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House Price Crash Forum


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About gmac

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  1. I know there has already been a post about the Irish property market today but I just cound not resist!!! Quote: hey there... so here is my situation.... im 23 yrs old and working full time while doing a part time masters and im in the process of buying a house. the house is €480,000 and is located in the dundrum / churchtown area dublin. i would be borrowing in the region of €520,000 my mortgage repayments for the first two years interest only are in the region of €1500 and then after two years they will go up to around €2300. i will have around €1500 in rental income as long as i have 3 doubles and 1 single room let out (3 doubles * €400, 1 single * €300) kinda going lowest rental i could stretch to... maybe get more for rooms at the moment i can afford to put €870 a month into the mortgage, but as i finish masters and progress up career ladder my earning etc will increase. ive worked out my figures and after taking into account for food, light and heat, mortgage protection insurance, car insurance, tax, gym, car repairs, petrol, health insurance i would be left with €320 euro a month for socialising. now i know that if i do this i will preclude myself from a lot of things such as holidays, nights out on the lash etc etc at least for a while anyway. the property has a lot of potential rental and expansion wise and i feel it would be a very solid investment if say i decided to sell up in a couple of years.... im having some doubts as to whether this is a good move for me at this stage of my life, but then i could leave it a year or two and the only thing that will change will be the price of houses.... any insight into how hard it is juggling mortgage / being a landlord etc etc???? sorry bout the long post...... The thread title is: Do you think I´m mad???? http://www.boards.ie/vbulletin/showthread.php?t=2055024689 Mad? The whole family is certifiable, imho.... End Quote
  2. No building dependence, says Cowen July 28, 2006 17:11 The Minister for Finance Brian Cowen has dismissed suggestions that the economy is too dependent on the construction sector. Responding to new figures showing that the sector now accounts for 25% of economic output, he said Ireland still had a deficit in infrastructure. The report on construction and housing in Ireland says output in the sector has risen a massive 80% since 2000. The report, compiled by the Central Statistics Office, says that in 2005 the estimated value of output in the construction industry was almost €32 billion. That is 80% higher than the output figure of €17.6 billion in 2000. The CSO also says that Ireland has the highest construction output per head in Europe at about €7,600. This is more than double the figure for the UK. Today's report reveals that about one in eight people employed here work in the construction industry. That is 12.6% of the workforce and compares to an EU average of less than 8%. It also estimates that over 25,000 non-nationals were working in the industry in the fourth quarter of 2005, representing about 10% of the total number at work in the sector. The CSO says that over 86,000 dwelling units (houses and apartments) were built here last year. This compares to less than 50,000 in 2000. It adds that new homes were completed at a rate of 21 units per 1,000 of population. It says this is the highest rate of residential building in the EU. Residential building accounted for two thirds of total construction output in 2005. The total value of mortgage debt increased from €33 billion in 2000 to almost €100 billion last year, according to today's CSO report. It says the average mortgage cost €102,000 in 2000 and €200,000 last year. It adds that in 2000, less than 5% of new mortgages were for over €200,000, but by 2005 48% of Irish mortgages exceeded this figure. The average price of a new house was €166,000 in 2000 and just over €272,000 in 2005. The price of a new apartment rose from €206,000 in 2000 to over €293,000 last year.
  3. thanks for that info. I have spoken to some Financial Advisors in the past but i cannot warm to them, I feel if they are only out for their own interests, Cynical old me !!
  4. Anyone have an opinion or experiences on prize bonds ? I have £10k to invest for about 1 to 3 years and was thinking of putting maybe £5k in prize bonds and the rest in ISA or similar, Any thoughts or suggestions would be great, thanks. GmaC
  5. I have a very close relative there who works as a carpenter/builder in Ireland. I spoke to him recently and he tells me that he is getting it more and more difficult to get work. His prices/quotes are been undercut by up to half by Polish/East European tradesmen. Plumbers and Electricians all suffering the same fate. Some have even contemplating re- emigrating back to the USA where they emigrated to from Ireland in the 80's 90's and returned in late 90's to get a piece of the Celtic Tiger. Apparently one in eight workers in Ireland are linked to the Construction industry which in MHO is way out of line. While there on a visit recently I have heard an Auctioneer on the radio say, "that the madness has got to stop" one with a conscience??????
  6. I travel over there very frequently and keep a close eye on things, far too much debt, everyone looking to the government incentive saving scheme Due for maturity in May, to keep thing moving. The savy ones will clear their debts. One Rural auctioneer on a recent radio programme pleaded with people to "stop the madness", his words. But on the other hand all the Banks and VI's keep plugging away. And another factory in the Midlands is closing down after 30 years, 350 jobs off to the far east. When I mention whats happening here in the UK, slow down etc., no one will listen. Some one go knock on their door or hit them on the head.!!!!
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