I’ve a mate who is a high enough earner, getting evicted so looking to buy in Dublin ATM. The viewings are mental - he’ll be at some average 3-bed semi, listed for €390,000 or something like that, and the estate agent will shout up the stairs at all the people viewing, “We’re up to €450,000 now!” Then it will sell for something like €480,000.
Yeah, there’s no value in Dublin at all ATM as far as I can see, although he wouldn’t look in a place like Donabate and I think Donabate might be a good option for the future (ignoring potentially serious traffic problems). The only value would be if you renovate I think.
He’d probably be better off waiting a few years but the thing is you don’t know how long you’d be waiting. You’d need a serious nerve. He’s old enough, mid-30s.
Renovate……Fine in theory but who’s going to do it ? Tradesmen are more valuable than nuclear physicists at the moment and that will continue. Then there’s the disaster than can appear from behind a skirting board or a burst of dry rot of a calamity with a flat roof extension done by cowboys……
Renovation is a minefield unless you’re handy, patient, single, interested and have money to burn.
It would break your heart. Lad probably earning since his early 20s, spending money on cars, weekends away, gym memberships, fancy overcoats, coffees, nights out, you name it and now can’t buy a house in his mid 30s.
In my day you started saving for a deposit when you got your first wage packet and you didn’t spend a bob beyond mere survival until you had nailed that first three bed semi.
Different times and different priorities I suppose.
The value in renovating is gone now too unless you’re very handy and do most of the work yourself and even then not much value there as materials are gone crazy prices. A 2 bed fixer upper terrace house in Crumlin is asking for €380k now probably go for €400k and would need rewiring, replastering, probably new windows, new floors etc. So you’d be north of €450k quickly enough and then you’d have a nice 2 bed house in Crumlin. And if that doesn’t tell you what state the market is in I can’t help you.
Fucks sake Fagan, no need to demoralise the poor hoor altogether. But that’s how it was and now you have lads moaning at us. Enjoy the cruise and that stuff later in the year - you earned it.
Something similar here when I first bought in Dublin in the mid 1990’s. As soon as you started earning out of college, financial focus straight away was on getting deposit for a mortgage. We thought it was tough back then too and we were the generation getting fleeced. It’s all relative but it’s just off the Richter scale now.
I’m going to have the mortgage payed off on the Dublin house in June of this year.
Inflation at ten per cent will soften the cough of the fixed income pensioners
There’ll be more equity released than on a failed Shakespeare production
I was looking at a graph of house price collapse and I’m pleased to say I bought at 47.6 per cent below the peak (they ended up going down 54 per cent from peak). *** at the time there were daily rumors the Army was in the Mint in Sandyford unloading the new punt
My parents bought their first house for 8000 pounds back in the day and they had the deposit for that when they were 22 with no help from their parents. The equivalent now for a 22 year old would be to scrape together 30 or 40 grand for a deposit while earning 30k a year before tax and paying 10k of what’s left on rent alone.
Will you fuck off out of it with your back in my day messing Fagan
The generation that made Ireland what it is today will do what they have always done. Pull in the belt buckle a couple of notches and ride out the storm. It won’t be the first time they’ve seen inflation.
dont know about that. life in your 20s is for living and enjoying life and everything it has. I know I did it differently to a lot around me, but I had fuck all interest in property ladder stuff and career advancement when I was in my 20s. I started building my own place in a rural area when I was 29, but the value of that building now would be double the cost to build now. I was very lucky, I dont think I’d be able to afford it had I been 10 years younger and gone the same route. It shouldnt be a case of either or with regards to enjoying your 20s and being able to buy a house when you hit your 30s. It is now, but to say it was always like that is a folly. Houses back yonder were a fraction of the relative wages to cost than they are now.
