An unfair question, because in the most cases it's the 'maturer people' (not necessarily AAM contributors) who give the whole "rent is dead money" speech - and "you'll never go wrong with property, your father and me bought this 15yrs ago for £4,000 and now it's worth €4.8m, here's 200K equity we've released, now off you go and don't come back until you've bought".........Is the obsession with owning a home a recent obsession, or is it part of our culture. If you, the maturer AAM contributer were starting out today, would you be intent on purchasing too, no matter the cost.
Why not send her clippings of all the bear-ish articles of late..?gearoidmm said:My mother is still sending me clippings from the property supplements despite the fact that I've told her over and over that I have no intention of buying.
You younger ones have no appreciation of the interest levels that we were paying. My bank agreed to fix my loans when interest rates were rising but they missed one and it went to 28% at one stage. The other 2 only went to 17%.soma said:Seriously though, very few people who are 40-60 have any real appreciation of the mammoth debt levels younger people are being asked to undertake - inflation ate their 20 year mortgages.
As hard-working 20 & 30 somethings we're bank-rolling alot of them.
woods said:You younger ones have no appreciation of the interest levels that we were paying. My bank agreed to fix my loans when interest rates were rising but they missed one and it went to 28% at one stage. The other 2 only went to 17%.
Glenbhoy said:An unfair question, because in the most cases it's the 'maturer people' (not necessarily AAM contributors) who give the whole "rent is dead money" speech - and "you'll never go wrong with property, your father and me bought this 15yrs ago for £4,000 and now it's worth €4.8m, here's 200K equity we've released, now off you go and don't come back until you've bought".........
I like your thinking, time to relive my twenties!!(and I'm actually not REALLY that ooold, in my early 40's as it happens and since 40 is the new 30 so they say, I'm feeling quite youthful but I digress)
sorry for being pedantic bit i dont think your parents home rose twenty times in 15 years. average nominal increase across country has been 5times increase over last 15 years,so its highly unlikely any house increased more than ten times over 15 years.sun_sparks said:To give a different (younger) slant. We bought (went Sale Agreed) in October last year at 350k. Our house would now get 400k.
We borrowed from parents to top up our mortgage amount and basically maxed out. Tight now, but we're both due pay increases to help us out.
Anyway, what I'm trying to say is that the buy now paradigm is very true. We WOULD have missed out if we had waited. That's six months in the difference.
So while I'm sure my opinions will be different in years to come, for now I've got my first home and can envisage staying there longer-term should the "bubble" burst.
And yes, I envy you older folk, who may go on about your interests rates, but who are basically in a much much better position than I could ever imagine. (My house would need to sell for nearly €7m in order for me to see the same level of rise my parents did in 15 years.)
Sorry...... just choking on that thought!!!!
my parents bought here in glasnevin in 1988 for 46kpunts and its only worth around 650k now,but maybe your parents got a bargain.sun_sparks said:Maybe you're right, and I think I underestimated the years now that I think about it (knocked a few off my own age first!!) but I'm not sure on the conversion, they bought in Glasnevin for £40k in 1987 and a house two doors down recently (same in every way) sold for €900k.
Anyone fancy doing the math?
Credit.. Credit.. Credit..angie said:Well done to those who can do it I just can't figure how.
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