Lessons Learned from the House boom/bust


Hangover from our landlord years ? Also, tenancy laws/agreements are much much stronger there. For example if you're renting and the landlord wants to sell the property, the tenant gets first dibs at a preferable rate.

My brother lives in France and got a fixed rate mortgage of 5% or something.
Wanna know how long it's fixed for ? 25 years !!! Yep, the entire length of the mortgage is fixed at the same repayment. the same today as it will be in 25 years (when the amount will be relatively less).
Score !

If it wasn't for the fact that there's no jobs there I'd move meself
 
I would say its partly, as Pique says, because the rental market is so poorly regulated in this country. However,we also tend to see renting as just a stepping stone to owning our own property and associate it with young people who haven't been working for very long. I know someone who is still renting in her late forties and she feels like a failure and is almost embarassed to tell people that she doesn't own her own place.
 
RMCF said:
So why did we get so hung up over owning a house?
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Dunno why the Irish are but me and my OH are not Irish and couldn't wait to get our own place to get out of the grubby, poorly looked after flats and attached feckless greedy landlords we had to put up for the three of four years we rented in Dublin. We might be dogged by a large mortage now but at least there is a written contract and laws to be abided by both parties as opposed to the wild west that is the Irish renting market.
 
Its an awful shame, as being tied to a mortgage really does curtail what you can do in life, what kind of risks you can take and what kind of changes you can make if you're not happy with your job, lifestyle etc. If we operated a tightly controlled and well regulated rental sector, people could then make a proper choice re whether they want to rent or buy. As it is, most people feel forced into buying if they don't want to spend the rest of their lives at the mercy of unscrupulous landlords.
 
Well, when a market is not well regulated you'll find it attracts a lot of unscrupulous people (plus some honourable people like yourself of course)
 
The lesson we'll learn is the same that has been learned from every other house boom/bust: nowt.

Hopefully though people will realise there is value in thinking about what you can afford and what you actually need.

Hopefully we'll realise that too much of the wrong regulation is as bad as no regulation.

We'll always want a house, our house, a place that we own, you can't change culture that easily and you can't criticise people when that's just the way we are. Hopefully though we'll realise that we can wait for when it's right and that patience isn't something that just extends to waiting for the keys to your new house, it extends to everything.

Hopefully we'll also realise that as much as we're bashing the government, we're not noticing how the opposition really aren't giving us any viable alternatives. At a time when even the most inept politicially astute person could score points off this government, we should be more worried at the complete failure of the opposition to do so at this time.
 


We got hung up on owning everything, multiple plasmas, 4x4's, art, top of the range appliances, at least houses had a chance of appreciating.
 
But buying as opposed to renting does seem to be a peculiarly Irish & British thing. A culture of this aside, the biggest obstacle is surely regulations regarding landlords & renting generally - we have friends in the states, in France and in Spain who rent long term and have never considered buying.

They have no angst about their rights, about increasing rent, wear and tear (within reason) is a given but tenants have generally seem to have great respect for the property they live in, landlords (who often employ superintendents) are quick to respond to any maintenance issues but otherwise have little contact with tenants...etc etc

The other thing of course is people in the above mentioned countries are usually career landlords - not someone seeing an opportunity as a sideline which often is the case in Ireland.
 
Just listened to the podcast. The lady is deluded. She already said that if she hadn't gone into Croatia that she would be OK. Why oh why, did the minister not ask her if she had asked her financial advisor to pay her back? I serously question this woman's ability to teach in an unbiased way. The likes of these wninge-fest shows are the feeding ground for bile-eating malcontents. Whats the point ringing up unless you want to vent? Talking to Pat Kenny will not solve your problems. Things could get worse ........ if he starts talking about his 'victorious' court case not so long ago. We've got to be thankful for small mercies.
 
Simeon said:
The lady is deluded. The likes of these wninge-fest shows are the feeding ground for bile-eating malcontents.
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oh my god i heard her also..like northdrum if i didnt laugh my way the whole way through her 'pathethic whinging' i would have cried. And there are plenty of these people out there.


I cannot stand any more of this whinging and moan moan moan attitude.

We have a serious problem and it has to be fixed. Why can people not get this through their thick skulls? My pay like everybody else is getting cut and taxed, but im getting on with it rather than whinging about it. The way i look at it, it was bubble money, money we should probably have never been paid anyway.

If this fiscal problem is not resolved then we really will have something to worry about.
 
Ok, here's my two cents worth.

1. Having a degree from a renowned university is no guarantee of being smart. Look at all those bankers,brokers and developers and the damage they've done. Quite useless and stupid.
2. Vanilla type saving accounts without all the bells and whistles proved to be a better choice than all the fancy investment schemes and well to do hedge funds.
3. We need to bring back the old virtues like Shame and Guilt. These bankers and Brokers have ruined the reputation of the Stock Markets and brought great institutions crashing down. Yet apparently they seem frivolous to the damage they've done. Shame on them!
4. We should have listened to our parents and grand parents when they told us to save and don't borrow what you can't possible afford to pay back.. I was actually doing this but still, like countless others paid the price.


Also why buy a house? Think about it, it is a scam. You pay a fortune for a mortgage, taxes, interest and maintaining and repairing your property. For what? You pass away, your next of kin gets some of the money and more often than not, the tax man gets the rest. You're better off renting.

When will people realise that investing is a nicer word for gambling. The stock market is a gamblers paradise, the housing market was another gamble that alot of people got into to and lost big time. Tough.

I'm aslo beginning to depise people, like that teacher, who would rather emote her situation than actually use reason. But she can't use reason because she gambled and lost big time and she knows it.

Will lessons ever be learnt? Of course not. The south sea bubble and tuplimania anybody?
 
Simeon said:
The likes of these wninge-fest shows are the feeding ground for bile-eating malcontents.
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You are the one that should be teaching (English preferably, although maybe not spelling tests )

Brilliantly said Sir !!!
 
Agree with those that can't stand all the moaning on these shows at the minute.

We have a population that said many times that it was ready to take the pain and a tough budget, but they have been moaning non-stop since they have had to take the pain !!

We have people moaning about losing all their money because they ploughed it all into bank shares. Did they not hear that line "the value of shares can go down as well as up"? It is repeated ad nauseum in the adverts. You are taking a gamble buying any share. If it bankfires on you, you can't start moaning.

And the same goes for buying houses. Property is no different to shares. There is absolutely no guarantee that the prices will not fall. Yet we have thousands moaning that they have lost money on their house. Did they not consider this possibility before buying?

If it takes 5 years to get out of this mess, its going to be a long 5 years listening to the moaning.
 
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