buying my first house - need advice!!

conor_mc

Hi Tracey,

Do yourself and your boyfriend a massive, massive favour and just postpone tomorrow's meeting for a few days. This is the single biggest purchase of your life and you need to be better prepared than you currently are.

Take a read of the property pin as others have suggested. AAM is good for advice on financial products but has seriously diluted their usefulness by banning discussion of house prices. The housing market is not good at the moment, you need to become better versed with the current situation and its likely direction and then make an informed decision as to whether to proceed with this purchase or not.

Your vendor won't mind waiting for you - they're very unlikely to have another potential buyer lined up.

Best of luck.

Fredser

professorpete wrote: »

the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it

That is the most ill-informed and incorrect advice I have ever seen on an internet forum.

faceman

Jaysus, 32 posts in and we still have punters telling the OP not to buy a house without knowing anything about the OP and their situation.

Regulator79

faceman wrote: »

Jaysus, 32 posts in and we still have punters telling the OP not to buy a house without knowing anything about the OP and their situation.

Whats to know? Or do you know something we dont?

Tell you what, you present a scenario to me where any first time buyer would be well advised to buy into the housing market tommorrow and I'll be happy to disabuse you of youre warped notions.

yosser hughes

Why don't you ask that nice girl Liz O'Kane she seems really good! Oh and that nice man from the Bank of Ireland, what his name? Oh yes Dan McLoughlin. To those who seem to think there has been fair and unbiased reportage in the media in the last number of years regarding property in this country then I suggest you check out Dan's statements.
If you haven't signed on the dotted line for this property,please don't ! If you have then you're lender will insist on you getting life insurance anyway.Se what they offer and then shop around. Either way best of luck.

forestfruits

Well Tracey the big question is did you end up signing?

If you did and the house is in a property managed estate check your management policy as most have included buildings insurance- so make sure your not paying twice as some banks will offer it with mortgage but all will insist you have it - obviously to protect their investment!

mkdon05

Regulator79 wrote: »

Whats to know? Or do you know something we dont?

Tell you what, you present a scenario to me where any first time buyer would be well advised to buy into the housing market tommorrow and I'll be happy to disabuse you of youre warped notions.

A trainee accountant and trainee solicitor buy a 3 bed house in a good area that they are willing to stay in for at least 15 - 20 years. They
can get the mortgage and afford the repayments on their current salaries.
Their salaries will rise when they qualify and in all likelyhood the house will be worth the same if not more in that timeframe(15 -20years).

yosser hughes

So you think the future is rosy if you're a trainee solicitor? I don't think so.

Ivicia

Drummerboy2 wrote: »

Just been listening to David McWilliams on the radio advising first time buyers to wait a year before purchasing.

He has been saying this for well over a year now.

conor_mc

mkdon05 wrote: »

A trainee accountant and trainee solicitor buy a 3 bed house in a good area that they are willing to stay in for at least 15 - 20 years. They
can get the mortgage and afford the repayments on their current salaries.
Their salaries will rise when they qualify and in all likelyhood the house will be worth the same if not more in that timeframe(15 -20years).

Can't see how that's well-advised mkdon05, managable maybe, but still ill-advised. If they wait until next year, they'd pick it up for 5-10% less. That means 5-10% less to pay interest on.

Or put it this way, if they save 50k by waiting a year then that's about 100k once interest is paid on it over the course of the mortgage.

All that time, they could've stuck that 100k into a pension with tax-relief. Assuming it breaks even alone, they'll have an extra 200k when they retire by waiting for 1 year now, but more likely they'll about double that barring an ISEQ-2008 happens the year before they retire.

And they'll still have the same/similar house.....

Weyhey

what2do wrote: »

Tracy - don't mind all these negative comments, your home is only valued at what you sell it for which will presumably be some time down the line. Always felt I'd be better paying a mortgage than saving for when prices dropped cos it would prob balance eachother out - I'd never be disciplined enough to say the same amount as I pay into my mortgage.

Check out www.askaboutmoney.com for some advice and best of luck, its a proud moment when you sit on your couch and think this is my place :-)

I totally agree. Some people have no real choice but to buy now. It's getting harder and harder to get a mortgage, people with loan approval last month being refused this month, lower loan amounts being offered and bigger deposits required and it's harder to get a permanent job or stay in one so this may be some folk's only chance at buying a HOME.

I want to sell my current house only so I can buy one closer to my work (avoid 4 hours a day in traffic) and my family and then I don't plan on moving. I rented for years and the thoughts of doing it again would kill me.

So best of luck with your new home Tracy.

yosser hughes

Ivicia wrote: »

He has been saying this for well over a year now.

And you're point is? Do you read the papers? Watch TV? Or do you think house prices aren't falling off a cliff.

yosser hughes

Weyhey wrote: »

I totally agree. Some people have no real choice but to buy now. It's getting harder and harder to get a mortgage, people with loan approval last month being refused this month, lower loan amounts being offered and bigger deposits required and it's harder to get a permanent job or stay in one so this may be some folk's only chance at buying a HOME.

I want to sell my current house only so I can buy one closer to my work (avoid 4 hours a day in traffic) and my family and then I don't plan on moving. I rented for years and the thoughts of doing it again would kill me.

So best of luck with your new home Tracy.

Advice coming from someone who is trying to sell their home is hardly impartial is it?

Ivicia

yosser hughes wrote: »

And you're point is? Do you read the papers? Watch TV? Or do you think house prices aren't falling off a cliff.

I was simply adding to the point in case people thought DcW was only saying this today.

I do read papers and watch TV - what's your point?

IMO house prices will fall further. I presume I will need to watch some TV prog to see them actually falling off a cliff.

Treehouse72

This thread is absolutely unbearable.

All you goddam people with your "ah sure don't listen to the begrudgers" nonsense have absolutely no idea how much terrible advice you are giving. It absolutely sickens me. It's as though you really believe that this is all just a matter of sentiment and staying positive and maintaining a sunny outlook, instead of the harsh economic realities on the ground.

This level of willful ignorance of the facts is shameful, and for some of you to then turn this around and start ragging on those who are living in July 08 (and not July 06) is just the final straw. A pox on the lot of you.

To the "bedgrudgers" in this thread - seriously, let the the shiny happy people all just bloody well hang. If these monkeys cannot understand Inter Cert economics let them get what's coming to them.

Sickened beyond words at this crap. Long live the Celtic Tiger! What total bollox.

Weyhey

yosser hughes wrote: »

Advice coming from someone who is trying to sell their home is hardly impartial is it?

As I said I am only thinking of selling because I want to buy somewhere else. I am hearing the same slack off other people because I want to buy. I can't put up with 4 hours a day traffic anymore. I love my house and if it wasn't for traffic I would gladly stay, and not have to bother about estate agents, solictor fees and stamp duty. I know how hard it is to get a mortgage even with any sort of a deposit and the amount I was approved for before now no longer applies to me. I want to have children soon and I would like to change my job so for me it is either buy now or not for a good few years.

Tracy has bought her house she doesn't need the extra stress of negative posts. All I am saying is that some people have no choice but to buy now if they want to own their own home at all.

yosser hughes

Sorry Ivicia, I misunderstood what you were saying. Apologies!:o

Treehouse72

Weyhey wrote: »

Tracy has bought her house she doesn't need the extra stress of negative posts.

I am speechless.

Are you seriously trying to equate the stress levels of reading a forum thread with the stress of "buying" a house and financing it over the period of the mortgage? This attitude is just execrable. Shameful, disgusting, outrageous nonsense, and precisely the attitude I was beratting in the post above yours. Jesus Christ. Save the poor girl's feelings! Don't tell her your honest opinion! No. Let's all just be nice to each other and give some good old-fashioned jolly-ole encouragement!

Disgraceful. Sorry, that is the word. Actually, "uninformed" is probably the word, but I don't want to hurt your feelings, so I'll go with disgraceful. And for all you bleeding hearts, the harsh posts in this thread are trying to HELP OP. Some of you gombeens are going on like it's about hurting OP's feelings or being willfully nasty.

And on point of fact, OP posted before signing for the house.

I feel dirty and can't be arsed reading these bull**** threads anymore.

Ivicia

yosser hughes wrote: »

Sorry Ivicia, I misunderstood what you were saying. Apologies!:o

No problem.

gsxr1

By no means an expert but why pay the same in rent when you can buy your own gaff with the same monthly payment.

I work as a chippy for a developer and we have had 4 apartments for sale for 6 months now . Lots of viewings but no one has bought any.

Went from 360 to 316k . The boss has taken them of the market and rented them instead.

Peeps are paying top money for renting. They where all rented with in one week. 1250 a month in sallins. Crazzzzzzzy. All Irish tenants.

I hear so much piss taking in this thread over a couple dession to buy.

But when they sell again years down the line. I believe there house will be worth lots more than its worth now.

the scaremongers have as much blame as the banks for the reccesion we are all knee deep in.

Im not saying do buy, but I would seek better advise on your long term investment than given on this thread.

latenia

gsxr1 wrote: »

the scaremongers have as much blame as the banks for the reccesion we are all knee deep in.

Are we reaching the stage where 'scaremongers' and 'doom and gloom merchants' are the new Irish bogeymen? Forget thousands of years of economic history-it was the guys on bulletin boards who caused this one.

Theboinkmaster

gsxr1 wrote: »

By no means an expert but why pay the same in rent when you can buy your own gaff with the same monthly payment.

I work as a chippy for a developer and we have had 4 apartments for sale for 6 months now . Lots of viewings but no one has bought any.

Went from 360 to 316k . The boss has taken them of the market and rented them instead.

Peeps are paying top money for renting. They where all rented with in one week. 1250 a month in sallins. Crazzzzzzzy. All Irish tenants.

I hear so much piss taking in this thread over a couple dession to buy.

But when they sell again years down the line. I believe there house will be worth lots more than its worth now.

the scaremongers have as much blame as the banks for the reccesion we are all knee deep in.

Im not saying do buy, but I would seek better advise on your long term investment than given on this thread.

What?!?!?

Because in most instances the monthly rent is lower thant the mortgage repayments and because by waiting only a few months you can save thousands due to the sharp decline. By no means an expert?! no kidding mate you're completely clueless

And of course you don't want to believe the reality of the property crash - you're completely biased and a VI to some part

It's very simple:

- 2 bed aprt in south co dublin currently asking for €400k
- buy it for that (don't lough) and monthly mortgage repayments about €2,000

OR

- wait 2 years and buy same property for €300k (at the very least IMHO) thus SAVING €100k
- rent apartment in same development for €1,400 per month and SAVE extra €600 per month

got it?

Firetrap

I'm just wondering if the original post is for real.

gsxr1

latenia wrote: »

Are we reaching the stage where 'scaremongers' and 'doom and gloom merchants' are the new Irish bogeymen? Forget thousands of years of economic history-it was the guys on bulletin boards who caused this one.

I not saying the bulletin board , but the general attitude of everyone.

A lad said to me in the pub last week.(wise beyond his years:D) "If everybody turned off there TV and Radio for a few weeks the country would not be in the scarry state that its in now. "

Maybe there is a little truth in it.

2 years ago there was a line of 150 people waiting to get on the list for these apartments. Camped out for 3 nights in winter.

What happened. now we cant shift the few we held onto.

Times have turned very quickly. so quickly that there is a state of confusion .

I bought and will probably hit negative equity next year. But I still am very happy to have my own home as opposed to renting.

um7y1h83ge06nx

What I'm wondering is was the Accommodation and Property forum always this vicious.

As soon as I saw this post I knew it would turn into a bitch fight.

Alot of people here seem to see things in a very black and white way.

The other forum I frequent here on Boards (After Hours excluded! ) are far more civilised.

The mega-threads here haven't really helped things.

chump

fecken doom mongers, at it before the "downturn" and now at it during the "downturn". I am completely fed up of anyone expressing a opinion stating that our economy may be in trouble, that house prices may decline and that people may lose jobs. It's baseless and just doom mongering and doom and gloom and everyone who propagates such utterly negative sentiments is partly responsible for this "downturn" and are just negative ugly creatures. HORSEMANURE

Dublindude, that propertypin website is actually extremely useful if you read it. Full of thoroughly exhaustive analysis, referencing "actual" economic facts/thoery and using some sources other than estate agents, banks, developers and government mouthpieces. I suggest a read.

gsxr1

Theboinkmaster wrote: »

What?!?!?

Because in most instances the monthly rent is lower thant the mortgage repayments and because by waiting only a few months you can save thousands due to the sharp decline. By no means an expert?! no kidding mate you're completely clueless

Why do you feel the need to insult me?

Are you like this with everyone?

I said the apartments for sale where going at 300 NOT 400.

That would leave there monthly mortgage payment around 1200.

Also I said my example was based in sallins .Not Dublin.

The_Conductor

Guys- the tone and abusive nature on this thread, from normally quite sane people, is quite unbelievable. I'm not about to issue mass bannings- I am warning posters on this forum though that personal abuse is not acceptable- for any reason. If you disagree with the nature or tone of a post- use the "Report Post" function and one of the mods will take appropriate action. Starting civil war is not an acceptable course of action.

As this thread has well served its original purpose, it is now closed.