Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Diary: I'm buying a house. Offer accepted.... now what!? :)
Options
Comments
-
-
-
Join Date:Posts: 29920
magneticimpulse wrote: »Wow in France there has been alot of talk about Ireland and the ECB-IMF coming to bail out the "bankrupt" country!!! Basically its a waiting game for the Irish politicians to accept the truth and the rest of the country.
The rest of Euro zone aint going to sit back and let Ireland drag the rest of them down...so I figure by January...the IMF 2011 will be controlling Irelands Finances and basically property will be worth a big fat ZERO!!!
If your thinking of buying a house...you might just want to invest your money in Gold or some other constant valuable thing which will not devalue.
The price of gold over the decades:
http://www.wolframalpha.com/input/?i=gold+price
I think you will find that Gold quite definitely DOES vary with time and its a terrible time to invest in it at the moment.
Property will never be worth a "big fat Zero". It has intrinsic value in and of itself. It is a structure and it is on land. As the man said "buy land, they arent making it any more". I need somewhere to live and this will be cheaper then renting for me with a considerably improved quality of life. Maybe I could save another 20-50K if I stuck it out and vultured some repossessed place but I'm not buying to rent and I'm not buying to invest. I'm buying to have a roof over my head and I'm not selling for a decade.
Even if the IMF, the big bad IMF boogieman, come (and I've felt it was pretty much inevitable since the budget this time last year which did very little in effect)... they arent here to eat our young. They are not in the business of trashing economies and in fact the reason they are so keen to get involved is because they dont WANT a trashed economy as part of Euroland. In 5 years time, this will all be a bad memory imho.
Victor, it was more of an "omg where did all my money go... jesus I've been hacked" heart attack moments.
DeV.0 -
-
The price of gold over the decades:
http://www.wolframalpha.com/input/?i=gold+price
I think you will find that Gold quite definitely DOES vary with time and its a terrible time to invest in it at the moment.
Property will never be worth a "big fat Zero". It has intrinsic value in and of itself. It is a structure and it is on land. As the man said "buy land, they arent making it any more". I need somewhere to live and this will be cheaper then renting for me with a considerably improved quality of life. Maybe I could save another 20-50K if I stuck it out and vultured some repossessed place but I'm not buying to rent and I'm not buying to invest. I'm buying to have a roof over my head and I'm not selling for a decade.
Even if the IMF, the big bad IMF boogieman, come (and I've felt it was pretty much inevitable since the budget this time last year which did very little in effect)... they arent here to eat our young. They are not in the business of trashing economies and in fact the reason they are so keen to get involved is because they dont WANT a trashed economy as part of Euroland. In 5 years time, this will all be a bad memory imho.
Victor, it was more of an "omg where did all my money go... jesus I've been hacked" heart attack moments.
DeV.
:mad:0 -
Advertisement
-
-
The price of gold over the decades:
http://www.wolframalpha.com/input/?i=gold+price
I think you will find that Gold quite definitely DOES vary with time and its a terrible time to invest in it at the moment.
Property will never be worth a "big fat Zero". It has intrinsic value in and of itself. It is a structure and it is on land. As the man said "buy land, they arent making it any more". I need somewhere to live and this will be cheaper then renting for me with a considerably improved quality of life. Maybe I could save another 20-50K if I stuck it out and vultured some repossessed place but I'm not buying to rent and I'm not buying to invest. I'm buying to have a roof over my head and I'm not selling for a decade.
Even if the IMF, the big bad IMF boogieman, come (and I've felt it was pretty much inevitable since the budget this time last year which did very little in effect)... they arent here to eat our young. They are not in the business of trashing economies and in fact the reason they are so keen to get involved is because they dont WANT a trashed economy as part of Euroland. In 5 years time, this will all be a bad memory imho.
Victor, it was more of an "omg where did all my money go... jesus I've been hacked" heart attack moments.
DeV.
The difference is, you have to mine for Gold...look at the miners in Chilie and China which get trapped. Its a dangerous job going mining. This cannot be compared to houses, which at the moment are aplenty in Ireland. It is therefore not an investment.
You will not save "20 - 50k" because the Irish economy is BANKRUPT...its worth nothing. Its not an investment, its a devestment!!!
I do agree it is necessary for the IMF to come in. But Ireland will lose any reputation it has. As for "eating Irelands young"....yes it is actually. I left Ireland in 2002 because as a Chemist I could not get work in the "Pharmaceutical" boom country that is Ireland. If I couldnt get a job in Ireland, which invests heavenly in Pharmaceutical companies back in 2002...I certainly not getting any opportunities now. Where does that leave the new Irish Graduates??? Ireland wont have a youth...because they are all leaving.
This is a huge fall for Ireland and the property market. Its like watching a horror show and Im on the outside in France looking in!!!0 -
-
-
Join Date:Posts: 29920
Just to address one issue first.... I'm buying near Artane/Tonglegue Road on the north side. Nice three bed, semi-D within 25 minutes of town easy. Settled, community, old style solid house with decent space and a big back yard.
I saved 10-15k a year in the good years for about 12 years and I'm borrowing about 100k now. My repayments will be 550 approx and fixed for 3 years. About 250 less than my current rent for a 1-bed in Rathmines.
I take your point about houses being aplenty but not houses like this. I'm not buying in Manooth or Leixlip, I'm buying prime realestate in north central dublin. I'm not buying a thrown-up apartment or a dog-box I'm buying the only home I'll ever realistically need unless I emigrate. I'm not, I admit, a typical case which is why I managed to get a mortgage I believe!
Dory, I'll put up pics when I can but I dont want to be specific about my address as I've already have a couple of weirdos come bang on my door because of Boards
DeV.0 -
Advertisement
-
-
-
-
-
-
-
Just to address one issue first.... I'm buying near Artane/Tonglegue Road on the north side. Nice three bed, semi-D within 25 minutes of town easy. Settled, community, old style solid house with decent space and a big back yard.
I saved 10-15k a year in the good years for about 12 years and I'm borrowing about 100k now. My repayments will be 550 approx and fixed for 3 years. About 250 less than my current rent for a 1-bed in Rathmines.
I take your point about houses being aplenty but not houses like this. I'm not buying in Manooth or Leixlip, I'm buying prime realestate in north central dublin. I'm not buying a thrown-up apartment or a dog-box I'm buying the only home I'll ever realistically need unless I emigrate. I'm not, I admit, a typical case which is why I managed to get a mortgage I believe!
Dory, I'll put up pics when I can but I dont want to be specific about my address as I've already have a couple of weirdos come bang on my door because of Boards
DeV.
I hate to sh1te on your party but a house in the area you describe is not "prime real estate" on the Northside. For me, it's Drumcondra, Clontarf and Glasnevin. You're a bit too close to places like Coolock and the rest of the dodgy spots on the Northside I wouldn't live in if you gave me the house for free.0 -
-
-
-
Advertisement
-
-
-
-
-
Join Date:Posts: 29920
My only advice for people is.... take your own advice.
When I was making good money in the early 2000's people were shouting at me to "get on the property ladder" but the numbers didn't stack imho so I didn't.
I kept the money I had made and bought at the start of 2011. I don't think I quite hit the lowest point but as I said in this thread, I predicted it would drop a bit more but not much. Here's the graph of what happened.
So, according to that my house is probably worth about what I paid for it. Anecdotally I have been told a few 10k's more. Either way, the same reasoning applies... I didn't buy to sell or rent, I bought to have a roof over my head.
The interesting thing is the rent I would have paid. So, before I was paying 800 for a nice one bed in rathmines. The same kind of place is now going for about 1000 pm. So we can average about 900 over the years. That's a saving of 350 p/m over three years. A saving of 12,600 though we would have to take off the interest I would have made on the money I invested in the house over that time if I had banked it. So about 12,000 saved. (ok, ok about 9,000 saved in total).
And add in the equity I now own in my own house (about 6k).
So, 15k better off for this purchase.
This doesn't factor in the VAST improvement in living standards, where I have gone from a perfectly nice but small 1-bed in rathmines to a 3 bed house with garden and shed. And a dog!
Those things are not minor, my quality of life has greatly improved.
If I could have waited until the end of 2011 it would have been better... I'd now be in positive equity but its an easy game to play in reverse. For family reasons, and personal reasons, I wanted to move then. I was willing to take on some risk (of a further fall) and some possible negative equity (which was true for the last three years), on the understanding that I was moving here for a probable 5-10 year stint.
I've additionally put about 4k into the property judiciously in self improvements which would raise the value of it too, but I'm not taking that into account on either side.
On the whole.... I'm very happy with my decision. I was as close to damn-it bang on with my reasoning and I'm happy I put my money where my mouth is. Emotionally, I love my house... I love tinkering with it, installing things, wiring things and yes, knocking bits out of it 0 -
-
Join Date:Posts: 29920
200 Mb/s access throughout the building.... it might not seem like it to everyone but its an absolute must for me!
Most of the work has gone into the back garden where the previous owner seemed to have some kind of love affair with poured concrete. He must have been a big Maggie Thatcher fan because it initially looked like Birmingham. During the clean up of the garden the back end (or what I thought was the backend) turned out to be a HUGE over grown bramble tree. My gardiner mate reckoned it hadn't been cut in 10 years. Underneath it was another patio!! We've done a lot with the garden since then but mostly planting and some decking.
The free standing car garage was useless to me since I don't drive, and wasn't in great shape (it had to have a BER rating of its own, weirdly, and it got like an F or something ). I ripped out the door mechanism and we built a wall there. Lined the lot and clad it in mahogany chip-board, put in a hard wood floor and built myself a workshop!
In the house I knocked through a supporting wall. Ok, I paid a bunch of burly men to do that bit.
Stuck in some cathedral doors and made myself one big room downstairs which can be repartitioned into two again at will. Worked great!
Built myself a small gym in one of the bedrooms and threw in a HD projector (700 euros!) and made it double up as a home cinema. I was shocked how cheap that was to do!
Ok, enough of the Irish version of Cribs... I'll take some pics of the workshop next week when I'm home again.0 -
-
-
Advertisement
-
Advertisement