House depreciation

antoinolachtnai

sdraobs wrote: »

thanks for that Antoinolachtnai. at least if i dont buy a house over 40 odd years, it should get away without too much work.

Hmm. My experience is that after 30 years, a house needs certain investments. The heating boiler needs to be replaced or at least every 15-30 years. Hot water cylinder has to be replaced after 30 or 40 years. Windows need to be replaced or at the very least secondary-glazed after 35 years or so. Flooring needs to be changed every 20 years. Kitchens need to be replaced at least every 30 years. A bathroom probably needs to be replaced after between 20 and 40 years. Each of these items is inexpensive enough in and of itself but put it together and you can spend 50 grand in a single decade very easily.

Mike9832

ELM327 wrote: »

Over the medium term (7-10 years+) houses do not depreciate, they appreciate.

Not true at all

Far too vague a statement

Outside of Dublin alot have never recovered in the last 7-10 years, still many in negative equity, especially new builds

ELM327

Mike9832 wrote: »

Not true at all

Far too vague a statement

Outside of Dublin alot have never recovered in the last 7-10 years, still many in negative equity, especially new builds

Ok Thierry.
I recently purchased a 3 bed in Athboy. On looking at the PPR, I can see that the properties have doubled in price in my complex since 2012, and are above 2007 prices.
The only properties that are not recovered to at least parity with the boom prices are mcmansions that few can get mortgages for.


But sure, you're correct and you know best as always. Are you a properyty owner? Since you're not an ev driver but manage to have an opinion on everything EV based, I wouldn't be surprised if you have no skin in this game either.

lawred2

sdraobs wrote: »

Anyone got any thoughts on the rate of depreciation of a house.

im deciding whether to buy a new or second hand house. A new house will have a 20 year guarantee, but i realise it will depreciate quickly, like a car. For example a new kitchen/floor will not be to everyone's taste.

But an older house will have more problems, but wont depreciate as quickly. For example, the 20 year guarantee will have expired so assume depreciation is slower.

Thanks

lawred2

Mike9832 wrote: »

Not true at all

Far too vague a statement

Outside of Dublin alot have never recovered in the last 7-10 years, still many in negative equity, especially new builds

If that same house was bought in 1998 - would it be worth more now or less?

ELM327

lawred2 wrote: »

If that same house was bought in 1998 - would it be worth more now or less?

That poster follows me everywhere to argue with me, I wouldn't pay too much heed tbh


It's nonsense to suggest that houses do anything other than appreciate in the medium term.

Mike9832

lawred2 wrote: »

If that same house was bought in 1998 - would it be worth more now or less?

If it was bought in 2006 outside of the main cities it's worth less, even the cities might not have recovered in some area's

Mike9832

ELM327 wrote: »

Ok Thierry.
I recently purchased a 3 bed in Athboy. On looking at the PPR, I can see that the properties have doubled in price in my complex since 2012, and are above 2007 prices.
The only properties that are not recovered to at least parity with the boom prices are mcmansions that few can get mortgages for.


But sure, you're correct and you know best as always. Are you a properyty owner? Since you're not an ev driver but manage to have an opinion on everything EV based, I wouldn't be surprised if you have no skin in this game either.

Bought 4 bed for cash, proper house not a complex

Effects

sdraobs wrote: »

A new house will have a 20 year guarantee.

A worthless guarantee. Anyone that I've heard of with a problem got nowhere with Homebond. It's just a ruse to make people think it's worth something. It's not.