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Apartment in Sallins: Rent or Buy?

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  • 03-07-2008 9:47am
    #1
    Climate Expert
    Closed Accounts Posts: 1,393 ✭✭✭


    Should I buy an apt. in Sallins for 316K?
    The repayments on a30 year mortgage are €1740 a month (cheapest).
    Looking at Daft I can rent many apts. and semi's for €1000 a month.

    Ps. the house will require at least a 15% deposit or about 50K.


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    #2
    Duckjob
    Registered Users Posts: 2,858 ✭✭✭Duckjob


    Personally, I think you'd be nuts.

    Some people will say if you intend to stay there a long time then go for it. Bear in mind though:

    - Apartments, especially in commuter areas are now being exposed as having been the most ludricously overvalued in the market, and are in free-fall.
    - Developers are slashing the price on new apartment builds in an effort to shift them
    - the next 2-3 yrs are likely to be very unkind to the value of your property
    - In 2 yrs time, You COULD find yourself in negative equity to the tune to 100 - 150K.

    If you absolutely have to buy, don't offer 316K or anything near it.


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    #3
    hopalong_ie
    Closed Accounts Posts: 175 ✭✭hopalong_ie


    I have to agree, i think you would be better looking if you can find something thing on the Dublin side of Naas. Its an established town which hasn't seen any new apartment devs recently bar some up the far end by the hospital and the osprey. And from what ive seen prices havn't fallen by much either certainly not by the 50ka friend has lost in Clane. Thats just from following prices on daft over the last few months. You can still see over 300k for a two bed, less if it needs work and you will be closer to all the amenities.

    It should hold it's own better than Sallins which i think feels over developed in that they have done basically nothing with the mainstreet and thrown up apartments and shops beside the railway station which has taken from mainstreet in that retailers will prefare the shiny new shop than an old mains street unit. Not that i'm against movment but the mainstreet of any town can set the character of a place and Sallins sadly lacks. Also getting from the Monread Road to Sallins can take an extra 30 mins during rush hour.


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    #4
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    i was reading a story from a carpernter that was working on appartments in Sallins over on thepropertypin.com i think he was say his boss couldnt sell them and is now trying to rent them.... ;)


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    #5
    faceman
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Social & Fun Moderators Posts: 16,587 CMod ✭✭✭✭faceman


    As with my comments in the other thread, it really depends on the OP's full circumstances before worthy recommendation can be given.

    In saying that however, appartments are the most likely house type unit (taking that one factor alone) that will take the biggest hit in value and i would agree with some of Duckjob's comments.


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    #6
    DublinDilbert
    Registered Users Posts: 5,369 ✭✭✭DublinDilbert


    Climate Expert wrote: »
    Should I buy an apt. in Sallins for 316K?
    The repayments on a30 year mortgage are €1740 a month (cheapest).
    Looking at Daft I can rent many apts. and semi's for €1000 a month.

    Ps. the house will require at least a 15% deposit or about 50K.

    €316K for an apartment in sallins is way over-valued in my opinion... especially when you could buy a new 2 bedroom apartment at the back of blanchardstown hospital (8 min walk from blanch village) for €240K.


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    #7
    donaghs
    Registered Users Posts: 2,701 ✭✭✭donaghs


    So did you buy in Sallins in the end?

    Curious about the place. It looks like a nice little town and the house prices seem reasonable. Anyone got any opinions on it?


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    #8
    Climate Expert
    Closed Accounts Posts: 1,393 ✭✭✭Climate Expert


    donaghs wrote: »
    So did you buy in Sallins in the end?

    Curious about the place. It looks like a nice little town and the house prices seem reasonable. Anyone got any opinions on it?
    The thread was actually a piss take of somebody who was trying to convince us that buying in Sallins made more sense than renting.
    I thought people would get that when I mentioned a €700 shortfall in rental repayments.


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