Rent-to-buy Scheme Dublin

Plastic Bari

Does anybody know off any Rent to buy developments coming online in the north dublin City area or North County Dublin??

Westwood

some in balbriggan on daft

jdivision

Mate, just so you know a lot of these schemes that I've looked at are already overpriced compared to the rest of the market. It's a gimmick to make people think they're getting a deal when the price falls further.

Plastic Bari

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!! I saw the ones in Balgriggan not sure if there is any left!!!

Lillylilly

Hi,

They definatly have loads left in Balbriggan. We were out viewing them on Sat. There was at least eight houses, both two and three bed, that we viewed (we're fussy!!), but there were more on offer and a fair few apartments. The estate agent lads seem fairly busy with the whole thing and there were a lot of people viewing, so go have a look.
We were fairly happy with what we saw... look them up on Daft!!!

Plastic Bari

Thanks Lillylilly were they the Bremore pastures ones?

Lillylilly

The very ones!!!!!

Victor

Plastic Bari wrote: »

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!!

If you can't save that much over X years, are you sure you can afford a mortgage? When that mortgage is at 8%?

ntlbell

Plastic Bari wrote: »

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!! I saw the ones in Balgriggan not sure if there is any left!!!

That's fine just keep saving, you should really have about 45-50k for a 235k

if you can;t afford to save you can't afford to own.

:rolleyes:




...Just :rolleyes:

tesslab

The price of property in any "commuter" towns will go down a great deal over the next year or two. Might be worth your while hanging on and looking into buying when the markets in your favour. The purchase price tends to be more expensive than market price and all schemes are different. Some may only put by half your rent towards deposit whilst others are higher. Defo not something to go into without exploring all other options.
Perhaps shared ownership with Fingal might be worth having a look at. Make sure to read the fine print!!:D

sorrywhat

Victor wrote: »

If you can't save that much over X years, are you sure you can afford a mortgage? When that mortgage is at 8%?

Its very difficult to save when you a renting a house, paying bills. If your rent is X amount and you also need to save nealry 20K for a down payment that is very hard. I think the rent2buy scheme is really good tbh.

Looking into in Waterford at the mo.

ntlbell

sorrywhat wrote: »

Its very difficult to save when you a renting a house, paying bills. If your rent is X amount and you also need to save nealry 20K for a down payment that is very hard. I think the rent2buy scheme is really good tbh.

Looking into in Waterford at the mo.

do you not have bills when you're buying a home, in fact do you not have a lot more?

rents are in free fall there is no reason people can't find a cheap place.

when your buying you will have more bills and they willl be all YOUR bills, not shared.

Plastic Bari

Well its is hard to pay rent and save to!!!! Its a long process !!

ntlbell

Plastic Bari wrote: »

Well its is hard to pay rent and save to!!!! Its a long process !!

yup. no one said it wasn't

so find somewhere cheaper to rent

cut back on your spending

get a second job.

who said it should be easy?

Plastic Bari

I know that !!! Being a buyers market now it should be easier!!!

ntlbell

Plastic Bari wrote: »

I know that !!! Being a buyers market now it should be easier!!!

and it is...easier...

Plastic Bari

Yeah but its harder to get a mortgage now!! Prices are lower but banks are not as willing to part with the cash

ntlbell

Plastic Bari wrote: »

Yeah but its harder to get a mortgage now!! Prices are lower but banks are not as willing to part with the cash

They will when you get your deposit up?

your missing the point it seems

sambuka41

Not everyone who is saving to buy is in the position to just up and find cheaper rent at the drop of a hat. There are other circumstances that come into play,circumstances that may mean you pay a high rent and cant afford to save 20-30k at the same time. Like having children for example or something as small as have a pet. MOST landlords refuse to rent to you if you have a cat so therefore your pool of possible rental accomadations is a lot smaller. Does that mean that you cant buy or shouldnt be allowed??????

This isnt directed at anyone in particular but this "examine your lifestyle and save better attitude " is judgemental and does not take these circumstances into account. I agree that there have been too many ppl in this country in the last 10 years who got caught up in the buzz of the property boom, they got mortgages they couldnt afford and now they are paying for it. But i think its very unfair to assume that every person who enquires about these types of schemes is irresponsible and unable to afford what they are after.

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

gurramok

sambuka41 wrote: »

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

I hope you've included in your calculations the introduction teaser rate on that mortgage. Rates will never be the same at 1.5% constantly year on year. Be prepared for rates at 4% within a couple of years while rents had crashed by then.

ntlbell

sambuka41 wrote: »

Not everyone who is saving to buy is in the position to just up and find cheaper rent at the drop of a hat. There are other circumstances that come into play,circumstances that may mean you pay a high rent and cant afford to save 20-30k at the same time. Like having children for example or something as small as have a pet. MOST landlords refuse to rent to you if you have a cat so therefore your pool of possible rental accomadations is a lot smaller. Does that mean that you cant buy or shouldnt be allowed??????

This isnt directed at anyone in particular but this "examine your lifestyle and save better attitude " is judgemental and does not take these circumstances into account. I agree that there have been too many ppl in this country in the last 10 years who got caught up in the buzz of the property boom, they got mortgages they couldnt afford and now they are paying for it. But i think its very unfair to assume that every person who enquires about these types of schemes is irresponsible and unable to afford what they are after.

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

You don't have to move to get a decrease? you could always, you know...ask your current land lord, it will be a lot easier for him/her to decrease your current rent that have an idle house/apt for 2/3 months and then STILL have to give a reduction...

I'm trying to find a way for people to do it.

You're looking for ways you can't.

Doesn't make sense.

sorrywhat

ntlbell wrote: »

do you not have bills when you're buying a home, in fact do you not have a lot more?

rents are in free fall there is no reason people can't find a cheap place.

when your buying you will have more bills and they willl be all YOUR bills, not shared.

Oh i know all about bills. I pay bills on my own not shared and I rent quite an old house which costs a fortune to heat. I pay rent,pay my bills, pay my yearly bills,have a car(which yes i do need as public transport where i live is a shambles), and I try save as much as I can, what i am sayin is that I cant save enough to get a deposit together. doesnt mean I dont pay as much as a home owner does cos i do, if not more in certain circumstances.

So if there a new scheme for first time buyers i will look into it. I have looked in loads of different options and in MY CASE the rent buy option seems quite good. I have had my solicitor look over it and she thinks its quite a good option as well.

Nuttzz

Link below to a rent to buy sceheme

www.easisteps.ie

Sounds like a bit of a con to me

Important Notice: EasiSteps is a purchase plan which is subject to Status. Terms & Conditions Apply.
Purchasers should note that as all payments are deposit payments and not rent, and are therefore not eligible
for rent relief during the occupation period nor are they mortgage instalments and similarly are not eligible
for mortgage interest relief.

No rent relief? Cant see who you'd be better off on this scheme

ntlbell

sorrywhat wrote: »

Oh i know all about bills. I pay bills on my own not shared and I rent quite an old house which costs a fortune to heat. I pay rent,pay my bills, pay my yearly bills,have a car(which yes i do need as public transport where i live is a shambles), and I try save as much as I can, what i am sayin is that I cant save enough to get a deposit together. doesnt mean I dont pay as much as a home owner does cos i do, if not more in certain circumstances.

So if there a new scheme for first time buyers i will look into it. I have looked in loads of different options and in MY CASE the rent buy option seems quite good. I have had my solicitor look over it and she thinks its quite a good option as well.

I don't know where to start.

If you're renting why are you renting so far away from your job you NEED a car?

There are things you could do to reduce the costs, if you don't think so pop up your monthly spend here and I'll show you how.

your asking a SOLICITOR does he think it's a good idea a guy who's going to make money from the transaction and you go along with him

yet you won't listen to people who will not be making money of you?

there's just no hope for some people

why don't you ask an estate agent what he thinks :rolleyes:

If you read back through threads on the rent to buy you will see why it's flawed there is large gaping holes in any of the ones I looked at with questions no solicitor on the planet can answer.

solicitor think it's a good idea..

does he indeed.

Plastic Bari

www.easisteps.ie

shamblertine

Plastic Bari wrote: »

www.easisteps.ie

They don't really make it clear. It says:

How Much does it Cost?
Once you have the ability to pay an initial booking deposit, make monthly deposit payments and are successfully approved, you may live in the property rent free during the agreed period.

How much do I pay monthly?
This depends on the purchase price of the property. See the example below

Purchase Price €200,000
Initial Deposit €5,000
Monthly Deposit Installments €625.00
Term 24 Months



So what happens after the 24 months? Are you supposed to get a mortgage for the remaining balance? If so how would this be possible since banks aren't giving 100% mortgages? Or will the bank look at the amount you've already paid towards the property as the deposit and give you a mortgage for the full remaining balance?

Plastic Bari

The rent you have paid already goes as your deposit!!!

gurramok

So you pay rent with your initial deposit ending up paying 20k of the purchase price 200k. Then you need to get a mortgage of 180k in 2011.

Its the same as you rent at 833 per mth(24x625 +5000)/12. Lets say if you didnt go for this and continue renting at 1000 per mth for 24mths which is 24k spent on normal rent, then you will need the market purchase price to be greater than 176k in 2011 to make it worth your while to go down this route. Add more if you rent at 1100 a mth(173,600 price)+ etc.

Basically, you are betting the market price of the 'easisteps' gaff in 2 years time will be more than 176k to gain and that is bloody dangerous in this nasty recession.

Am i missing something here? I'd hate to be the one in 2 years time to find out that the market price of your gaff is <176k in the above scenario, thats many thousands lost already simply because you could not wait in a falling market.

wildsaffy

I vaguely remember some interview where the builder was organising a similar scheme himself. Has anyone found out anymore about the rent to buy scheme? Or approached a builder directly?

shamblertine

wildsaffy wrote: »

I vaguely remember some interview where the builder was organising a similar scheme himself. Has anyone found out anymore about the rent to buy scheme? Or approached a builder directly?

Seen a few advertised on daft but to be honest the developers are still living in cloud cuckoo land with the prices they are setting for appartments, prices like 430k for a 2 bed appartment seem to be the norm for these schemes. Only idiots need apply.

Plastic Bari

Some developments are offering good deals Like Adamstown where the prize is frooze when you buy it. At least you know it cant go up!

gurramok

Nor can down, now ain't it a good bargain! :rolleyes:

Plastic Bari

Sabadee

ntlbell wrote: »

You don't have to move to get a decrease? you could always, you know...ask your current land lord, it will be a lot easier for him/her to decrease your current rent that have an idle house/apt for 2/3 months and then STILL have to give a reduction...

I'm trying to find a way for people to do it.

You're looking for ways you can't.

Doesn't make sense.

Its all very well if you are trying to help people with realistic and hardhitting advice on how to do things, but your tone is hardly encouraging!!! I live in town and recently asked my landlord to lower my rent to which he promptly said no. So this is not a sure fire way of saving money. So I guess you will tell me that rent is cheaper out of town and I should move? myself and my partner both work in city centre, so move out would have its own costs in terms of transport and well-being. Personally I am a fan of well-being; hence I would be willing to examine options which would take some of the drudgery out of buying your first home. Clearly you a proponent of the school of hard knocks, but do try to be a little kinder on us mere mortals.

AARRRGH

By all means go ahead and buy one of these rent-to-buy houses, but be warned that you are not getting a good deal and you will be annoyed in two years when you realise you have lost 50 - 100k because you bought an overpriced property at the beginning of a long recession.

You have to think long term. If you are buying into the rent-to-buy scam it is likely you are thinking short term and it's your emotions who are doing the thinking!

Btw, I save over 1k per month and I rent and have a fairly high standard of living. Yes, at only 1k per month it means I would not have a deposit for a few years, but I should not expect to be able to buy a house whenever I want to.

Sabadee

I hear ya. But rent to buy is precisely that, you are not under any obligation to purchase the property! If you are paying rent anyway and struggling to put large sums of cash away it is option worth considering. Recession may not be too long hopefully. But you can weigh up your options and assess the market when the time comes to decide if you want to purchase the prop you have been renting. Certainly anyone doing this should not pay more rent than market value, but assertation that rental market is in freefall is a little OTT. I know a lot of renters and none of them are singing all the way to the bank with incredible savings being made. Rents in Dublin fell by 6% according to daft report of Feb 2009, this should bring them back to late 2006 levels, but only people who have moved in the last 12 months will have seen the benefits of this, and this mostly if they have moved to burbs.

ntlbell

Sabadee wrote: »

Its all very well if you are trying to help people with realistic and hardhitting advice on how to do things, but your tone is hardly encouraging!!!

I'm not attempting to encourage anyone, if someone asks a question I'll try and answer it, but I don't go out of my way to put tlac on the cheeks of their arse while I'm doing so.

Sabadee wrote: »

I live in town and recently asked my landlord to lower my rent to which he promptly said no. So this is not a sure fire way of saving money. So I guess you will tell me that rent is cheaper out of town and I should move? myself and my partner both work in city centre, so move out would have its own costs in terms of transport and well-being. Personally I am a fan of well-being; hence I would be willing to examine options which would take some of the drudgery out of buying your first home. Clearly you a proponent of the school of hard knocks, but do try to be a little kinder on us mere mortals.

No I would tell you to put him under a bit of pressure maybe he needs to be reminded of the current situation? maybe you were very passive in your tone and he felt you might be a bit of a walk over and tried to play hard ball, I have no idea, but I just wouldn't stand for "no" surely there is places to rent near where you're close to the city for less? if you don't think so tell us where it is and I bet we can find something cheaper.

As I said it will be a lot more costly for the landlord to try and find a replacement than giving you a discount, so remind him of this.

if you want more advice and want be pampered you might be better of paying one of them fluffly life coaches or something.

Keith C

ntlbell wrote: »

if you want more advice and want be pampered you might be better of paying one of them fluffly life coaches or something.

I really hope you dont work for MABS

Freddie59

Plastic Bari wrote: »

Some developments are offering good deals Like Adamstown where the prize is frooze when you buy it. At least you know it cant go up!

And what happens if it drops?;)

Freddie59

gurramok wrote: »

So you pay rent with your initial deposit ending up paying 20k of the purchase price 200k. Then you need to get a mortgage of 180k in 2011.

And the gaff could possibly be worth €120k by then.:rolleyes:

Danniboo

NTLBELL - I really think you're very judgemental and full of solutions that aren't viable. For a start you've said "why do you live so far away from your job." Well maybe because rent would be dearer near peoples workplace, i.e I live in Kildare and work in Dublin. Also maybe people want to live near family and friends. I too have looked at my options and agree that if I could get a mortgage cheaper than what it's costing me too rent.

I'm definitely considering the Rent to Buy scheme,you say about ppl cutting costs and saving, I don't know about other people but with the increase in taxes, daily living expenses, paying rent, other bills, car etc, it's not realistic to expect people to be able to save a fortune every month.

gurramok

Danniboo wrote: »

NTLBELL - I really think you're very judgemental and full of solutions that aren't viable. For a start you've said "why do you live so far away from your job." Well maybe because rent would be dearer near peoples workplace, i.e I live in Kildare and work in Dublin. Also maybe people want to live near family and friends. I too have looked at my options and agree that if I could get a mortgage cheaper than what it's costing me too rent.

I'm definitely considering the Rent to Buy scheme,you say about ppl cutting costs and saving, I don't know about other people but with the increase in taxes, daily living expenses, paying rent, other bills, car etc, it's not realistic to expect people to be able to save a fortune every month.

What BS!

I'm renting a 2bed in D4 for 900quid. The same mortgage(at least 300k) on the place at the moment would be double at normal retail interest rates of 5% over a 25yr period.
An interest rate of 1% works out at 1100 per month!

If i can save every month by renting, why cannot you?

Danniboo

Gurramokk - I've looked into it and I could get a mortgage for less than what i'm paying in rent, you going to tell me now the banks are wrong.

"I can save every month why can't you?" .. eh maybe our circumstances are completely different maybe I pay more bills than you, I pay for my car.. plenty of reasons. How much money do you owe etc etc silly question you're going by the presumption we're in the exact same circumstances.

spockety

Danniboo wrote: »

Gurramokk - I've looked into it and I could get a mortgage for less than what i'm paying in rent, you going to tell me now the banks are wrong.

Do you mind me asking what mortgage term you are basing that on, and what interest rate you are basing it on?

ntlbell

Danniboo wrote: »

Gurramokk - I've looked into it and I could get a mortgage for less than what i'm paying in rent, you going to tell me now the banks are wrong.

"I can save every month why can't you?" .. eh maybe our circumstances are completely different maybe I pay more bills than you, I pay for my car.. plenty of reasons. How much money do you owe etc etc silly question you're going by the presumption we're in the exact same circumstances.

your basing it on historically low interest rates

have a look again at 5/6%

the banks getting it wrong? that's never happened before right? :rolleyes:

JoeyJJ

Thats why banks are stess testing people to make sure they can afford the mortgage when it goes back up to 3-5%, because it will.

spockety

JoeyJJ wrote: »

Thats why banks are stess testing people to make sure they can afford the mortgage when it goes back up to 3-5%, because it will.

What exactly does this 'stress testing' involve?

Assuming they are basing their calculations off using no more than 40% ( :eek: ) of 'disposable' income for mortgage repayments, do they base that on 40% at 5% interest rates, or 40% at current ~3% and allow the percentage of income used to go up as interest rates rise?!

I find it hard to believe that they are actually saying 40% of income at 6% interest rate at the moment, otherwise surely the crash would accelerate? Mind you, they are probably still offering 35/40 year mortgages (why have these not been banned yet?) to disguise ludicrousness in a blanket of 'affordability'.

gurramok

Danniboo wrote: »

Gurramokk - I've looked into it and I could get a mortgage for less than what i'm paying in rent, you going to tell me now the banks are wrong.

You have not answered the question posed by posters, what interest rate and term are you basing your premise on?

Danniboo wrote: »

"I can save every month why can't you?" .. eh maybe our circumstances are completely different maybe I pay more bills than you, I pay for my car.. plenty of reasons. How much money do you owe etc etc silly question you're going by the presumption we're in the exact same circumstances.

I have zero debt, i can well able to save a good bit per month after rent/bills been paid and i earn about the avg industrial wage.

The idea is to have zero debt before you go for a mortgage anyway to make it more affordable which is a good thing so if you have a car loan outstanding, pay it off.

mrgaa1

came across this scheme over the weekend http://tinyurl.com/qyworm
- seems reasonable but then only if you want to live there i suppose:rolleyes:

spockety

mrgaa1 wrote: »

came across this scheme over the weekend http://tinyurl.com/qyworm
- seems reasonable but then only if you want to live there i suppose:rolleyes:

What the hell has this got to do with Rent To Buy in Dublin?!

Are you the developer of this place?