Ideas re leaving house behind

tigs2010

I never even thought of that, thanks for the advice!

danbohan

billybigunz wrote: »

It is entirely your fault. Houses were overpriced by any metric yet you jumped in and helped support those prices. You caused this bubble and you are responsible for the subsequent crash.

You priced decent people out of owning a home. People who now have to fund your debt default and all the other unemployed.

ignore him tigs , hes the wise nut in the bar , the type that never bought anything or tried anything , but is an expert on everything

Zulu

billybigunz wrote: »

...I'm fairly sure that is what you will do in a few years.

Honestly: are you trolling?

If not, you're posting style is, frankly, obnoxious.

Treehouse72

danbohan wrote: »

ignore him tigs , hes the wise nut in the bar , the type that never bought anything or tried anything , but is an expert on everything

He is expressing an opinion just the same as everyone else, and to many people his points are perfectly reasonable, if perhaps too bluntly expressed. I think it is the height of ignorance to dismiss it as mere barstool wisdom. I would wager he was saying this stuff back when OP was buying her property - so tell me, who was more "expert" in their prognosis? He is the kind of person who was sneered at as a doomonger during the boom, and now he has shown to be correct, he is still getting sneered at in the bust. Does that sound fair to you?

I am sick to my back teeth of this garbage. He's just "talking down the economy" and "sure he's a begrudger". Nonsense, nonsense, nonsense. Do you not realise - after all we've gone through - that this kind of attitude is precisely what helped get us where we are? Unless we face up to this and learn from it we'll do it all again in 25 years.

Bah. I've long given up hope that people will learn anything from any of this to be honest. Those who called it like it was were laughed at, then when their predictions came true it was "oh, but you predicted a bust for years" and now it's "ah sure you're a big man, aren't ye?". Welcome to Gombeenville.

D3PO

Treehouse72 wrote: »

He is expressing an opinion just the same as everyone else, and to many people his points are perfectly reasonable, if perhaps too bluntly expressed. I think it is the height of ignorance to dismiss it as mere barstool wisdom. I would wager he was saying this stuff back when OP was buying her property - so tell me, who was more "expert" in their prognosis? He is the kind of person who was sneered at as a doomonger during the boom, and now he has shown to be correct, he is still getting sneered at in the bust. Does that sound fair to you?

I am sick to my back teeth of this garbage. He's just "talking down the economy" and "sure he's a begrudger". Nonsense, nonsense, nonsense. Do you not realise - after all we've gone through - that this kind of attitude is precisely what helped get us where we are? Unless we face up to this and learn from it we'll do it all again in 25 years.

I've long given up hope that people will learn anything from any of this to be honest. Those who called it like it was were laughed at, then when their predictions came true it was "oh, but you predicted a bust for years" and now it's "ah sure you're a big man, aren't ye?". Welcome to Gombeenville.

In fairness eerybody is entitled to their opinion, some people agree with the general sentiment but I think you would be hard pushed to find anybody to agree that the was the posts have been constructed are anything but combatitive and quite frankly rude.

tigs2010

I have to admit I did feel like I was being attacked by him. But then I had a look at some of his other posts this morning and realised his opinion is of no relevance to me. He has points and opinions like everyone else but please post relevant to the original post, otherwise go preach in the economy section.

danbohan

Treehouse72 wrote: »

He is expressing an opinion just the same as everyone else, and to many people his points are perfectly reasonable, if perhaps too bluntly expressed. I think it is the height of ignorance to dismiss it as mere barstool wisdom. I would wager he was saying this stuff back when OP was buying her property - so tell me, who was more "expert" in their prognosis? He is the kind of person who was sneered at as a doomonger during the boom, and now he has shown to be correct, he is still getting sneered at in the bust. Does that sound fair to you?

I am sick to my back teeth of this garbage. He's just "talking down the economy" and "sure he's a begrudger". Nonsense, nonsense, nonsense. Do you not realise - after all we've gone through - that this kind of attitude is precisely what helped get us where we are? Unless we face up to this and learn from it we'll do it all again in 25 years.

Bah. I've long given up hope that people will learn anything from any of this to be honest. Those who called it like it was were laughed at, then when their predictions came true it was "oh, but you predicted a bust for years" and now it's "ah sure you're a big man, aren't ye?". Welcome to Gombeenville.

a broken clock is the correct time twice per day too . a lot of us would have seen what was approaching and made our decisions based on that , that does not mean that we can stand in judgment like he does on others who for whatever reason made a mistake, anyway as tigs suggests we should concentrate on original post

beeno67

Idbatterim wrote: »

one guy said he rented throughout the boom, that he could see how ridiculous the asking prices were and it was all built on nothing. Kenny then says you were "lucky" where exactly did luck come into making a sound educated decision,...

Whether it was a sound educated decision or not depends on when you are saying the boom started. Between 1995 and 1997 house prices increased well above inflation (about 5 times the rate of inflation if memory serves me correctly but I am open to correction). If you decided in 1997 that house prices were overvalued and rented instead you would be much worse off financially. Not only have prices gone up since but more importantly margins on interest rates improved over the years that anyone buying in 1997 could/should have a tracker mortgage of 0.75% over ECB.

Someone deciding in 2006 not to buy made a very good decision, someone deciding in 1997 did not.

am i bovvered

Whether it was a sound educated decision or not depends on when you are saying the boom started. Between 1995 and 1997 house prices increased well above inflation (about 5 times the rate of inflation if memory serves me correctly but I am open to correction). If you decided in 1997 that house prices were overvalued and rented instead you would be much worse off financially. Not only have prices gone up since but more importantly margins on interest rates improved over the years that anyone buying in 1997 could/should have a tracker mortgage of 0.75% over ECB.

Someone deciding in 2006 not to buy made a very good decision, someone deciding in 1997 did not.

I bought in '97 against tons of advice telling me not to, things were overpriced. great decision
I bought in '04 most saying it was a good buy, jury is still out on that one.
I bought in '06....:eek::o need I say anymore

syklops

am i bovvered wrote: »

I bought in '97 against tons of advice telling me not to, things were overpriced. great decision
I bought in '04 most saying it was a good buy, jury is still out on that one.
I bought in '06....:eek::o need I say anymore

In 9 years you bought 3 houses?

Zulu

Minted!

The_Conductor

Guys- I haven't had a chance to pay as close attention as normal over the past 2-3 weeks (we've a new baby). If you notice any threads going off the rails- please use the report post function and we'll get back to them asap.

I have to apologise to the OP for not keeping this thread on track.

As always- as moderator, I expect people to be civil to each other, not to personalise posts, and if you disagree with what someone else posts- refute it factually.

billybigunz - 2 week posting ban from this forum.

Regards,

SMcCarrick

Graces7

Many congratulations on the new baby... Blessings and peace

the_syco

gizmo555 wrote: »

Except, apparently, the thousands of stupid simple people who took out the 100% mortgages.

The government, regulators and banks certainly screwed up royally. But we all have to accept personal responsibility for the decisions we individually took. If it was so obvious 100% mortgages were a bad idea, why do those who took them out warrant any sympathy?

Off-topic, but many people thought that banks giving them a 100% mortgage were actually doing them a favour at the time. Although a few were with reputable banks, many were with sub-prime lenders, it would seem. At the time, people saw getting a house, any house, was getting on the ladder. Once on this magical ladder, you could trade up.

Not sure what the OP was thinking of when they got the house, how easy she got the mortgage, but IMO, it's the fault of the developer for buying the land at an overpriced cost, and giving the builders too much money to build sub-standard properties.

tigs2010 wrote: »

It was a juvenile and reckless decision that, with hindsight (isn't it a wonderful thing for all of us) shouldn't have been made.

Yes and no. Yes, it was reckless, but at a time when those who rented were looked at "down the nose" by people with houses, and having two kids, one often looks for a stable abode.

D3PO wrote: »

The OP was spending 35% of her and her husbands combined net income on the mortgage. Now whilst thats still higher than you would like to see its not in any way irresponsible.

Agreed. A lot of people who got sub-prime mortgages could barely afford to pay the rent when times were good, never mind now. If the OP wasn't going to leave, it looks like they could continue on comfortably, and thus, even though it was reckless at the time, it wasn't reckless in the long term view.

Teddy Daniels wrote: »

You will have to pay wierd taxes on the income as an absentee landlord find out what they are.

In Ireland, if your landlord lives in another coutry YOU must put money aside to pay for the tax.

So, OP, it's probably best you rent your house though an agency, so that they can fix stuff that goes wrong.

Stheno

D3PO wrote: »

Tigs one other thing I dont reacll reading in this thread is ahve you looked into mortgage interest supplement help from your CWO ?

Im not sure if you qualify with your circumstances but theres no harm in checking this out. Long story short this would be a short term payment of the interest portion of your mortgage to help tide you guys over

iirc mortgage interest relief is only payable if both spouses are unemployed

Congrats on the baby smacarrick

am i bovvered

syklops wrote: »

In 9 years you bought 3 houses?

I suffer from OCD , regarding houses I'm cured !!

tigs2010

Congratulations on the baby, is it your first? Either way good luck, the first few months are tough!

Iago

Treehouse72 wrote: »

He is expressing an opinion just the same as everyone else, and to many people his points are perfectly reasonable, if perhaps too bluntly expressed. I think it is the height of ignorance to dismiss it as mere barstool wisdom. I would wager he was saying this stuff back when OP was buying her property - so tell me, who was more "expert" in their prognosis? He is the kind of person who was sneered at as a doomonger during the boom, and now he has shown to be correct, he is still getting sneered at in the bust. Does that sound fair to you?

I am sick to my back teeth of this garbage. He's just "talking down the economy" and "sure he's a begrudger". Nonsense, nonsense, nonsense. Do you not realise - after all we've gone through - that this kind of attitude is precisely what helped get us where we are? Unless we face up to this and learn from it we'll do it all again in 25 years.

Bah. I've long given up hope that people will learn anything from any of this to be honest. Those who called it like it was were laughed at, then when their predictions came true it was "oh, but you predicted a bust for years" and now it's "ah sure you're a big man, aren't ye?". Welcome to Gombeenville.

^^^ This quite frankly.

While Billy has an interesting and abrasive way of getting his point across I agree with the sentiment 100%, too many people made too many bad decisions and what we have is what we're left with as a result.

Yet, even with everything we've seen, we still have hundreds, and perhaps thousands of people making a lifetime decision on the basis of a 12 month thought process. "I can afford this on what I earn now and where I'll be this time next year" etc etc