When the current global economic crisis is behind us, we'll want to get the boom going again. So it might be worth preserving some of the principles and thought processes that made our economic growth the envy of Europe. Here's a start (pulled from various places) :
Only seek the advice of people who want your money.
Chief economists for major lending organisations have your interests at heart.
If spending €X00,000 on an asset, it is not necessary to have ever seen it, or ever to have been in the same city as it.
The best way to combat a perceived shortage of supply is to buy up as much of something as possible as quickly as possible.
When it comes to parroting "this country is different", this country is different.
Experts in the media are always well-versed in the subjects they discuss and should be taken seriously
Ignore the low yield on an investment whose intrinsic value is based on its yield
There are strong fundamentals in the market and prices will always appreciate.
Talk of a crash is unfounded.
When house prices are accelerating upwards, the only practical solution is for the banks to lend more money.
In an increasingly mobile society with no job security, buying them the most immobile asset available is a good way of passing wealth on to our children
Governments always act in the best interests of the populace so must protect the housing market.
The more expensive an asset, the less time you should spend on worrying about its future value.
The crowd is always right, so feel comfortable joining others when buying aggressively
Banks will not finance an asset, unless they are very sure they can get their loan money back
Draw a straight-line. If prices are moving up faster, in a parabolic fashion above that line, it must mean it is a sound investment
Television programmes with "entertainment value" and "convincing presenters", are a great place to get useful economic advice
If you can't afford something, buy it anyway. Borrowing used to be a mug's game, but these days the mugs are those who are not living it up on borrowed money.
There are two words to describe renting: Dead money. Note that interest paid on a mortgage is fine, especially if it's twice the amount that a monthly rent would be. The reason it's fine is that it allows you to tell people you're a homeowner and you can't put a price on that.
You've got nothing to worry about as long as you're in it for the long term.
Having your kitchen in your living room can be both luxurious and convenient
ECB rates will remain around low - around 2% - indefinitely because of Germany. It will take countless years for them to build back up their economy.
The future population of Ireland in 20 years can be reliably predicted by multiplying the peak yearly number of immigrants during a construction bubble by 20.
Painting the exterior of a house and adding a few potted plants will result in someone offering 100k over the asking price.
It's wrong to lie about your income when applying for a mortgage unless you really - really - want that house
A gentle easing of prices and a soft landing are the most likely outcomes following an extended period of frenzied buying.
We live on a small Island, they're not making any more land, so prices cannot fall.
A vibrant market requires secrecy of sales prices and allows for easy use
of phantom bidding.
The last house or apartment in a development (that others have rejected) is the one you should bid furiously on.
If taking on a mortgage for 40 years, the best course of action is to only plan for a few years' payments.
When prices are rising, it's due to fundamentals. But when prices are falling, it's because of the media are giving too much airtime to doom and gloomers.
Only seek the advice of people who want your money.
Chief economists for major lending organisations have your interests at heart.
If spending €X00,000 on an asset, it is not necessary to have ever seen it, or ever to have been in the same city as it.
The best way to combat a perceived shortage of supply is to buy up as much of something as possible as quickly as possible.
When it comes to parroting "this country is different", this country is different.
Experts in the media are always well-versed in the subjects they discuss and should be taken seriously
Ignore the low yield on an investment whose intrinsic value is based on its yield
There are strong fundamentals in the market and prices will always appreciate.
Talk of a crash is unfounded.
When house prices are accelerating upwards, the only practical solution is for the banks to lend more money.
In an increasingly mobile society with no job security, buying them the most immobile asset available is a good way of passing wealth on to our children
Governments always act in the best interests of the populace so must protect the housing market.
The more expensive an asset, the less time you should spend on worrying about its future value.
The crowd is always right, so feel comfortable joining others when buying aggressively
Banks will not finance an asset, unless they are very sure they can get their loan money back
Draw a straight-line. If prices are moving up faster, in a parabolic fashion above that line, it must mean it is a sound investment
Television programmes with "entertainment value" and "convincing presenters", are a great place to get useful economic advice
If you can't afford something, buy it anyway. Borrowing used to be a mug's game, but these days the mugs are those who are not living it up on borrowed money.
There are two words to describe renting: Dead money. Note that interest paid on a mortgage is fine, especially if it's twice the amount that a monthly rent would be. The reason it's fine is that it allows you to tell people you're a homeowner and you can't put a price on that.
You've got nothing to worry about as long as you're in it for the long term.
Having your kitchen in your living room can be both luxurious and convenient
ECB rates will remain around low - around 2% - indefinitely because of Germany. It will take countless years for them to build back up their economy.
The future population of Ireland in 20 years can be reliably predicted by multiplying the peak yearly number of immigrants during a construction bubble by 20.
Painting the exterior of a house and adding a few potted plants will result in someone offering 100k over the asking price.
It's wrong to lie about your income when applying for a mortgage unless you really - really - want that house
A gentle easing of prices and a soft landing are the most likely outcomes following an extended period of frenzied buying.
We live on a small Island, they're not making any more land, so prices cannot fall.
A vibrant market requires secrecy of sales prices and allows for easy use
of phantom bidding.
The last house or apartment in a development (that others have rejected) is the one you should bid furiously on.
If taking on a mortgage for 40 years, the best course of action is to only plan for a few years' payments.
When prices are rising, it's due to fundamentals. But when prices are falling, it's because of the media are giving too much airtime to doom and gloomers.