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Waterford Developer Buys Land at Fraction of 2006 Cost

danjo-xx · 2010-05-08 19:47:44

A Waterford developer has paid just over 76 thousand euro an acre for land adjacent to property purchased for two million euro an acre just four years ago. Frisby Construction has bought 36 acres of development land zoned residential for 2.75 million euro in Williamstown in the City. This is the land adjacent to the 22…

Comments

#32 11-05-2010 11:21pm

jonnyfingers

Registered Users Posts: 2,333 ✭✭✭

Join Date: August 2005

Posts: 2299

Bards wrote: »

mmm

Don't agree with this one bit. I bought my house put down a deposit on my house 15 years ago at the age of 23 (mid 90's - bought off the plans) and moved in two years later. I got a 25 Year mortgage at approx 6.5% (Interest rates were higher back then)

All my work collegues thought I was stone mad. insisted I should rent to "Have" the freedom to move around and I was too young to be sadled with a mortgage.

10 Years later (just before the property bubble collapsed) I had cleared the mortgage (Thanks in part to the SSIA) and the house was mine (other collegues now thought I was mad clearing the mortgage and not investing the money in Bank Shares!!!

I live rent free now and I'm not even 40.

All my collegues now have huge mortgages with Kids to support and have lost a lot of money in shares.

Moral of the story - be your own person. do what you think is right and don't listen to others around you. The World is full of Lobsters;)

Don't get me wrong. I'm all for buying a house when the time is right. Obviously you got your timing spot on. Judging from your post it looks like you got on the property ladder right at the start of the Celtic Tiger which obviously helped.

Things might have turned out differently had the dates been different. But by all means people should be their own person.

My saying there should be a law to prevent very young people from buying a house is probably too strong. Instead there should be guidelines and advice to prevent people from making overtly risky investments.

Anyway I've gone way off-topic so I'll end it now.

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