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secondhand purchase of affordable homes

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  • 10-08-2007 6:02pm
    #1
    june28
    Closed Accounts Posts: 15 ✭


    I was hoping to avail of FCC's Affordable Housing Scheme but 9 months after the application went in I find that I am only at the 2nd level of approval. If approved, I would then have to wait my turn. I wouldn't mind waiting but my husband's age and income is a factor. We decided to look at houses on the market in our price range (quite limited) and are curious to see if prices will fall further. What interrested me was that there are a good few houses in a new estate, made up of social and affordable houses, for sale on the market. I wonder, after the clawback, estate agent commission, repayment of existing mortgage and the likelyhood of having to pay stamp duty on a subsequent purchase, is the seller walking away with a tidy sum or what? Why are there so many homes for sale in the area? And if I wanted to try and contact somebody who wanted to sell (and would it not be in his/her interest to sell privately-estate agents and such?) where would be the best place to post an ad?
    Thanks for any advice. I attempted to post a similar one to this but can't find it so if it's out there...


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    #2
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    Depending on the scheme and the discount, yes some people could still make a comparatively large profit. I'd make about e65k but have no interest in selling. I bought it as somewhere to live. Fingal tends to happen in bursts, so just sit tight. Once you get approved you could end up buying within a couple of months (I could have but turned down a couple of offers). As for why there's so many on the market, everything varies but some people might have bought off plans and are ready to take a profit. More likely though, people are finding it hard to pay the mortgage given the amount they've increased or are trying to cash out before prices fall further.


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