The future of Dublin property

Re: Get real

Well in defence of Alex I happen to agree with most of what he says about parents helping out their children with house purchases. I'm getting some help from my parents and it's not something I asked for, in fact I told them I didn't want any help but they insisted that this was what they wanted to do and that they would rather ease the burden for me now to help me on to the property ladder. I very much appreciated this help and will endeavor to pay them back over time but to suggest (as some people here seem to be) that I or any other children expected this help is completely untrue and I'd harbour a guess that the vast majority of children do not expect help from their parents, but at the same time they won't refuse it if it's offered! ;)

And as for Janes comment "Just hope that these "Children" won't be looking for another (handout) inheritance when their parents pop their clogs!" ... I trust that was tongue in cheek (saw no smiley so I'm assuming!) ... otherwise Jane you need to take that chip off yer shoulder!!
 
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Alex,
With regard to this whole middle-class parents giving their children a lump sum for a deposit v’s working class parents re-mortgaging their homes to give their children the same. You claim that that children of “well-off parents” should not be “made feel guilty for accepting money that their parents actively want to give them” and yet you do not appear to extend this “privilege” to “not very well off” households who want to re-mortgage their homes to do the same for their kids.

Yet surely, as you say if this is just an acceleration of ones owed inheritance, then it shouldn’t matter where the lump sum comes from?

At the end of the day, it would appear in both situations to be (as Jane so accurately put it) merely a handout. We have had examples above from children who got lump sums form their parents for a deposit & who promise to pay back their parents some time in the future “once they get on the feet”/"endeavour to pay them back"!!!!!……. Contrast this with the lower income children who would have to have a structured re-payment system in order for them to be able to pay back the money back to their parents so that they secure their family home…………….. now who are the more responsible borrowers? – the children who can get through life on payouts from their parents or the ones who have to scrimp and save to pay back any loans they receive!

I am not saying that either situation is good, but perhaps it’s time we got back to basics and instilled a more healthy “savings mentality” among our kiddies while they are young!
 
> >>>>

I never said that less well-off parents shouldn’t help out their children – where do you think I said that? The bit about less well-off parents over-spending was in response to Jane’s comment about playstations, trainers etc. – no mention of houses.

Although, now that you’ve introduced the topic I would just say that there is a BIG difference between (1) less well-off parents remortgaging (risky) and helping their children with money that they (the parents) may need some day to pay for a nursing home (ie before they die and any inheritence becomes ‘due’) and (2) better-off parents who have surplus money/assets that they are very unlikely to need before they die – can you not see that?

“now who are the more responsible borrowers? – the children who can get through life on payouts from their parents or the ones who have to scrimp and save to pay back any loans they receive!”
weathergirl - I don’t understand what you’re trying to say here. Is it somehow a noble thing to suffer financial hardship needlessly? And, getting picky, if the parents have no expectation of being repaid, I wouldn't really classify the children as 'borrowers' - but I can tell which group the banks and building societies prefer to lend to!
In a similar way, Jane seems to think that you will only truly appreciate your house if you have worked mega-hard and saved furiously, swimming against a tide of rapidly rising house prices – that’s garbage – all you end up with are extra costs, extra stress and a chip on your shoulder.

As I said in a previous post, in a rapidly rising property market, it makes financial sense to buy as soon as possible otherwise extra savings will be more than matched by increased prices.
 
> >>>>

"in a rapidly rising property market, it makes financial sense to buy as soon as possible otherwise extra savings will be more than matched by increased prices."

Historically yes, currently no...Prices are stagnant in the trecent short term
 
> > >>>>

Always yes.

"IN A RAPIDLY RISING PROPERTY MARKET ......."

I made no comment on the current state of the market (although I don't agree that it's stagnant).
 
Clarification

Think we might have to move this thread to the "Great Debates" !!! (sorry should add a smiley face here) :)

Just a quick point Alex & then I'll leave you alone :evil . I said & I quote "It certainly makes the new car that YOU bought seem more precious or the first holiday that YOU paid for seem unforgettable!" Meaning that personally I find it more rewarding to reap the benefits of my hard work & effort. Others may find it rewarding to reap the benefits of other peoples hard work or to come into their inheritance (whatever way you want to look at it), so be it.

Now if you'll excuse me I can't afford to waste time on the internet. I need to get back to work so I can earn more money to save save save :)

J
 
Re

Jane,

I'm amazed at how warm and fuzzy inside going it alone seems to make you feel - you must walk around with a permanent glow. When we bought our house (without parental help!) we were just so delighted to have it that we didn't even think to think 'aren't we great to have to done it alone'. Ditto with my first holiday and my first car - thrilled to have them but again it never crossed my mind to think 'isn't this great to be reaping the rewards of my hard work'. Do you really go through that thought process everytime you buy something?

Anyway, best of luck with your saving and your house. You should do whatever makes you feel happy and comfortable with yourself.

BTW Tommy - did you know that if you move a topic while someone is in the process of replying, that their reply gets lost.
 
each to their own

weathergirl jane etc..Ok, I see how somebody who has to work extremely hard for their deposit would be annoyed when another person gets it handed to them, I hate seeing people I know get rent allowance, corpo housing etc and they don't lift a finger, and I'm not talking about people who need it, I'm talking about the thousands of women defrauding the social welfare system because they live with their partners without declaring it. However thats none of my business, like its none of yours as to how I get my house. I work very hard in a badly paid job, my own fault I know and intend to improve myself by going to college (while I work), but we cant save and pay the rent we do at the same time, we'd be saving for years and the prices just keep going up and up, rents going up and up, bills, bincharges, public transport, doctors charges all going up. It wouldn't be a problem but I have a young son now and I need somewhere safe, secure and stable for him to live in, not meandering from damp hovel to damp hovel. For the first 6 months of his life I lived in a 2 bed appart where I had no fire escapes, I had to carry the buggy up and down the stairs, damp, drafty, faulty heating, etc. I don't have a car, I shop in lidl when I can get a lift, I don't have satellite, nice furniture, big wardrobe of clothes, DVD player, wide screen telly, stereo system, fancy nights out on the town or a holiday in the last two years. I sit in everynight, have a bottle of wine on a friday, invite friends over and I'm still skint at the end of the month, saving 25k would be impossible. When I say I'm on low income, I'm on low income, in fact we both are on low incomes! My parents were going to buy a property as an investment and rent it out but decided to wait a few more years and give me the deposit instead, no strings, she said, "I hate seeing you pay all of that money for nothing" and she's right, if anything its the extortionate rent young people have to pay to greedy landlords (parents also) thats causing the high demand for housing, we're being ripped off left right and centre. Why are there so many people on waiting lists, because they want to get away from renting, all walks of life, teachers, nurses, low income families, all cant afford deposits for their own homes and are trying co-ownership or whatever option is on offer to them. I havn't asked my parents to put their own home against my mortgage, I wouldn't dare, they worked to hard for it, but if they can give me the deposit at no financial burden to themselves then I'm taking it. Also, I could make you pay, I'm not married, I could have claimed to be a single parent on my own, got the rent allowance, medical card, one parent income aswell as living with daddy and benifiting from his income, then wait a few years another child perhaps and get housed by the council, all at your expense, all helping to clogg up lists, push up demand and also prices.
 
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I've heard that in Japan, house prices are so expensive that people get mortgages for 50-100 years rather than 20-30 years. The mortgages are then passed onto the off spring.

This could be lies though.

On the topic of parents giving their kids money, many parents want to do this. It's what they want to spend their money on - so let them.
 
That's true

No, not lies.

That's true.

In Japan, many people do not invest in a second property because it's so difficult to buy one.

If you want to invest in land (property), people can invest in .............. grave plots.

Land can be scarce, so a grave plot is a good investment for the future in Japan!

Now, where's the number of that local graveyard!!!!!!!
 
FTB's

Cash rich parents are unlikely to be making a fortune in returns on equity or cash at the moment especially on an inflation adjusted basis. Helping their children onto the housing ladder is the most logical thing a parent could do. Beats paying rent. Might even bring people closer together.
 
Re: FTB's

I've heard that in Japan, house prices are so expensive that people get mortgages for 50-100 years rather than 20-30 years. The mortgages are then passed onto the off spring.

Isn't this something like the German (?) pfandbrief approach to long term (fixed rate?) mortgage lending?
 
Re: FTB's

Its no wonder Japan is in a serious economic crisis (and Germany appear to be following them)
 
'

Sue,
"My parents were going to buy a property as an investment and rent it out but decided to wait a few more years and give me the deposit instead, no strings, she said, "I hate seeing you pay all of that money for nothing" and she's right"

Your parents should have bought that property, and rented it to you. Owning your own home will not solve many of the problems you mentioned.
Rgds
Red
 
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Alex,

O but of course it does, that monthly deposit into my savings account is better than all my christmas' coming together - by the way, I'm being sarcastic here, this seems to have escaped your notice from my earlier post.

BTW Tommy - did you know that if you move a topic while someone is in the process of replying, that their reply gets lost. - No such luck !

Have a great weekend all !
J
 
Re: .

Hi Jane,

I like to think that I have many talents but, as yet, alas I have yet to master the art of telepathy with your good self.
 
Re

One of Jane's earlier posts: "Just a quick point Alex & then I'll leave you alone . I said & I quote "It certainly makes the new car that YOU bought seem more precious or the first holiday that YOU paid for seem unforgettable!" Meaning that personally I find it more rewarding to reap the benefits of my hard work & effort. "

Jane's most recent posts:"I'm being sarcastic here, this seems to have escaped your notice from my earlier post."

When were you being sarcastic earlier (all of your posts perhaps?) because it was certainly lost on me - and being such a sarcastic, cynical person myself, I'm usually quick to pick up on these. Do tell because I'd be upset if I missed out on a good piece of sarcasm. Now I'm just off to enjoy the creme egg I bought at lunchtime - it's extra special today because I bought myself - with my own money - money that I earned myself - daddy didn't buy it for me - I think I should eat it slowly so that I can savour my achievement.
 
Re: Re

Alex,

Here's the sarcastic piece. I've highlighted it so you'd be in no doubt. Enjoy your cream egg, betcha it tastes nicer cause you bought it all on your ownyo !

Now if you'll excuse me I can't afford to waste time on the internet. I need to get back to work so I can earn more money to save save save

Have a good weekend !

J
 
Re: .

Tommy, that's funny, I knew you were going to say that - Weird :)

J
 
Re

"by the way, I'm being sarcastic here, this seems to have escaped your notice from my earlier post"

But none of my comments had anything to do with the sentence you've just pointed out in your most recent post - they were about your 'I feel wonderful doing it on my own' comments. Nothing I said referred to your 'must dash now to work harder to save more money' comment so why would you have thought that I didn't get the attempted sarcasm?

However, I found Sue's posting to be quite sobering - do you object to her parents helping her?
 
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