What was your best investment decision?

Brendan Burgess said:
I don't know about the volatility bit.
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That’s an empirical question. Since about 2015 prices have been more stable relative to interest rates and incomes than in the preceding three decades.

Brendan Burgess said:
But you are absolutely right that the first priority is to get on the housing ladder.
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Yes and no. I wouldn’t recommend it to a single 23-year old for its own sake.

It’s something to do when you have a better idea of career and family prospects.
 
Resisting the banks encouragement to take out a €220k mortgage relative to my earnings in 2009 and instead buying a fixer upper for €150k (as a home, not an investment) and managing to pay off the bulk of mortgage within 13 years and then maxing AVC contributions as per advice from AAM .

That and meeting and marrying my OH whose own considerable "dowry" helped greatly with the aforementioned "fixing up" (amongst other things)

Having read this thread now however, I think I need to start investing in my own physical well being again, to ensure I'm around to enjoy the fruits of my labour and investment. Figure time spent walking is a better investment that time spent doing overtime!
 
Dr Strangelove said:
Yes and no. I wouldn’t recommend it to a single 23-year old for its own sake.

It’s something to do when you have a better idea of career and family prospects.
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What does a 23 year old lose by buying their own home? Is there anyone who would later regret becoming a homeowner at 23? I can't imagine any 30, 40 or 50 year old today would have any regrets about buying when they were in their early 20s. I dure don't. I do know people who are paying a fairly heavy price for not buying earlier.

Career prospects change radically, both positively and negatively. As do family prospects. And plenty of 23 year olds are parents already.

I think at any age a person's priority should be secure accommodation. In Ireland that means either social housing or home ownership. Renting privately in this country is a very small step away from homelessness.
 
ArthurMcB said:
Hey, Can I check what was your thinking re "Fortunes" post?

I thought it clear enough was referring to mortgage interest rate. What did you interpret it as?

Thanks
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Exactly as @Brendan Burgess says above. You posted about fixing at 2% with Raisin (which, presumably, refers to a deposit account - Raisin don't do mortgages as far as I know?) and @Fortune replied, quoting your post, about fixing at 1.98% which seemed to imply that this was also a deposit/savings account. It wasn't at all clear that this was about a mortgage/loan.
 
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My advice to my children will be to buy a home as soon as possible. Yes they may move to Australia, yes they may get married and need to sell, yes they might only be able to afford something smaller than their forever home. But they also don't have to put up with insecurity, high rents and miss any capital appreciation. No expert but only during a very short few years did anyone in this country regret buying.
 

Flexibility? Posible not an issue if they are married with kids at that age but most aren't. Homeownership ties people down to a certain degree, you can't just give a months notice and hop on a plane if a life opportunity presents.

It also comes with maintenance and management responsibilities that might not be fun for a 20 something year old.

Might still be worth it but there are downsides.
 
SquirrelChaser said:
What does a 23 year old lose by buying their own home?
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Ask anyone who bought 2003-2008! Negative equity and inability to trade up, down or sideways or to take up career or personal opportunities elsewhere.

SquirrelChaser said:
Renting privately in this country is a very small step away from homelessness.
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Not any more. There are very few circumstances where landlords can terminate a tenancy and there are lengthy notice periods.

Being a renter allowed me to take a job opportunity abroad in my mid 20s that transformed my career.

Home ownership is great (I own my own home now ) but I'm glad I waited until I was relatively settled with career and family.
 
As Gary Stevenson always says, the best investment decision that anyone can make is to be born to rich parents.
 
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