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100% Mortgage or use deposit

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    #32
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    no wasn't buying, so kicking myself now,
    still it's nice looking at the cash earning 5.5% in the bank!


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    #33
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    GinnyJo wrote: »
    As for all the reporting on the market, on the ground houses that are in good nic and at a good price are still moving well, I've seen some crazy bidding going on, over and above asking prices even.
    Yes thats expected in some areas, dead cat bounces on a regional level. Might I ask you where you saw this bidding frenzy, purely out of curiosity?


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    #34
    Ginny
    Hosted Moderators Posts: 13,425 ✭✭✭✭Ginny


    North Co. Dublin,(the nice bit :D) now the dregs of the market aren't moving and the good places prices have dropped a good bit, and these are the ones people seem to be pouncing on.
    I put a low low offer in on one place, EA cam back some other bidder went asking price straight away and EA offered to let me go higher...:D I really thought he was joking, but no the house is sold now.

    On the other hand I wandered over to the Albany (cardboard box) HolyWell sale when the remaining lots were rereleased and people were queing up to put their name down for cancellations, it was horrible, poor poor deluded people.


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    #35
    iguana
    Moderators, Entertainment Moderators Posts: 12,916 Mod ✭✭✭✭iguana


    GinnyJo wrote: »
    Thats all well and good if you're buying for investment, some people myself included are buying for a home and will not be looking to move in the next 7-10 years.

    Do you know that for sure? Obviously the house you are looking at isn't suitable for raising a family in if you think you will be moving again within a decade. Are you 100% sure that you won't have children sooner than you expect? That you won't have a multiple birth when you were expecting 1 baby? If that happens can you afford childcare and your mortgage? Will your home be big enough?

    That you or your partner won't be offered a bloody amazing job in a different region. That you or your partner won't lose your job? That interest rates will not rise?

    And what if house prices don't come back to today's levels within a decade? Just take a look at Japan if you think that is unlikely. Are you prepared to live where you're looking for the next 20 years?

    Anyone thinking of buying now needs to ask themselves these questions and answer very honestly. If you already have children, decent savings, and can find the house that you are reasonable sure you can live in forever and have a big comfort zone in your re-payments so you can over-pay or keep saving, then I can see the case for buying now, as renting in Ireland isn't a very secure way to raise a family. But other than that, too much can go wrong.


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    #36
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    GinnyJo wrote: »
    As for the home improvements? seriously? I've lived through 6 moves and every move has given a return, mostly down to the house refurbishments.

    On this part, this has happened in the boom, correct but not on basis totally.

    If the place was a derelict house, it went up in price even if it wasn't refurbished during a boom. If it was then refurbished, the gain in price was only down to some of the refurbishment, the rest was on paper.

    It's a different story in a bust. Your refurbishing it to maintain price(rare now if achieved due to Manhattan prices at present), not gain it. Paper falls will wipe out any physical value put in. Big difference.


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    #37
    Ginny
    Hosted Moderators Posts: 13,425 ✭✭✭✭Ginny


    iguana wrote: »
    Do you know that for sure? Obviously the house you are looking at isn't suitable for raising a family in if you think you will be moving again within a decade. Are you 100% sure that you won't have children sooner than you expect? That you won't have a multiple birth when you were expecting 1 baby? If that happens can you afford childcare and your mortgage? Will your home be big enough?

    That you or your partner won't be offered a bloody amazing job in a different region. That you or your partner won't lose your job? That interest rates will not rise?

    And what if house prices don't come back to today's levels within a decade? Just take a look at Japan if you think that is unlikely. Are you prepared to live where you're looking for the next 20 years?

    Anyone thinking of buying now needs to ask themselves these questions and answer very honestly. If you already have children, decent savings, and can find the house that you are reasonable sure you can live in forever and have a big comfort zone in your re-payments so you can over-pay or keep saving, then I can see the case for buying now, as renting in Ireland isn't a very secure way to raise a family. But other than that, too much can go wrong.


    Well you've made a hell of a lot of assumptions there, if I could have kids the home is well able for 3-4 children, like I said before I've bought a home not a house.
    Partner issues aren't an issue as there isn't a partner, as for job issues I will not be losing my job, and yes I can say this knowing myself and my job.
    Since I've lived in the area for the last 29 years I think its safe to say I'm happy here.
    Why assume I or any other buyers haven't asked themselves these questions?


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    #38
    iguana
    Moderators, Entertainment Moderators Posts: 12,916 Mod ✭✭✭✭iguana


    GinnyJo wrote: »
    Why assume I or any other buyers haven't asked themselves these questions?

    Because most people haven't asked themselves these questions, that is why there are 1000's of people out there right now stuck in negative equity in unsuitable houses. And still 100's of people who are willing to get themselves into that situation if the banks let them.

    As for the assumptions I made they were based on your previous comments. You were the one who mentioned moving from your home and you talked about how easy it is to get a 100% mortgage, and in a later comment said these mortgages are for couples.


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    #39
    Ginny
    Hosted Moderators Posts: 13,425 ✭✭✭✭Ginny


    I have never said it was easy to get a 100% mortgage, I was clarifying that they still are being offered.
    As for the couples, the question was asked by a person in a couple and I stated the terms as far as I know for couples and 100% mortgages.
    Your previous assumptions were just that assumptions, I really can't see the relevance or reference for over half the stuff you stated.


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    #40
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    iguana wrote: »
    Because most people haven't asked themselves these questions, that is why there are 1000's of people out there right now stuck in negative equity in unsuitable houses. And still 100's of people who are willing to get themselves into that situation if the banks let them.
    +1 ain't that the sad truth.


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    #41
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    GinnyJo wrote: »
    I have never said it was easy to get a 100% mortgage, I was clarifying that they still are being offered.
    As for the couples, the question was asked by a person in a couple and I stated the terms as far as I know for couples and 100% mortgages.
    Your previous assumptions were just that assumptions, I really can't see the relevance or reference for over half the stuff you stated.

    You stated earlier that the 'because if I ever move by the time I do with the work going into the house it will be worth twice what I will pay for it.'

    How do you know this 'worth twice'?..self-build from scratch?

    To sum up on what iguana was saying, you don't know whats around the corner in 7yrs. Good for you your job is solid for next 7-10yrs at no loss of income, many people cannot say that.

    And what usually happens if it does happen is mishaps like iguana stated.

    This applies to everyone.


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    #42
    iguana
    Moderators, Entertainment Moderators Posts: 12,916 Mod ✭✭✭✭iguana


    GinnyJo wrote: »
    I really can't see the relevance or reference for over half the stuff you stated.

    Then why would you imply that everyone buying would ask those questions?
    GinnyJo wrote: »
    Why assume I or any other buyers haven't asked themselves these questions?

    There are those who say that negative equity only matters if you want to sell. But the fact is that there are hundreds of unforeseen reasons for which you might want/need to sell. Job loss, illness, awful neighbours that you just can't cope with anymore, a commute that has become too much to bear, the opportunity of a much, much better job in a different region, rising rates that mean you can no longer afford the property. And that is just for those who own a house which is suitable for the rest of their lives.

    Negative equity is a horrible place to be. And buying with a 100% mortgage in a falling market means that by the time you have moved in you are in negative equity.


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