What was your best investment decision?

"do a minor renovation with grant support to get around the RPZ limits"

Utter nonsense.
Check 3 below and more from the RTB site.

Exemptions to the Rent Pressure Zone rental cap ​

Not all rented properties in RPZs are subject to rent caps (i.e. the restriction on rent increases to 2% per annum pro rata or the rate of HICP inflation, whichever is lower). Properties that are exempt from RPZ rent caps are as follows:

  1. A property that has not been rented for a period of two years prior to the immediate tenancy commencement date;
  2. A property that is a protected or proposed protected structure and has not been rented for the period of 12 months prior to the immediate tenancy commencement date;
  3. A property that has undergone a 'substantial change in the nature of the accommodation'.
A 'substantial change in the nature of the accommodation’ is a defined term. A ‘substantial change’ will only be deemed to have taken place if the works carried out to the dwelling concerned meet one of the following criteria:

The works consist of a permanent extension to the dwelling that increases the floor area (within the meaning of Article 6 of the Building Regulations 1997 (S.I. No. 497 of 1997)) of the dwelling by the amount equal to not less than 25% of the floor area of the dwelling as it stood immediately before the commencement of those works, 

or 

  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No. 243 of 2012) apply, the works result in the BER (within the meaning of those Regulations) being improved by not less than 7 building energy ratings,
or

  • the works result in any 3 or more of the following:
  • the internal layout of the dwelling being permanently altered;
  • the dwelling being adapted to provide for access and use by a person with a disability, within the meaning of the Disability Act 2005;
  • a permanent increase in the number of rooms in the dwelling; 
  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No. 243 of 2012) apply and that has BER of D1 or lower, the BER (within the meaning of those Regulations) being improved by not less than 3 building energy ratings; or
  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No 243 of 2012) apply and that has a BER of C3 or higher, the BER (within the meaning of those Regulations) being improved by not less than 2 building energy ratings.
  • If the works above were carried out for the purposes of a landlord complying with his/her repair and maintenance obligations, the landlord cannot rely on those works for the purposes of the RPZ exemption.
 
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Dr Strangelove said:
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.


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.
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Just out of curiosity, would having been a homeowner at the time stopped you from going? Could you have potentially rented your property or left it vacant/under a caretaker agreement or would this have been impossible at the time?
 
SquirrelChaser said:
I know absolutely nobody who gave a month's notice and hopped on a plane to take advantage of a life opportunity. Not one single person. Zero.

But I have known homeowners who moved abroad and could later move back because they owned a home. They had a choice.

There are downsides to everything.

It's sweet that you think that landlords generally rigidly adhere to the law.

The "very few" reasons are plenty. Landlords can evict, do a minor renovation with grant support to get around the RPZ limits, then double the rent when they let it out again. Happens all the time. The fact that it's perfectly legal is of no help whatsoever to the tenants affected.

Or they can invent a family member who wants to move in. Say they're selling. Or actually do those things.

And a decision from the RTB in favour of the tenant is worthless if they don't have anywhere to live. Even assuming the landlord pays.

And then there's the extortionate rent levels, which are equivalent to a mortgage and a half if you're lucky.

And that's ignoring the many people who rent a room rather than a property and have no security of tenure whatsoever.

So yeah, 1 small step from homelessness. Ireland is an awful country for renters.
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Perhaps an age / career thing. Myself and lots of my friends who were early 20s in 2009-2013 lost jobs and just left within 2 months.

However those I knew a few years older (late 20s) who had bought were in much more difficult situations. They tried to make it work on 3 days a week. Were unemployed eventually left and were working abroad to pay the balance between rent and mortgage. For many they didn’t see a way back so it wasn’t a case of house to go back to but something holding them back from building a new life. I remember some flying back to deal with an issue with the property etc. Most people worked in construction/ engineering.

I think it depends on how people experienced the recession.
 
charlie007 said:
"do a minor renovation with grant support to get around the RPZ limits"

Utter nonsense.
Check 3 below and more from the RTB site.

Exemptions to the Rent Pressure Zone rental cap ​

Not all rented properties in RPZs are subject to rent caps (i.e. the restriction on rent increases to 2% per annum pro rata or the rate of HICP inflation, whichever is lower). Properties that are exempt from RPZ rent caps are as follows:

  1. A property that has not been rented for a period of two years prior to the immediate tenancy commencement date;
  2. A property that is a protected or proposed protected structure and has not been rented for the period of 12 months prior to the immediate tenancy commencement date;
  3. A property that has undergone a 'substantial change in the nature of the accommodation'.
A 'substantial change in the nature of the accommodation’ is a defined term. A ‘substantial change’ will only be deemed to have taken place if the works carried out to the dwelling concerned meet one of the following criteria:

The works consist of a permanent extension to the dwelling that increases the floor area (within the meaning of Article 6 of the Building Regulations 1997 (S.I. No. 497 of 1997)) of the dwelling by the amount equal to not less than 25% of the floor area of the dwelling as it stood immediately before the commencement of those works, 

or 

  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No. 243 of 2012) apply, the works result in the BER (within the meaning of those Regulations) being improved by not less than 7 building energy ratings,
or

  • the works result in any 3 or more of the following:
  • the internal layout of the dwelling being permanently altered;
  • the dwelling being adapted to provide for access and use by a person with a disability, within the meaning of the Disability Act 2005;
  • a permanent increase in the number of rooms in the dwelling; 
  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No. 243 of 2012) apply and that has BER of D1 or lower, the BER (within the meaning of those Regulations) being improved by not less than 3 building energy ratings; or
  • in the case of a dwelling to which the European Union (Energy Performance of Buildings) Regulations 2012 (S.I. No 243 of 2012) apply and that has a BER of C3 or higher, the BER (within the meaning of those Regulations) being improved by not less than 2 building energy ratings.
  • If the works above were carried out for the purposes of a landlord complying with his/her repair and maintenance obligations, the landlord cannot rely on those works for the purposes of the RPZ exemption.
Click to expand...
Wuhoo, a definition. I'm sure that's very helpful to our former neighbours and countless others.
 
Possibly not considered 'investment' but turned out to be far better than my investment in bank shares, cheques from AIB & PTSB recently totaling €20 for a initial cost of 10k

I have put on one bet in my entire life and that was on Trump to win the election back in 2016, not that I supported the man but figured the voters would! A nice little return of 3.5k on my 'investment' of 1k. Impulse buy that worked out!

Bookies weren't going to be caught again this time!
 
charlie007 said:
I think it's important that both landlords and tenants are well versed in the tenancy rules.
This way they can ignore the mistruths (I'm being kind) that go around.
Click to expand...
The problem arises when landlords don't care because they know there's not even remotely enough capacity to monitor & enforce the rules. Of the tiny percentage of rental properties inspected each year the vast majority (93% per a quick Google search) don't reach the required standards for example.

Laws on their own are worthless. Is my main point. There's very little real protection for renters in Ireland.
 
SquirrelChaser said:
The problem arises when landlords don't care because they know there's not even remotely enough capacity to monitor & enforce the rules. Of the tiny percentage of rental properties inspected each year the vast majority (93% per a quick Google search) don't reach the required standards for example.

Laws on their own are worthless. Is my main point. There's very little real protection for renters in Ireland.
Click to expand...
Not reaching the correct standards is sometimes for things fairly minor. It doesn't mean that the property is not livable or a slum or would not be lived in by owner occupiers. My property was inspected recently. It didn't fully respected the correct standard. The evacuation plan posted on the door was missing the location of the fire blanket (provided) and my plumber didn't tick properly the form when he serviced our boiler (service was done and in compliance). While there was one Carbon monoxide, I hadn't noticed that the law had changed and one was also needed near the bedrooms. I am sure some landlords are not respecting the laws, some tenants don't either. The rules are fairly stringent when respected and for anyone stuck in the rpz zones, the rent are now low.
To go back to the initial point, renting is probably not a good financial decision long term. However most people will need to rent during their adult life and sometimes it would really make no sense to buy and would be impossible.
 
Sorry got the impression from last few comments that this was your worst investment decision....Investing several thousand into Nokia in 2018 based on them being in 5G etc infrastructure and Campari in 2020 when they dipped during the height of the pandemic. Campari have ruined the share price with their purchase of Courvoisier and more recently with falling revenues. Will just have to sit tight and hope they rise again.
 
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