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Am I mad to buy in 2012

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    #212
    Marcanthony
    Closed Accounts Posts: 450 ✭✭Marcanthony


    kennyb3 wrote: »
    Again no account taken of the fact that if you have any sort of a salary, tax on rent is nearly 50% - or do you not plan on paying tax? Or are you going to keep banging on about rent a room scheme which wouldnt apply if you are an investor? Or if your a couple your hardly going to want to rent a room in your house.

    Add in NPPR charges, the fact your allowed only 75% of the interest, further property tax down the line.

    No allowance is made for possible interest rate increases (coming once the eurocrisis is sorted in the next 3/4 years).

    Your calculations are like those of a 5 year olds.

    Nobody knows the unforeseen in relation to taxs and charges.

    your an accountant. Using the facts and figures. I gave you . Property sale approx 125K and rental 950 per mth and using what taxs and charges are confirmed at present.

    Can my books not be balanced. In my favour? Yes they can. You have the qualifications in that area. Can you confirm different?

    I spoke with an accountant and I will not mention the accountants name . But on a different property with similar prices . He confirmed to myself it would be a good investment. Maybe ill need to go to your boss's practice to get a second opinion.


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    #213
    endabob1
    Registered Users Posts: 911 ✭✭✭endabob1


    We've deviated quite far from the original point here but in terms of it being right time for investing all I will say is that with rentals as much as sales it's basic economics, supply v demand.

    It was obvious even before the bubble burst that there was an oversupply
    http://www.davy.ie/other/pubarticles/wmc20050926.pdf

    and given the number of emplty places,
    http://www.irishexaminer.com/ireland/kfkfqlcweyoj/rss2/

    it's ambitous to suggest that you'll be able to guarantee the returns being suggested.


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    #214
    georgejetson
    Closed Accounts Posts: 12 ✭georgejetson


    Man007 wrote: »
    Hi

    Me and my partner just got approved for a €400k mortgage.

    I probably no the answer to this but am just curious to hear people's thoughts.

    Am I MAD to buy a house this year.

    We have started looking and there seems to be good value in our opinion we can now get a decent size 4 bed in a nice area which we would never be able to afford before.

    I know prices are likely to fall by another 10-15% but if we rent for another year that will be 15k wasted anyway and don't want to put my life on hold anymore just because of all the negativity that's going on.

    Is there anyone else on here also taking the plunge and buying this year.

    Cheers

    If you find your dream home and you are happy with the price , location ect. Then buy.

    Other than that. I would advice with the advice My teacher gave

    Stop, look and listen before you cross the road and

    1. Are you in a safe place.
    2. Dont hurry. Stop and wait.
    3. Look all around you.

    Before you cross the road.


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    #215
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    georgejetson wrote: »
    If you find your dream home and you are happy with the price , location ect. Then buy.
    or better still, wait until next year or the year after to buy it and get it for 20 or 30% less than current prices.
    Many of the people who bought their dream homes 2 , 3 or 4 years ago now find they are nightmare homes, not dream homes. As emigration continues, exports falter, Ireland possibly leaves the eurozone + the govt cannot borrow more, and as property taxes + interest rates can only increase, property prices can only go one way. Think of all the debt the country has to pay back. We are still borrowing about 20 billion a year just to keep the lights on, literally.

    When the government cannot borrow to pay the guards and those on the dole, there will be rioting on the streets. Wait + see.


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    #216
    Spiritofthekop
    Registered Users Posts: 436 ✭✭Spiritofthekop


    More likely 80% like Morgan Kelly predicted..... but at least the media are finally acknowledging its going down further even though they are desperately trying to cap it at 60%.

    Another 3/4 years slowly going down then steady eddie for 10 years imo.....after that who knows


    http://www.independent.ie/business/personal-finance/property-mortgages/house-prices-to-fall-by-another-fifth-as-ireland-recovers-3012710.html


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    #217
    Bobeagleburger
    Registered Users Posts: 45,469 ✭✭✭✭Bobeagleburger


    80% at least..


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    #218
    ShadowHearth
    Registered Users Posts: 22,929 ✭✭✭✭ShadowHearth


    We got unlucky last year. Wasted 1 year on 2 properties, because seller ( repossed properties ) had done huge **** ups in documentation or building was refused building regulation document of compliance ( sorry if it is said wrong )

    We are thinking of buying house this year and start looking in to it on march, but to be honest I am not that confident in buying. Not that there is a problem with our employment or mortgage. It's just **** knows what is happening here now.


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