I was recently speaking with a friend of mine from Germany who told me that most Germans never actually buy a house but rent for life. This quite surprised me so I looked at the stats and it is true.
With an ownership rate of just 41% German people are almost the lowest in Europe (just Switzerland coming in a little lower at 38%).
Coming from Ireland where owning a home is almost a rite of passage this appeared quite strange.
Ownership rates in Ireland is almost double that of Germany at over 81%. So why the difference between these two developed countries in Europe? Continue reading Why don’t most Germans buy their homes
Here is an interesting thing I realized recently as a result of living in the US. In the US property depreciates. As a result you can write off the cost of the depreciation against rental income (typically over 27.5 years).
This deduction is not possible for those living in Europe. Why the difference?
Is it because of differing building standards. Generally more buildings are timber frame in the US verses block build in Europe thereby affecting their lifespan? Continue reading Property Depreciation and why Europeans have never heard much about it!
After writing many blogs stating the advantages and disadvantages of being a Landlord it seemed natural to talk a little about whether it is a good idea or not to become one in the first place.
There are several factors that this depends on.
The first might seem a surprise but I think it so important: your age! Why might you ask? Well in my opinion the job of a Landlord needs energy. As a younger man I loved the challenges associated with it: fix this, write a reference, unblock a drain…. all the usual things. Continue reading Should I become a Landlord?
Does it matter when do you put your house for sale? Actually yes.
Property sales vary along the year usually peaking during June, July and August.
The same way birds nest during spring time it seems we are more likely to think about finding a home as days get longer and daffodils start to bloom.
Quoting Leo Tolstoy – “Spring is the time of plans and projects”.
Continue reading The best time of the year to sell your house
There is really no way around it, if you are planning to buy a home you will need to have enough for a 10% deposit.
The way things go, you will need to save at least 20k to 30k before you can dream of getting a place you can call your own.
Now the tricky part, unless you have a good “parents bank” to back you up, this sum may take years and years to put together.
In the meantime, you need to live somewhere and as we all know, rents can be quite hefty. Continue reading Moving back with the parents to save up for a deposit
If you are thinking about buying a home, the first thing you need to do is to put together enough money for a deposit – typically 10% of the selling price and them be able to demonstrate that you can pay your mortgage.
Easier said than done; it may take many years of savings to come up with enough money for a deposit…and as property prices continue to raise the chances to borrow the amount you need may get slimmer and slimmer.
Here is an idea: What about Shared ownership?
Continue reading Can’t afford to buy a home? What about Shared ownership?