1. SPS Accounts:
    Do you find yourself coming back time after time? Do you appreciate the ongoing hard work to keep this community focused and successful in its mission? Please consider supporting us by upgrading to an SPS Account. Besides the warm and fuzzy feeling that comes from supporting a good cause, you'll also get a significant number of ever-expanding perks and benefits on the site and the forums. Click here to find out more.
    Dismiss Notice
Dismiss Notice
You are currently viewing Boards o' Magick as a guest, but you can register an account here. Registration is fast, easy and free. Once registered you will have access to search the forums, create and respond to threads, PM other members, upload screenshots and access many other features unavailable to guests.

BoM cultivates a friendly and welcoming atmosphere. We have been aiming for quality over quantity with our forums from their inception, and believe that this distinction is truly tangible and valued by our members. We'd love to have you join us today!

(If you have any problems with the registration process or your account login, please contact us. If you've forgotten your username or password, click here.)

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

    Joined:
    Mar 19, 2004
    Messages:
    1,856
    Likes Received:
    6
    Gender:
    Male
    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

    Joined:
    May 15, 2003
    Messages:
    12,434
    Media:
    46
    Likes Received:
    250
    Gender:
    Male
    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!)

    Joined:
    May 29, 2003
    Messages:
    13,354
    Likes Received:
    99
    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
Page 4 of 4
Sorcerer's Place is a project run entirely by fans and for fans. Maintaining Sorcerer's Place and a stable environment for all our hosted sites requires a substantial amount of our time and funds on a regular basis, so please consider supporting us to keep the site up & running smoothly. Thank you!

Sorcerers.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to products on amazon.com, amazon.ca and amazon.co.uk. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.