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What would the best option be on a EBS Summit Growth Fund
Would you advise holding - selling or investing in Property?
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- CommentAuthorbigspender
- CommentTimeJan 9th 2007
That all depends on the risk you want to take. I believe that the property market is going to crash at some stage in the next couple of years (judging by the decline of prices in the US and general trends in recent years) so I'd advise investment. However, the stock market may be hit by the mass withdrawal from SSAIs in the next few months so check out all of the options before deciding. -
I've heard that there may be penalities to access your money when your SSAI does mature so before decding what to do with it read the small print. If you will face penalties then leave it where it is for a while. When fewer SSAIs are maturing the penalty may be waived, or certain providers may promote reinvestment with their products.
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- CommentAuthorbigspender
- CommentTimeJan 9th 2007
Most of them are coming up to mature in the first few months of this year. Some have already had cheques so just think what effect that will have on the ecomony and investments in general. -
I believe that the value of investments will certainly go down as a result. Whether you wish to withdraw the cash or reinvest, unless you need it desperately, I would leave it where it is and see what patterns emerge before making any final decisions. I don't think the property market will take as big a hit as some seem to be expecting, but I do think both the ISEQ and property markets will decline somewhat. If that does happen, long term investments may yield better results.
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- CommentAuthorBlack Monday
- CommentTimeJan 10th 2007
Research commissioned by EBS Building Society say 77% of its SSIA account holders are continuing to save with 24% of SSIA holders with recent maturing SSIAs have not done anything with their funds yet, 17% have saved it all, 15% have spent it all or most of it and 25% have re-invested it all. Just 2% actually used it as a deposit on a house. This cash bonanza may not support the housing as originally expected.
www.rte.ie/business/2007/0108/ssia.html
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The property industry was depending on that to inject a welcome cash boost into the market. There is a huge difference between the expected 9% and the actual 2%. This well and truly leaves it vulnerable if predictions are right and the market goes into decline. It's good news for the banks though, and for savers.
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- CommentAuthorpintofplain
- CommentTimeJan 10th 2007
I've just read the news and the results really surprised me. 22% are saving more and only 15% have spent most of it? I would have thought the figures would have been the other way around. I don't blame people for not investing it in a pension scheme though. There are more products out there that yield better results. I only have a company pension, the rest of my money is tied up in investments to provide a comfortable retirement. I make more money that way!
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I'd personally hold it for now just to watch and see what happens for the next month or so. If you are any good at guaging the movements in the market, wait until you spot something special. I have to be honest, I've seen little to excite me so far this year.
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I can't blame anyone who wants to hold it after today's stock being down. It did surprise me that so few people have invested in property though. I think that housing is too expensive to buy to let right now, but I believe that holiday homes can be a good investment. Especially those bought in relatively quiet spots. The prices are generally less than you would pay here or in a city centre and provide a measure of security because of the options later on -- hire, rent or sell.
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- CommentAuthorbigspender
- CommentTimeJan 11th 2007
I'd definitly reinvest it in some way, shape or form. I doubt it would be property abroad because I see too many loopholes and problems - language barriers, tax laws etc. However, I wouldn't leave it sitting where it is. If it remains static after it has matured then it won't be making money. I like to see my money working for me so I would explore all options before it actually matures. -
I agree that there is nothing much happening out there at the minute. I am cautious about stock and property at the moment and think that a maturing SSIA should be used to effectively make money. I agree with bigspnder - I wouldn't invest in property abroad unless I was going to use it, and you have to be careful of some of the gimmicks out there - double your money in Bulgaria and so on - because they are usually a con. If something is too good to be true then leave well alone!
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If you continue the habit of saving as with your SSIA, it won't take too long to have a significant nest egg. need longer than 5 years. 7 - 10 I think. I'm finding it hard to get something with as high a return as my EBS Agressive Fund. But now with the amount significant I want to move to something more secure?
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