For me, the biggest lesson learned is that should we ever get into a situation like this again, then you'd be better off trying to get the biggest loan you can to build as many houses as you can, siphon the revenue off into an off shore bank account and then declare yourself insolvent. Then retire to your off-shore haven whilst watching taxes going up back in Ireland. Any other lessons out there?
Lessons Learned from the House boom/bust
- Thread starter Firefly
- Start date
I bought in 1998 and sold in 2007
Although we've no immediate plans to sell, given the whole crap, palaver and obsession surrounding anything relating to houses/property, in the future I think I'd seriously consider renting long term as long as regulations were tightened up there.
Easier to do if you don't have kids though I guess.
Easier to do if you don't have kids though I guess.
According to some posters if we buy a house we need to take into consideration that our money is not for spending !
Its only given to us for the craic and at a whim the government can take it back,after they have once again made a mess of things..
And at any moment the government can change the goalposts and tell us that we need to get back to reality
I wonder now if I should buy enough food to last the week as apparently we shouldnt budget on what we have...
Nice one! I'm nearly as happy for you as I am for the fact I DIDN'T buy! Nearly, but not quite, as I probably won't have had the same foresight!
Yea, but the smart guy that I am I used the money to buy... wait for it... a new family house (the one we sold was rented out).
Thats exactly what I did. To a T. House doubled in price.
Only problem, I bought somewhere else!
Having said that if I had not bought in Lucan in 2000 and sold exactly at the time I sold, I could not have upgraded to where I am now, so happy days. If I was still there now, I would be in no position to move as that area has fallen far more than where I am.
Very happy where I am with no plans to sell, so no problems.
Did you not have to buy again ? if not well done youI bought in 1998 and sold in 2007
It was the first house we bought when we got married. When we moved we rented the first one out. When we moved again we sold the second one but kept the first one.
When the whole sub-prime thing started to kick-off in the media, Irish banks started selling off their own buildings and prices started to “level off” I decided to jump.
We used the money to renovate our house and pay down the mortgage.
The biggest lesson will be for people to actually read small print, realise that their decisions impact on them and are their responsibility. A lesson that needs to be learned is that no matter how much we give out and slag off those who we think are better off than us, we are in the situation that we are in and if we don't dig deep to get out of it nobody else is going to do it for us. It is getting really tiresome listening to the moaning about tax when we all know it is needed and saying 'I didn't get us into this mess' doesn't cut the mustard as everyone has benefitted to some degree from the boom.
You are forgetting that sometimes OTHER peoples decisions impact on us even more!
And yeah how dare we give out about the state of the country,we should all be locked up for it ,and while were at it,ly back and think of Brian cowen (uhhhhhhhh maybe not_)
give out all you want I find its more productive to get of your This post will be deleted if not edited to remove bad language and get on with things, just a different school of thought I guess.
Careful now, we dont want people taking responsibility for their own actions . . .
Who voted the government in . . The Irish People . .
Who wanted lower taxes . . The Irish People . .
Who chose not to complain about these lower taxes, the quangos, the vested interest groups that were obviously looking out for themselves in the good years . . Yep you have guessed it . .The Irish People
Who chose to invest in property in Ireland when they could of rented . . The Irish People . .
Didnt see any strikes or marching on the streets during the good years, so people obviously werent upset enough to make a stand about the farce of the government and their banker-builder friends . .
If I didnt laugh I would cry. . . When I heard a lady on Pat Kennys show yesterday nearly crying at lenihan because all she had was her house in Ireland, her house in Croatia and her salary of €63,000 per annum at age 51 . . Seriously, just shows how delusional so many people are in this country . . If anybody remotely thinks this woman should be pitied, then you are much, much, much better off then me and a majority of the public in this country. "I bought a house and Investment property" But " I cant afford this anymore because of the government" . . Wow, in a nutshell what so many people love to do . . Blame somebody else for their financial decisions .
Many of the people on that show were probobley hand picked so that Lenihan couldnt properly debate their grievances. If it were me, I would of said . . "Ms, did the government force or ask you to buy rental properties instead of saving in bank deposits or something less risky". Fish in a Barrell Lenihan was . . . Yes the government deserve to be ridiculed but not for peoples own personal investment choices . .
By all means, complain about the government and their obvious failings (that have been there since teflon bertie was in charge), but dont for a second think that this country owes you anything if you have invested heavily in property and want the government to bail you out . .
I am so fecked off that the banks did pretty much get bailed out and that many builders APPEAR to be getting away with ripping off individuals and this country ( That said I know a builder who has the sheriff at his door looking to take his house!) .
I am so fecked off that Bigwig bankers are so far not being held accountable for their actions. Personally I believe there should be a strong case for bringing a "crimes against the economy" case against Seanie Fitz, given the trouble thats been caused by his blatant disregard for prudent directorship (if there is such a thing). Given the fact that Anglo has been mentioned , even when it comes to our countries credit rating, surely there is a case for accusing them of costing the country millions, if not billions . .
Yes, I am disgusted with the way things have happened, the way things have been handled and the way a huge portion of this country has responded with NOTHING but negative views on how we should work on recovering.
BUT . . .
That doesnt excuse our over reliance on personal loans, credit cards or our purchasing of cars or Houses. This country is learning, quickly, the valuable lesson of being prudent with your money, but even more prudent with banks money (as it has to be paid back eventually irrespective of your purchase).
This budget wasnt that much of a surprise to most educated people (who keep an eye on politics and economy). There are awful and hard luck stories out there, genuine hard luck stories . . But while I have empathy for ANYBODY struggling with Debt (particularly if you didnt take that much of a risk), at the end of the day, in most cases , they got themselves into that position . .
Just listened to the podcast. Have to agree with you on that point, it was pathetic.
Please tell me this ridiculous bint was a plant?
I can't believe there are people like this out there.
Why do you think we had a housing bubble? (and even exported our housing bubble)
Is it true that its mostly IReland the the UK that are obsessed with owning houses?
I know a few people from foreign countries (Spain, Sweden etc) and they don't seem to have this obsession to own their own home - renting seems to work for them. So why did we get so hung up over owning a house?
I know a few people from foreign countries (Spain, Sweden etc) and they don't seem to have this obsession to own their own home - renting seems to work for them. So why did we get so hung up over owning a house?