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Good/Bad Idea to buy now? North Co. Dublin.

  • 29-05-2008 11:01am
    #1
    Cr8or
    Registered Users, Registered Users 2 Posts: 849 ✭✭✭


    I Need a bit of advice ..

    I’m looking at a two bedroom property in North Co. Dublin. The property is close to transport links, bus and train and is located off a main street (so close to local amenities).

    There are roughly 13 apartments in the "complex"/building. The size is roughly 760 - 1,120sq ft. Two bedroom, parking etc.. Prices range from €250-€300. Lowest property Prices in the area.. With no further development in the immediate vicinity

    I’m a first time buyer and would be buying with someone else, however I am limited by the 20k depots that we have saved (so far). The plan is to keep the apartment for 5-7 years. We would hope to Live in it for two years and rent it out for the remainder.

    I’m looking to find out if this would be a good or bad move (with the current climate of the housing market).. Could this be a good time to get a reduce price on the property? Should I hold off..


Comments

  • #2
    MortgageBrbr
    Closed Accounts Posts: 17 ✭MortgageBrbr


    Hi,

    Depends, on the housing estate. The market is at an all time low at the moment. A lot of the lenders we deal with are under pressure as there is a big surge in FTB coming back into the market. You will need to ask the following questions:
    • Will you receive section 23 relief on this property?
    • If you are buying with a friend, make sure you get a good solicitor to draw up a contract covering all events.
    • Are their good amenities in the area?
    • If you are buying an apt is their an yearly managment fee?


  • #3
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    MortgageBrbr wrote: »
    Hi,


    Depends, on the housing estate. The market is at an all time low at the moment. A lot of the lenders we deal with are under pressure as there is a big surge in FTB coming back into the market. You will need to ask the following questions:
    I am one of those on this site who feels the housing market is not going to collapse totally but I have to disagree with you here. The market is not at an all time low. It is at a 2 year low. The lenders you deal with must not be the usual banks and building societies as they have far less FTBs now than in last couple of years.


  • #4
    Cr8or
    Registered Users, Registered Users 2 Posts: 849 ✭✭✭Cr8or


    No section 23 that im aware of .. also sale is by private treaty (if that matters) ...

    Already on the case regarding managment fee.

    But my main question was.. would now be a good time to buy knowing that there could be another drop opf 10-15% left in the market? Also would the seller drop the prices because of this .. I know sales in the area in question have come to a halt. That being said, most properties in tha area are of a higher value.


  • #5
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    Cr8or wrote: »
    No section 23 that im aware of .. also sale is by private treaty (if that matters) ...

    Already on the case regarding managment fee.

    But my main question was.. would now be a good time to buy knowing that there could be another drop opf 10-15% left in the market? Also would the seller drop the prices because of this .. I know sales in the area in question have come to a halt. That being said, most properties in tha area are of a higher value.
    If you are buying for a home and you won't be forced to sell (e.g. you are healthy, in a secure job, stable relationship) and don't plan to move, then short term movements of the market should not matter to you. Personally if forced guess, I would say that there's another few years of drops but others will disagree. No one knows for sure exactly what will happen.

    It is worth reading up on the consequences of negative equity if you plan on entering the market at this stage.


  • #6
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,986 Mod ✭✭✭✭Moonbeam


    Check the rental market in the area.
    Also check how much rent you would get for it and compare it to your mortgage repayments.
    Then if you decide to move on in a few years maybe you could rent it out.


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  • #7
    DonJose
    Registered Users, Registered Users 2 Posts: 3,470 ✭✭✭DonJose


    MortgageBrbr wrote: »
    Depends, on the housing estate. The market is at an all time low at the moment.

    I've read a lot of misinformation over the years but this is a WINNER. OMG I still can't believe I just read that.
    MortgageBrbr wrote: »
    A lot of the lenders we deal with are under pressure as there is a big surge in FTB coming back into the market.

    Nothing to do with a "big surge in FTB coming back into the market". More to do with the credit crunch and the fact that 100% mortgages are no longer freely available.


  • #8
    Sizzler
    Registered Users, Registered Users 2 Posts: 5,430 ✭✭✭Sizzler


    OP-if comfortable can you say where exactly it is? You might get more subjective feedback :)


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