Fascinating that the kid @anon32894817 has his head screwed on while most of the others posting have their heads up their ass. Housing has peaked everywhere in the western world and is headed in one direction, down. Europe is already in recession, the UK is about to self implode, China is completely fucked and the US will be in recession by early 2020. How well do you think Ireland will do if US multinationals start to cut back?, especially as under the new corporate tax rules the benefits of a low tax regime like Ireland are lessened. Add in a general slowdown in the EU and the UK contracting post Brexit. It’s not a pretty picture.
This is a time for extreme caution, the coming crash could be worse than 2008. The amount of sovereign debt, corporate debt and personal debt out there is staggering.
I was extremely amused by @anon26343222 assertion the next recession won’t be too bad. I’d be sitting and waiting as in the next few years there’ll be some serious investment opportunities whether be property, equine or shares. We will see one hell of a recession in the next few years and for my nickle I wouldn’t like to be mortaged up particularly if your not married/No kids etc. Obviously everybodies situation is different but this is just my opinion.
I agree with most of this in my gamblers brain.
Unfortunately*, I’ve two kids and nowhere to live so the option of sitting and waiting doesn’t exist. The option of renting doesn’t exist either since finding a place is near impossible and rents are extortionate anyway.
*Obviously not unfortunate to have kids, just the situation I find myself in financially.
Yes and yes. It’s probably not actually too small but it’s a duplex with no garden and someone got shot outside one night. Either way, Mrs J will never live there again.
We were going to sell it for extra deposit/buying power but when we did the maths with the bank it didn’t really make sense.
Imo the a lot of 08 recession was self inflicted for a lot people. I’m not saying everybody but how many people just blew money on ridiculous houses, holiday homes etc etc. it was pure greed that caught a lot of people out. The big difference between now then is we won’t get a helping hand from Europe and if US investment pulls out we are truly fucked. I’d also argue the worlds leaders across the board have never been a weaker bunch. You wouldn’t rely on one of them to make the hard calls.
@anon32894817 is 24 so he’d be mad to be tying himself down with a mortgage. Everyone else here is older so they need to start getting serious. Paying a mortgage is cheaper than paying rent in Dublin and the last recession didn’t affect rental values that badly.
It’s grand if you’re living at home to be talking about not tying yourself down to a mortgage, if you’re renting you’d seriously want to be thinking about getting on the ladder by mid to late 20s. If you’ve kids while you’re renting you’re fucked. You’ll be stuck renting forever.
If you’re hanging around waiting for a recession you’re also wasting your time. The money you’d save on the cost of the house will be gone into the dead hole of the rent in the meantime
I’m renting at the moment and one of the stupidest things anybody in their mid 20s to the late 20s at the moment can do is go off and buy a house they don’t need. House prices are gone mental again and were nearing another massive recession. You literally couldn’t fuck your self over more by buying a house.
I mean anybody looking to buy in their mid 20s would want their head examined. Most people haven’t job security. You will in all likely be jobless, sitting in a house you don’t need blessed with negativity equity to boot. As long as theres people like @anon78624367 around there will always be bookmakers. In your mid 20s the whole world is in front of you.
Correct but people do need houses after a certain age because they need a roof over their heads.
I’m not that convinced house prices are as nuts as during the boom yet. During the boom my parents bought a 2 bed apartment in glasnevin for 150k and sold it a few years later for 250k. I’m now hoping to buy a 2 bed in James Gate for 250k. Still good value in comparison and there’s still folks stuck in negative equity.
Not really. Most of Europe was in the doldrums whilst Germany rebounded far quicker than the rest of Europe in 2008. Much of Europe was doing very well whilst Germany struggled in the late 1990s and early 2000s.
There are obviously hugely different factors from before now (demographics, Germany is not rebuilding the East to the same extent, sovereign debt is different) but it is far from true as an adage.
Is that a good thing? My uncle retired at 55 and was miserable within 12 months depressed. Went back to work and was as good as ever within weeks. He had plenty of money but too much time on his hands. You peak at 35 and after that your in decline. Your strength, health, ability to drink etc slowly goes. By 50 you’ll hardly be able to get a horn. A lad in his mid 20s buying a house needs a kick in the arse and fella thinking being retired by 50 is a good thing needs a wake up call imo.
it’s like the priest giving advice at the pre marriage course