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House prices

Discussion in 'Alley of Dangerous Angles' started by Harbourboy, Apr 26, 2005.

Page 4 of 4
  1. Colthrun

    Colthrun Walk first in the forest and last in the bog Veteran

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    Remove all ads!
    Some input from rip-off Ireland. My girlfriend and I bought a brand new 4-bedroom house last July. Paying up front, the total amount for the house would have been €345K, (about US $445K). The amount after 35 years of mortgage repayments will be astronomic...

    The reason why we went for a new house is because the Irish government has a very nice thing called the "Stamp Duty" tax for second-hand property. When you buy a second-hand house here, apart from the deposit and the first payment of the house, you have to pay about 10% of the value of the house to the government just to have the deeds transferred to your name. :mad:

    Because of this, it was easier to save for a new house, than to try and go for a second-hand one, even if in the long run the latter would have been cheaper.

    Seeing that this tax was deterring many young people from buying their own place, the government started a "First Buyers" help some months after we decided to buy, so now the previous do not apply to first buyers, only to people who already have a property and want to have another. :bang:

    I don't have our mortgage rates with me, but we have a 'decent' fixed interest for the first year, and after that it will go variable, which will hurt. I think we will have paid all the interest after the first 15 years, and then we will start paying for the house itself.
     
    Colthrun, May 3, 2005
    #61
  2. Aldeth the Foppish Idiot

    Aldeth the Foppish Idiot Armed with My Mallet O' Thinking Veteran

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    Yeah, one thing that seems true everywhere is you generally spend 2-3 times as much for the house as the "list price" when you factor in interest. My wife and I have a base mortgage of $68,000, but if we take the entire 30 years to pay it off (which we won't because we'll almost definitely move in the next five years - but hypethetically speaking) we would end up paying back $183,000.
     
    Aldeth the Foppish Idiot, May 3, 2005
    #62
  3. Harbourboy

    Harbourboy Take thy form from off my door! Veteran Pillars of Eternity SP Immortalizer (for helping immortalize Sorcerer's Place in the game!)

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    Yes - but that is why nobody would ever go for a 100% variable mortgage because budgeting would be a nightmare (unless you were certain that rates were falling). That is why most people would go for a 2 year fixed rate. That would make budgeting certain for the next two years. And not many people are able or care about budgeting more than 2 years ahead anyway. Plus, so many of your other costs would change in two years time so it doesn't affect things that much.
     
    Harbourboy, May 3, 2005
    #63
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