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Owning an Apartment

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  • 30-04-2014 7:36pm
    #1
    ash777
    Registered Users Posts: 274 ✭✭


    Hi,

    Is it true that you never fully own an apartment - that you only 'buy' a longterm lease? What happens when the lease runs out (I know some are for, i.e. 1000 years), does the bank/apartment management/sharehoulders/some other option that my tired brain cannot think of own it then, or what? And just in terms of a mortgage, are you paying off a mortgage, or a mortgage for a lease (probably?)?
    Thanks!


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Yes- its a long term lease.
    All properties are vested in the Management Company- of whom you are a shareholder- so even after the 1000 years (or however how long) you still hold your share in the Management Company- which in turn owns the property. Presumably there would be some massive redevelopment at that stage- to reflect changes in living conditions over the previous millenium.........


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    #3
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    The_Conductor wrote: »
    Yes- its a long term lease.
    All properties are vested in the Management Company- of whom you are a shareholder- so even after the 1000 years (or however how long) you still hold your share in the Management Company- which in turn owns the property. Presumably there would be some massive redevelopment at that stage- to reflect changes in living conditions over the previous millenium.........

    The pantheon in rome has survived 2,000 years, but the average dublin apartment is built to last only 30-50!


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    #4
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    johnnyskeleton wrote: »
    The pantheon in rome has survived 2,000 years, but the average dublin apartment is built to last only 30-50!
    Based on what?
    If maintained they should last indefinitely. The Pantheon hasn't lasted without massive restoration and repair.


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    #5
    Col_30
    Registered Users Posts: 171 ✭✭Col_30


    johnnyskeleton wrote: »
    The pantheon in rome has survived 2,000 years, but the average dublin apartment is built to last only 30-50!

    There are many red-bricked 70's apartment blocks around. They look rock solid. They normally have really well proportioned rooms and lots of storage. I can see them outlasting a lot of the rubbish that was built during the 00's bubble.


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