 years time for the same accommodation.

In that 50 years they will have paid over 1 million in rent.

The home owner who took out a mortgage for a 300k house will have paid off 600k but then owns the house.

The economics are clear.

EDIT: Even with the huge scare word "negative equity" they are still better off repaying the mortgage over 20/30 years even if the house is worth a fraction of what they paid for it or even zero. They still have somewhere to live at the end of the day. After 50 years of paying rent you own nothing and will be kicked out on your ass as soon as you stop paying rent.

Last edited by BrokenArrows; 11-02-2019 at 13:15.
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11-02-2019, 12:35   #20
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Originally Posted by Wabbit Ears View Post
seriously? you cant work out the benefit they get in promoting house purchases and starting out your journey towards that end early and them owning the largest house buying website in the country?

Pro tip: the answer is literally in the question.

issue isnt promoting buying houses that crap has been done well enough in 2008, people still buy well overpriced houses every day.


problem is that main jobs are centered towards Dublin and few other towns, leaving many trapped in position where they should buy, then theres issue with job stability can one be sure they will be working for 30yrs+ and keep up with payments.


Infrastructure is done $hite contributing to long commutes just to make ends meet, outside cities.


Many places to buy for decent price but f all work in them areas and no stability, thats real issues that people have to work around and think.
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11-02-2019, 12:37   #21
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Well, someone has advanced you (typically) several hundred thousand quid in good faith. Not unreasonable that they would seek to make their profit back early.
Not if you live in strokestown
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11-02-2019, 13:30   #22
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It's still the cheapest credit you will ever get.
It's a lower rate than a shorter term loan but it's still the most expensive credit you will ever get not the cheapest.

Example, borrow €1000 @ 10% and you'll end up paying back (very) roughly €1200 over a 2-5 year term.

Borrow €300,000 @ 3% and you'll probably end up paying back around €600,000.

So the effective interest rate on the credit of the 2nd example is more like 100%. Therefore saying it's the cheapest credit you will ever get is clearly BS.
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11-02-2019, 13:40   #23
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It's a lower rate than a shorter term loan but it's still the most expensive credit you will ever get not the cheapest.

Example, borrow €1000 @ 10% and you'll end up paying back (very) roughly €1200 over a 2-5 year term.

Borrow €300,000 @ 3% and you'll probably end up paying back around €600,000.

So the effective interest rate on the credit of the 2nd example is more like 100%. Therefore saying it's the cheapest credit you will ever get is clearly BS.
Cheapest credit is in terms of the APR. You can get a mortgage for 5 years or 40 years. It will also depend on your deposit. You can also overpay a mortgage during the term.
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11-02-2019, 13:44   #24
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There was a guy on a pretty high salary on recently enough who stated he enjoys renting for the moment and also splashed LOADS of money on pints and take-away.

But maybe this is the reality for many young people, they often live at home because rent is too expensive (honestly not every person is made for the houseshare situation either mentally or due to other circumstances).
Parents work long hours to make ends meet, young people don't see how they'll ever get out of renting, it's grim enough as it is.

I find it depressing how many people work crazy long hours when you add the commute, are permanently exhausted and have really crappy and unadventurous diets. For real, a lot of them live off coffee shops, take aways and a repertoire of 3 dishes that they cook in rotation.
All of it in order to save a bit aside to go on a holiday or maybe have a rainy day fund.
Reading those articles I felt sad for the people who commute hours from outside dublin, just so they can save for a house outside dublin. They hate their commutes but there's no work near home, they can't afford to rent or buy closer.

I fully understand the desire to buy here. It's simply not tenable to rent in Ireland long term. If you want any sort of security it's the only way to go.
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11-02-2019, 13:59   #25
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Cheapest credit is in terms of the APR. You can get a mortgage for 5 years or 40 years. It will also depend on your deposit. You can also overpay a mortgage during the term.
Which isn't realistic for the vast majority of people getting mortgages so it's basically a moot point.
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11-02-2019, 14:06   #26
 
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of course Rent is dead money, especially when the rental laws aren't as favourable to the tenant over here,

out with nothing more than a few month's notice.

people are forced to rent because it's next to impossible for them to raise a deposit and pay rent at the same time

not everyone has the option to continue living with parents into their late 20s/30s

even if you can prove you're capable of paying a mortgage you still can't get a mortgage (not that I agree with 100% mortgages)

forcing people out of the capital where majority work to then have to be away from their kids for 12/14 hours a day

why not do have affordable accommodation for workers in the city and move the people who don't work out?
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11-02-2019, 14:11   #27
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Which isn't realistic for the vast majority of people getting mortgages so it's basically a moot point.
It's apt for people to bare in mind when talking about fear of mortgages. This thread is about what's realistic for people and what's clear is many people have unrealistic expectations of the lifestyle they're entitled to.
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11-02-2019, 14:32   #28
Zyron
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Originally Posted by Wabbit Ears View Post
seriously? you cant work out the benefit they get in promoting house purchases and starting out your journey towards that end early and them owning the largest house buying website in the country?

Pro tip: the answer is literally in the question.
Holy crap, I never thought I'd see the day when flat earthers and anti-vaxxers make more sense!



That argument is the weakest argument I have come across in a long time.

The Journal can write articles about buying a house every single day till they go bankrupt and Daft will not see any statistically significant rise in revenue as you so strongly (and incorrectly) believe. Do you think Daft gets commission from house sales and rentals?!?

Pro tip: take the tinfoil hat off.
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11-02-2019, 14:58   #29
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If rent is dead money does that mean payment for any service is dead money?

Rent is currently too expensive for sure but I've never understood the dead money thing. It's a service - you've got to pay for it until you can afford an alternative.
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11-02-2019, 15:02   #30
Candie
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Originally Posted by Gimme A Pound View Post
If rent is dead money does that mean payment for any service is dead money?
I think it's more a case that the alternative to paying rent is a mortgage that gives you ownership of an appreciating asset, and paying for other services isn't comparable since there isn't really an alternative.

If you pay an electrician or a gas fitter, it's because there's no alternative to their expertise but there is an alternative to rent if you can get a mortgage.

I know what you're saying though, a roof over your head shouldn't be considered dead money since it's a vital requirement.
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