New Beginning?? Long term resolution for unwanted house.

LowKeyReturn

djimi wrote: »

Its one thing saying that people bought €500k houses; noone is disputing that. Its another thing entirely to describe a €500k house as a "modest starter house"...!

What would describe as a modest starter home when 1 bed apartments cost 300K? A three bedroom house is roughly what a family would start out in. 500K probably wouldn't have even got you that!

Q4 Daft Report from 2006

331 - 602K for a three bed in Dublin.

djimi

LowKeyReturn wrote: »

What would describe as a modest starter home when 1 bed apartments cost 300K? A three bedroom house is roughly what a family would start out in. 500K probably wouldn't have even got you that!

Q4 Daft Report from 2006

331 - 602K for a three bed in Dublin.

So you think a house that is priced on very much the high side of your price range in the most expensive part of the country is modest?

murphaph

LowKeyReturn wrote: »

Easily! 1 Bed apartments could go for almost 300K so a three bedroom house in South Dublin easily 500K. What's more the banks would lend on this even if the your income was quite low.

Dublin is not and never was limited to South Dublin. People always had the option of shock horror buying in West Dublin or even the dreaded Northside. If someone bought their first home for 500k in South Dublin then that way a lifestyle choice and nothing else.

LowKeyReturn

djimi wrote: »

So you think a house that is priced on very much the high side of your price range in the most expensive part of the country is modest?

Dublin is where the majority of the population and work is, so yes I would consider a mortgage somewhere within 30 - 45 minutes commute modest.

Scortho

LowKeyReturn wrote: »

What would describe as a modest starter home when 1 bed apartments cost 300K? A three bedroom house is roughly what a family would start out in. 500K probably wouldn't have even got you that!

Q4 Daft Report from 2006

331 - 602K for a three bed in Dublin.

A 3 bed semi d is a normal house for a family.
People just got the mentality post 2000 that you'd buy a house and flip it on 3 years later and use the profit to trade up, forgetting that the new house will have rose more.
Starter houses didn't exist pre 1995-2000.
People bought their first house and generally spent the rest of their life in it. If their circumstances changed and allowed them to trade up, they traded up, if it didn't, they stayed and continue to enjoy their home.
If they couldn't afford to buy, they didn't buy and they didn't move halfway across the country to do so either. Buying in the likes of Longford when you work in sandyford is and always was a rediculous idea.

LowKeyReturn

murphaph wrote: »

Dublin is not and never was limited to South Dublin. People always had the option of shock horror buying in West Dublin or even the dreaded Northside. If someone bought their first home for 500k in South Dublin then that way a lifestyle choice and nothing else.

Northside would still have set you back around €400K (county) or 460K for North City.

Grandpa Hassan

I've heard it all now. A €500k 3 bed house in south Dublin is a 'starter' home? Geez!

That thinking just shows how we ended up in this mess....

Why should the tax payer pick up the cost for someone that wanted to skip the first rung on the property ladder?

djimi

LowKeyReturn wrote: »

Dublin is where the majority of the population and work is, so yes I would consider a mortgage somewhere within 30 - 45 minutes commute modest.

But from that link you posted there are plenty of parts of Dublin (Clondalkin, Balbriggan, even North Kildare towns) where the average for a 3 bed semi d was about €350k. Thats a "modest starter house" (by the standard of the time).

LowKeyReturn

Grandpa Hassan wrote: »

I've heard it all now. A €500k 3 bed house in south Dublin is a 'starter' home? Geez!

That thinking just shows how we ended up in this mess....

Why should the tax payer pick up the cost for someone that wanted to skip the first rung on the property ladder?

Read the report - 2006 wasn't even the peak. Northside was more expensive than South in 2007.

Grandpa Hassan

LowKeyReturn wrote: »

Read the report - 2006 wasn't even the peak. Northside was more expensive than South in 2007.

There were plenty of places where you didn't have to pay €500k.

LowKeyReturn

djimi wrote: »

But from that link you posted there are plenty of parts of Dublin (Clondalkin, Balbriggan, even North Kildare towns) where the average for a 3 bed semi d was about €350k. Thats a "modest starter house" (by the standard of the time).

I'd describe that as entry level. 500K at the height of the boom was not extravagant. (Well it was but not for the time)

djimi

LowKeyReturn wrote: »

I'd describe that as entry level. 500K at the height of the boom was not extravagant. (Well it was but not for the time)

Whats the difference between entry level and starter home? Surely the definition of a starter home is an entry level property?

And I dont care how you look at it; half a million quid on a pile of bricks is extravagant regardless of what the market is doing. There are 25 and a half counties where you could have bought a very nice home, even in the boom, without having to spend anything like that much.

LowKeyReturn

djimi wrote: »

Whats the difference between entry level and starter home? Surely the definition of an entry home is an entry level property?

And I dont care how you look at it; half a million quid on a pile of bricks is extravagant regardless of what the market is doing. There are 25 and a half counties where you could have bought a very nice home, even in the boom, without having to spend anything like that much.

The description was modest. I assume it was a family home, therefore three beds with schools, facilities and various commutes to think about. I'm sorry but it's simply not bull**** to think that people have 500K of debt from their mortgages and didn't go bananas when they purchased.

I've not suggested people shouldn't have to pay it back themselves but it's very possible to be in 500K of debt based on boom pricing.

djimi

LowKeyReturn wrote: »

The description was modest. I assume it was a family home, therefore three beds with schools, facilities and various commutes to think about. I'm sorry but it's simply not bull**** to think that people have 500K of debt from their mortgages and didn't go bananas when they purchased.

I've not suggested people shouldn't have to pay it back themselves but it's very possible to be in 500K of debt based on boom pricing.

Of course its possible for people to have a mortgage of that size, and Im not suggesting that there is anything wrong with that. I just find it a bit funny to describe any €500k purchase as modest, because quite frankly its not. There were a lot of properties in a lot of areas that would not have you in that kind of debt.

LowKeyReturn

djimi wrote: »

Of course its possible for people to have a mortgage of that size, and Im not suggesting that there is anything wrong with that. I just find it a bit funny to describe any €500k purchase as modest, because quite frankly its not. There were a lot of properties in a lot of areas that would not have you in that kind of debt.

Yes and I do accept that - however as I say there are many factors (not all of them sensible) to consider. Beyond that I've never considered living in Wexford and working in Dublin to be a particularly good idea. You have to consider quality of life. Furthermore a modest income in 2006/2007 for a couple could easily be over €100K a year - suddenly spending another 100K over 25 years doesn't seem (at the time) to be such a big deal.

All this said the solution is not writing down that debt but neither is repossession and forcing people hang on to properties they don't need. Make the debt portable and manageable.

strongback

Rfrip wrote: »

500K mortgage for a first modest starter house......?

Funny that, I'm sure 2 bedroom apartments in the likes of Dublin 3 and further out of the city were selling for €500,000+ at the end of 2006/ start of 2007.

3 bedroom semi-d's were going for a minimum of €600,000 in the same area's the apartments were €500,000. Look up a property page from a newspaper from 2007 for evidence.

strongback

Its been discussed before but the division in opinion is getting clearer, the two tiers (or more) moving further apart:

Family buys their house before the boom attitude: "Not my problem you can't pay your boom time mortgage, you took the risk"

Family buys in the boom years: "I'm crippled with debt with my 40 year mortgage I'll be paying back until I'm 70".


It's clear as day where people sit when they give their opinion on this issue and it's all based on their own personal level of debt.

The funny thing is the two imaginary quotes I've given could be from next door neighbours the first aged 45 an the other one aged 35.


Buying your house in the 1980's or 90's meant you hit the jackpot. The value of your property rose experientially and at the same time your wages doubled and quadrupled.

To then turn around and patronise younger people and lecture on the responsibilities of debt is, shall I say, a little hard to take. If you were born in the 1960's you were handed the golden goose.


The kid's of the 70's and 80's do have an option...........more will be taking it.

D3PO

strongback wrote: »

Its been discussed before but the division in opinion is getting clearer, the two tiers (or more) moving further apart:

Family buys their house before the boom attitude: "Not my problem you can't pay your boom time mortgage, you took the risk"

Family buys in the boom years: "I'm crippled with debt with my 40 year mortgage I'll be paying back until I'm 70".


It's clear as day where people sit when they give their opinion on this issue and it's all based on their own personal level of debt.

The funny thing is the two imaginary quotes I've given could be from next door neighbours the first aged 45 an the other one aged 35.


Buying your house in the 1980's or 90's meant you hit the jackpot. The value of your property rose experientially and at the same time your wages doubled and quadrupled.

To then turn around and patronise younger people and lecture on the responsibilities of debt is, shall I say, a little hard to take. If you were born in the 1960's you were handed the golden goose.


The kid's of the 70's and 80's do have an option...........more will be taking it.

What a load of b0ll0x. I fit into category 2 in some ways in that I bought during the boom. But 1 I didnt get a 40 year mortgage and b im not crippled in debt because I wasn't stupid enough to over extend myself.


My attitude is that of the first quote. You make a decision you live by it tough luck if you were an idiot and over extended then boo hoo live with it.

Rfrip

strongback wrote: »

Funny that, I'm sure 2 bedroom apartments in the likes of Dublin 3 and further out of the city were selling for €500,000+ at the end of 2006/ start of 2007.

3 bedroom semi-d's were going for a minimum of €600,000 in the same area's the apartments were €500,000. Look up a property page from a newspaper from 2007 for evidence.

Il check my files for a newspaper from 07;) I'm just saying you can't put 500k and modest starter home in the same sentance

strongback

Rfrip wrote: »

Il check my files for a newspaper from 07;) I'm just saying you can't put 500k and modest starter home in the same sentance

People bought apartments in unfashionable parts of Dublin for €500,000, that really did happen.

Cork and Galway got almost as ridiculous. If you are talking about the average around the country then that's different.

strongback

D3PO wrote: »

What a load of b0ll0x. I fit into category 2 in some ways in that I bought during the boom. But 1 I didnt get a 40 year mortgage and b im not crippled in debt because I wasn't stupid enough to over extend myself.


My attitude is that of the first quote. You make a decision you live by it tough luck if you were an idiot and over extended then boo hoo live with it.

Lot's of people bought between 2005-07 when it was normal to pay €500,000 for a 3 bed house in Dublin. I have lots of friends who bought in the height of the boom. Some will certainly be seeking insolvency, they aren't saying boo-hoo.........they are packing their bags.

JJJJNR

Congratulations on your new found love, could you both go to the uk and setup over there, would that be an option, bankruptcy is the only way out of this mess for you, don't be ashamed of it, its your life and you only have one, you did a very noble thing by buying out your ex, now you need to do the right thing and get on with your life.

Scortho

strongback wrote: »

Its been discussed before but the division in opinion is getting clearer, the two tiers (or more) moving further apart:

Family buys their house before the boom attitude: "Not my problem you can't pay your boom time mortgage, you took the risk"

Family buys in the boom years: "I'm crippled with debt with my 40 year mortgage I'll be paying back until I'm 70".


It's clear as day where people sit when they give their opinion on this issue and it's all based on their own personal level of debt.

The funny thing is the two imaginary quotes I've given could be from next door neighbours the first aged 45 an the other one aged 35.


Buying your house in the 1980's or 90's meant you hit the jackpot. The value of your property rose experientially and at the same time your wages doubled and quadrupled.

To then turn around and patronise younger people and lecture on the responsibilities of debt is, shall I say, a little hard to take. If you were born in the 1960's you were handed the golden goose.


The kid's of the 70's and 80's do have an option...........more will be taking it.

A home is a home. It's a place to live. The value of it shouldn't matter. If you buy a home, you don't buy with the intention of becomming a millionaire. You buy it with the intention of it being a place to live.

strongback

It's a home until it grabs you by the scruff of the neck and you end up in a bedsit in Cricklewood.

Bullseye1

Agreed. Best to sell the property and get what you can. Don't let the banks take the selling process out of your hands. If there is a balance that cannot be paid what can they do? They can force bankruptcy on you or you can take matters into your own hands and move to the UK and after 12 months do it yourself.

JJJJNR

I'd rather a bedsit in cricklewood for a year than a bedsit in rathgar for 5.

strongback

5.....I thought it was 8 years here......three plus the five years they count how many cornflakes you're having for breakfast.

Probably more like 17 months in Cricklewood.

JJJJNR

Damn 8 years now is it, hell you could rob what you owe from the bank you owe and still be out before that.. and have no bills at all and come out to a lump sum of dole payments at the end...

FKING great country.

gaius c

JJJJNR wrote: »

Congratulations on your new found love, could you both go to the uk and setup over there, would that be an option, bankruptcy is the only way out of this mess for you, don't be ashamed of it, its your life and you only have one, you did a very noble thing by buying out your ex, now you need to do the right thing and get on with your life.

Trouble is that he isn't actually bankrupt and can afford the repayments.

jmayo

Beardyman wrote: »

I won't waste my time commenting on this reply as this person has no idea of the acutal difficulty of the situation and is merely speculating without the facts.

But you still want to waste their money on the situation. :rolleyes:

strongback wrote: »

Spoken like a man with a small mortgage or none at all. This line is a bit patronising to anyone who bought their first modest starter house during the height of the boom and is carrying around a €500,000 mortgage and a job hanging by a thread. If people keep talking like this Ben Dunne's army will start to march.

And you know what it even more patronising is being told that you have to cough up because some people overpaid for their "modest starter house" that just happened to cost 500,000 plus.

I bet you wouldn't be on here offering to spilt the proceeds if, as you expected, your house had gone up in price and you were moving onto the next rung on the proeprty ladder ?

If you were dumb enough to vastly overpay for your "modest starter house" at the height of the boom, don't expect the rest of us are now dumb enough to compensate you for it.

The fooking sense of entitlement in this country is now reaching nauseating levels.

Oh and dream on about ben dunne's army.
It will march until people begin to cop on they are the ones paying for it.