Lesson I took from last recession was don’t trade up a house unless you really don’t like where you live or it is too small. Could you spend less and do up the interior?
Being debt and particularly mortgage free as you approach 50s is a great freedom that I would love to enjoy.
That’s what I want, but it doesn’t seem to make financial sense as per the kind advice provided by the lads.
I suppose if you have cash in a fund that equals your mortgage you are effectively mortgage free.
As i said, if you are more comfortable with being debt free than being well provided for post retirement and availing of tax reliefs now then you should pay down your debt.
Exactly. Money which all going well should be beating inflation, while on the other side inflation erodes your debt away.
Where we are is plenty big enough. It’s at that point where not a huge percentage more will get you significantly more house for your money. My suspicion is that we won’t sell as the tories have crashed the housing market into a wall.
Who do you think will fund all the people who dont have any pension?..
You’d want your head examined to buy a house at the moment imo. Germany, the UK and Italy are effectively in recession and the entire EU will follow later this year. The ECB have used up all their bullets and are now firing blanks. Wait for a year or so and prices could drop 30-40%, similar to the late 80s. A good short term strategy could be to sell your existing house and rent for a year or two until prices bottom.
Well that won’t happen tbh. It’s our home.
Point taken though.
Sell sell sell
Good economic advice meets the real world.
Anything you make would be eaten up in the divorce.
So you’re telling me we still have 22 months to party?
Being made mandatory now going forward.
How’s it going to work?
Same way PRSI works. It will work like a tax.
Proposal was that government would put in 1 euro for every 3 the individual put in as an incentive
You have 22 months to borrow enough money that you are problem for the bank and not the other way around
That was in place of the current tax benefit so basically a load of shite
Catching up on this thread made great reading.
Fuck it lads, just clear the bloody mortgage on your family home. The mental side of it will easily enhance your wellbeing/wellness/wokeness/mental health/sex life/delayed alcoholism/golf handicap/internet wins/7 hours sleep/BMI/creativity/zen/5k time or whatever you are having yourself.
It was a bad ould morning for golf earlier but we had a cracking game on Monday in Shannon. The goal for taking up golf again in 2019 of hitting 90 is only a few shots away now.
And another junior will be off to college in Cork. More free time available for us.
I met a lad who did this in Dublin in 2005. He then tore his hair out for two years as the prices rocketed and even when the crash came he was so mind fucked from worrying he’d never be able to buy a house again that he ended up buying back in well above the bottom. He said as a transaction he made money, but the stress of it ruined his life for two years and his wife nearly left him for costing them their house at one stage.
True story that.