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It's 2005 again.. in Chapelizod..!

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    #62
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    i would,nt view some one buying a 1bed apartment
    in that area to live in as a speculator .
    most single people who are working ,will have a choice
    pay rent ,or buy a property ,
    its quite possible most of the buyers there will live there.
    people who paid 250 for a house in longford for example, were not so much speculators as naive fools.
    it was a lot of stupidity in many cases,
    buy house for 200k,The rent would , nt even cover the mortgage ,it was more like ,,in ten years time it,ll
    be worth 300k,
    ie prices will increase forever.
    now they are stuck with houses in negative equity .
    And higher taxes , falling incomes.

    quote Only if you were comparing like for like i.e. you can mortgage the property your rent for marginally more (mortgage interest < rent).

    if you are saying go on interest only mortgage ,
    i dont think thats a good idea. at some point you,ll
    have to pay the capital.

    my friend has 60k, in the bank,
    in the last ten years she spent around 90k on rent,
    in the area she,s in she could have bought a house for 150k,
    shes renting a house ,has 2 kids.has a secure job.
    for some people it makes sense to buy a house or apartment ,IF they are paying a high rent.
    And they have a secure job.
    last year prices went down, i expect they,ll continue to fall next year.


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    #63
    kennyb3
    Registered Users Posts: 6,724 ✭✭✭kennyb3


    I expect this thread will be exactly like looking back on 2006/07 threads in 4/5 years time - if anyone thinks the ECB interest rate is going to remain at 0.75% over the next 30 years they are nuts.

    When it goes back to at least 3.5 - 4% in about 5-7 years i expect rates here to be about 7 or 8%.

    Of course there will be those who claimed they never saw it coming and won't have budgeted for it. Some of the assumptions outlined previously are optimistic at best imho.

    Also people seem to take the CPI and use that as inflation - that is simply an average rate, large increases in energy prices etc drag the average up significantly. Remind me of the pension company calculations with their assumed 3% contribution increases and 6% growth rates.


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