Home ownership ... why?


#1

As someone who was brought up to aspire to work hard and own your own home I now seriously question this philosophy.

I have worked all my life - since I was 10, though starting then as a paper and bale of briquettes man. I have paid tax unavoidably throughout and other than child benefit, got nothing back. But that’s ok.

When you actually rationalise it (I use that term loosely) mortgages are insane. Usury. You end up paying double what you borrow and all the interest up front - madness. And with interest rates at an all time low in recent times. But we accept it … and keep borrowing …

Anyway I still have about 10 years left on the mortgage. Like many I live to pay the mortgage … and ever increasingly, I ask myself, why?

Do I want my kids to work hard all their lives for a bank? Increasingly I see demands on government for houses and homes. Why should my kids not be in that queue. Where is the incentive to work hard? To own your home?

There isn’t one … again increasingly …

The vast vast majority of homes in Dublin are not affordable - especially for young people.

So why should everybody not get a cheap or subvented home and then use the money they work hard to earn to actually enjoy their life? Makes much more sense. And that’s where we’re headed.


#2

People may buy houses for security and not to be at the whim of a landlord.

Like it or not, we’re not in a communist state where houses get allocated to everyone.

We have a semi-socialist leaning in this country that belies the fact we are all capitalists by design.


#3

I think this is the point though. It is likely that the level of home ownership going forward will decrease hugely due to lack of affordability and also an unwillingness to burden oneself for life. People with full time jobs are already on the affordable housing landscape. The question may be where does a Govt draw the line as to house provision.


#4

Who’s going to pay for this?


#5

Good question …


#6

I agree and I wasn’t brought up nor had any notions of owning my own home til I got suckered into the whole propaganda of “you’ll never lose on this” back in the mid-00s. Even my very cynical best mate kept too quiet on it to dissuade me.
Anyone now who tells me they want to buy “just to get on the ladder” I tell them no, ahh no, noo, noooo, nooooooooo!! :scream:


#7

So let the rich own everything. The markets will make that happen. We will all be serfs again.


#8

Serfs us right …


#9

Personally speaking, I spent the best part of the past decade taking on extra jobs and living very frugally and finally managed to buy a home.
Borrowed to the absolute max and have hefty repayments as a result.
The way I view it is my reward is the security of not having to depend on a landlord, repayments that are (currently) much cheaper than renting the equivalent property, and having something I can pass onto my kids.
Assuming a young person/couple can somehow manage to save for a deposit, I think buying is far more preferable to renting.


#10

Bigger issue now is that not only can young people not afford to buy, they can’t even afford to rent.


#11

They alternative is not to palatable, wouldn’t fancy being an oap and being told by the landlord sorry need the property back you’ll have to move.

Bought my own home 16 years ago and yeah it’s been tough but I’m over halfway and when I pop the clogs I’ve something to leave the kids. A lifetime of rent in the Irish market is dead money.

The major problem was the state used to build affordable home, families were housed and over time schemes like allowing them buy half and rent half gave these families a stake in the house and the area. These homes were rightly sold off to the occupants over time they only problem was the state didn’t reinvest and build more.

Home ownership/land is hard wired into the Irish mentality famine and landlords make paddy want his own home. The current crisis will level out in the next few years and when it does paddy will want his own home more than ever.


#12

That’s the problem.


#13

Is the reason we buy not that if we’re lucky
Enough to live into our 70 s we don’t have a rent to pay or some nasty pig of a land lord .


#14

Think this is the big difference between buying and renting. Money for rent is money you’ll never see any return for. At least with your own home there’s a sense of ownership, security and homeliness that in a rented place you’d never get. Will always be in the camp of owning your own home


#15

Many people simply can’t or even won’t do what @Kevo14 did. What you are likely to see is a huge widening of the cohort looking to buy social/affordable housing.

The originally State building programmes were homes for working class people but with property prices the way they are now even two middle class earners struggle to buy. These are people contributing to the exchequer - hard to tell them they’re not entitled to housing.


#16

It’s alarmingly simple. NAMA was set up to save the rich from losing money. Under our noses it has sold off thousands of houses to vultures at hugely discounted rates that it would not give Irish people. Fine Gael are in my mind actually evil. They determinedly pursue these policies and won’t stop. They need to be punished.


#17

Other European counties less obsessed with ownership have different models and it seems to work well enough for them.


#18

Agree 100%. In Ireland we have been constantly sold the lie and swallowed it enough, that it can’t really be any other way in our poor little country. If Europe really cared about Ireland though they would have imposed much getter ways of running things like property/housing/regulation etc, rather than austerity and allowing corruption and bad management to fester while it brings in the returns for the IMF any which way. They hid behind the notion of ‘autonomy and sovereignty’ etc whilst actually screwing us to the point of utter dependency as a nation.

We still coulda been something, we coulda had class, been a contender! :tired_face:


#19

They have an infinity better systems for long term letting.


#20

And why could that not have been fostered in Ireland? Our own fault I know but still…conditions layed down for all the credit given? Conditions that would have actually benefitted everyone in the country, made it a better place, a mature democracy where most people do things that are for the good of most people and the land it self.