I am rich :) So are a lot of us !!!

hammer

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Jul 6, 2009
Messages
58,180
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
 


Dunlin3

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Jan 31, 2009
Messages
3,174
We sold our second house in early 2006. Cleared a nice amount, payed the capitals gain tax and love been realy smug about it! Money's in the bank earning interest!
 

hammer

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58,180
Fair play :)

Just thinking as well. We have 300,000 empty houses minimum throughout the country. Why would anyone start buying property again when there is no say 10 year plan with regard to property tax, stamp duty, water rates, rent relief, rent allowances etc....

Those houses could well remain empty for a long time. In the meantime they will rot.
 

Dunlin3

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Joined
Jan 31, 2009
Messages
3,174
Fair play :)

Just thinking as well. We have 300,000 empty houses minimum throughout the country. Why would anyone start buying property again when there is no say 10 year plan with regard to property tax, stamp duty, water rates, rent relief, rent allowances etc....

Those houses could well remain empty for a long time. In the meantime they will rot.
The only problem was that I couldn't persuade the missus to sell our main house until early 2009 so didn't get as much for that as we could have done. I'm now a happy tennant! Won't be buying again until the idiots get rid or greatly reduce stamp duty and introduce a fairer property tax system. It's part of the four year plan apparently.
 

oceanclub

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1,300
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oceanclub.blogspot.com
Fair play :)

Just thinking as well. We have 300,000 empty houses minimum throughout the country. Why would anyone start buying property again when there is no say 10 year plan with regard to property tax, stamp duty, water rates, rent relief, rent allowances etc....

Those houses could well remain empty for a long time. In the meantime they will rot.
Er, we're in our current debacle precisely because we gave crazy incentives to people to buy property - and therefore, build property - that wasn't needed. The last thing we need are more incentives (throwing good money after bad).

P.
 

junius

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Joined
Jul 31, 2010
Messages
3,675
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
I manage to feel a bit sorry for you. Yes, irresponsible people without jobs had plenty of money to play Lotto, to gamble, to smoke and drink, to take many foreign cheap holidays throughout the year and Government policies were to blame. Throw the cash about, allow and even encourage the more, more, more, bigger, bigger, bigger mentality - lunatic policies! Better off with the dole, the rent allowances, the FIS and all the perks including a few nixers on the side. Bring in loads of foreigners to do the work and, if they preferred,they too could join the dossers party. But, as exposed in Fintan's O'Toole's 'Ship of Fools' the Government must have done this to cover up their own dishonest and disgusting pranks.

You sound like a sensible person. What are you going to do about it? What can we do about it? Where do we go from here? Heads :( need to roll!

I hope you have some children to pass your second house onto.
 
Last edited:

hammer

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Jul 6, 2009
Messages
58,180
Er, we're in our current debacle precisely because we gave crazy incentives to people to buy property - and therefore, build property - that wasn't needed. The last thing we need are more incentives (throwing good money after bad).

P.
I`m not saying incentives. Madness. But then again if you have a NAMA apartment worth €250,000 and you could encourage an investor to buy it, the state would get 7.5% stamp duty €18,750.

If it was a non NAMA developer asset the state would get stamp duty €18,750 and vat of €29,736

My point was not to disincentivise people from buying property
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,586
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
Yes, you are the target for the much talked about "wealth tax". You may not be rich, but you are wealthy!!!!! Judging from the bile on some other threads here, if you are earning more than €5.00 pa you definitely need to be brought down you greedy facist landlord pig.

And whats more, you have the audacity to throw sarcasm about.

Will somebody please think of the children.

On a serious note, damn bloody pickle you have found yourself in and I dont think things are going to get much better for you. Ok, so you bought into the hype and jumped on the bandwagon. From the posts I think I recall you putting here, you seem like a fairly reasoned and perspectived chap. I hope your household has a reasonable income because things are going to get really difficult for people with second homes and renting them out.

Good luck to you. Unfortunately I have no comforting words.

Shame, damn shame.
 

milesian

Active member
Joined
Jun 21, 2008
Messages
108
Just another hungry paddy who bought '2' properties in an inflated market and now they're moaning about getting done.

Tough.
 
Joined
Jul 24, 2008
Messages
48
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
No, you're a property investor/speculator who failed to cash in your large chip while the going was good. So, now the bubble has burst - do you expect everyone else to bail you out? Nobody made you buy it, or put a gun to your head to make you get a mortgage; if it had worked out for you I'm sure you wouldn't be sharing your profits with anyone, would you? There is a reason why financial advisors advise on a "balanced" portfolio; there is a reason why financial ads say "the value of your investment may fall as well as rise."

And, yes, you probably would be better off if you had consumed your savings instead of investing them in the biggest property bubble we will ever see in our lifetimes. "Rent is dead money", yes; but overpaying for property and interest on mortgages for same is even deader money.
 

Aristodemus

Well-known member
Joined
Oct 8, 2009
Messages
3,694
Just another hungry paddy who bought '2' properties in an inflated market and now they're moaning about getting done.

Tough.
A bit harsh and certainly a little uncouth, but the message is there
 

Skrynesaver

Active member
Joined
May 25, 2009
Messages
277
What we should have done was worked hard & put our savings to no use.
But what you did was of no use it was just speculative investment in a rising market, harsh but true.

Investing in an Irish business is productive investment, buying an asset for resale is not.
 
G

Gimpanzee

Very hard to have any sympathy for you. Nobody forced the burden of becoming a property investor/landlord on you.
 

oceanclub

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Joined
May 17, 2006
Messages
1,300
Website
oceanclub.blogspot.com
I`m not saying incentives. Madness. But then again if you have a NAMA apartment worth €250,000 and you could encourage an investor to buy it, the state would get 7.5% stamp duty €18,750.
...and all we will then have is yet another person who has bought overvalued property who will need to be bailed out sooner or later.

The way to solve the problem of a property bubble is not to encourage more people to buy property. We have too much property; that's the problem.

P.
 

realistic1

Well-known member
Joined
Jun 27, 2008
Messages
11,263
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
Time to sell and cut your losses. No one forced you into buying a second home, so live with the consequences of dealing in the property market.
 

realistic1

Well-known member
Joined
Jun 27, 2008
Messages
11,263
A bit harsh and certainly a little uncouth, but the message is there
It is not harsh it is reality. I know people who bought property to keep up with the Jones. I can recall one person who said he would never rent to 'social welfare receipients' in the boom times and now he is desperately trying to find tenants for his empty house.
 

Skin

Well-known member
Joined
Aug 25, 2005
Messages
1,079
I`m classed as rich because I have a second house. My wife & I worked our socks off and saved. Put down a deposit and borrowed the rest. We paid the stamp duty excessive as it was. We furnished it paying top dollar and contributing Vat etc.

We rented it out and had to put up with great & average tenants. Yippee.

House prices increased so the cost of re-decorating and replacing items didn`t seem to bad.

But now as rents plummet 20% and house prices plummet 45% - we are RICH.

YES YES YES

What should happen

Yes, you have guessed it

Property tax
Second home property tax
PRTB fees
25% interest not alowable
Water rates

YES YES YES

What we should have done was worked hard & put our savings to no use.
We should have smoked, drank and taken 3/4 holidays a year. I should have gone to lap dancing clubs, blown the money gambling & on the LOTTO

Yes Yes Yes

Maybe even bought a fancy car every 2/3 years.

I`M RICH RICH RICH :) :) :)

I owe I owe its off to work I go................:)
Are you the same guy that is calling for a 30% reduction in wages and costs (like rents)??
 


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