In the Irish psyche, buying a home can be as much about building an empire for the family as it is about securing a roof over your head. This mindset pervades the mechanisms of the Irish property industry and can be restrictive for those who, for whatever reason, are out of the conventional property loop and would prefer to stay that way.
Michael Walsh is one of these renegades. He has returned after many years abroad and is looking for a place to live. A single man, he would ideally like an apartment or a small house near the city centre and although financially solvent - he has around £100,000 (€126,970) put by - he is reluctant to buy a place because he has no family to leave it to when he dies. He has been researching the possibility of taking a leasehold on a property for the remainder of his life, for which he would be willing to pay a considerable sum of money, subject to negotiation. So far he has been greeted with general bewilderment by those agents he has approached.
"A few looked at me as if I was speaking in a foreign language but some thought it was a fantastic idea. I am sure there are landlords who could do with an injection of cash which would allow them to go off and buy that villa in Spain. Also, if somebody wanted to buy a place and needed £100,000, they could perhaps lease the basement or a portion of a house out to me for the rest of my life.
"Often you hear of people scaling down to smaller homes when their children leave home - but why not split the home and lease part of it out so ultimately, it stays in the family. But for some reason, buying a lease for life is not being done in Ireland although it is in many countries abroad."
As Walsh migrates to sunnier climes for several months of the year, he wants to be in a position to sublet while he is away, so renting on a standard short term lease is not an option. He came close to finding an apartment in Dublin 4 but the landlady backed out when he stipulated his wish to sublet during his absences. He says the Dublin he has returned to is a much more cosmopolitan and progressive place than the one he left, but strangely, the nuances of modern life are not reflected in the property market.
"I want security for my life but don't want to take the traditional option. There seems to be a very limited world view which amazes me, especially in a society which is rapidly changing.
We asked a few experts to comment on his wish to lease a property:
emorgan@irish-times.ie
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