Any opinions what to offer for this house

Caza

Hi everyone just getting a vibe for what people think we should come in for first offer love the location ideal space, on the market for a month no offers
http://www.myhome.ie/residential/search/brochure/kelbyr-house-longwood-meath-co/NLRMX398222

Thanks everyone

Jaden

First warning sign - house is 5 years old, and hasn't been painted yet. Offer 25 below asking. This house will reduce price in the next 2-4 weeks.

Senna

Jaden wrote: »

First warning sign - house is 5 years old, and hasn't been painted yet.

Warning sign of what??
My house is nearly 9 years old and we haven't painted the outside yet. I dont even think your meant to paint the outside until its at least a year or two old, just because in the bubble day every house a developer built was painted before it was even finished inside does not mean its the correct thing to do.

NewFrockTuesday

Dont buy it! Youre a fool to part with your money now when it will be cheaper down the road!


:pac:


Couldnt resist...sorry.

First warning sign - house is 5 years old, and hasn't been painted yet.

Good spot! I wouldnt even have copped that.

mrgaa1

Seems like an excellent buy - great space around it and looks like a family home. You must remember if the house is what you like and its in the area you are going to live for quite some time then the cost shouldn't be an issue.

Also the statement about the painting of the house - this is an example of some of the tripe that is written by the majority of people who have absolutely no idea how much it costs to buy a site, build a house, fit it out, maintain a house, tarmac the driveway etc.... There are houses all over the country not painted - painting a house is only a cosmetic exercise not a structural problem. Thankfully the driveway is tarmac'd but no doubt someone will say - check if its a top coat or a base coat - maybe the driveway will sink or something...

happyoutscan

Give it time and save yourself some money!

Caza

just to say the house has that pebble dash finish, put in a bid just waiting for them to come down some more can really see us there for life. good question about the tarmac any other questions that we should ask??

koffe anan

Have to agree with that whole non painted house nonsense !! ive just built a 2300 Sqr ft house in the midlands for 195K, I have experiance and used mostly direct labour, the one thing i did spend OTT on is insolation. Whats the house like to heat, have they used Cosy board on the outer walls, I used a condenser oil burner which practically doubles your oil effiency !!! (Important but not a offer breaker !!)

I dont agree with disregarding price/value because your going to be living in the property for a long time. Presuming your not paying in unmarked Nothern bank notes, you will be getting a morgage and theirs nothing worse than paying over the present/future rates and having that blunder realised over 25 + years.

Factor in that WHEN the goin gets good interest rates will creep back up to 4-5% so factor that into your offer.

Dont get too emotionally attached

Coinsidently House prices have recently dropped back to 2004 levels so this house should be priced at what it was bought/Built for. Ask did the currant owners Build or buy, this should help you to gauge what they'll sell for, if its the former they probably paid 125K for da site (circa) and 200k (Max) for the build = 325K. Price a similar site with FPP at todays levels to get rid of the (circa). If they bought they cud have paid anything from 350K to 375K. Not to sound callice but this is a family house being sold in the MIDDLE of a property meltdown so they should accept what they owe.... 325K to 375K, id offer 325 but then again i am a hearless Ba***rd

Caza

hi thanks for that koffe anan i know that they built it themselves have relatives that live up the road! put in 340 they are down to 360 just biding time to see how much more they will come down really want them to meet us at 340 think that its fair in this climate just want to keep showing interest in the property. i know that you said dont get too emotionally attached but think i already am but that i always love a deal and am quite competive!!!

koffe anan

OK well if your already imagining yourself kickin' ball in the garden with young lad, don't convey this to THEIR estate agent, he/she'll just go back to their customers and say you love the house (already taken mental ownership) and you'll go that bit more than your original offer. In Theory if you had have gone in at 325 they would have said 350 !!

Remember with credit set up you've got the power in a buyers market.If they Built and have other Family sites they may be selling to build again, if so this is a good thing and should help your offer. By saying 360k, their probably expecting you to meet them half way with a bid of 350K, which id imagine they'd accept.

This is the hard part of buying your house do you put in a counter offer or stick by your guns. It all comes down to the seller, whats their point of Acceptance, this may not be 340 right now (or they feel you'll go 360 cuz you love the place)...... however if you play hard ball and wait, their perception of what they can achieve may come down. Either that or somebody else bids and gets THE house. Otherwise you can counter offer with 350K and try do the deal.

You should also be looking at alternatives, Other options in the area which you LOVE and can purchase/build for 340K.This will help you get an idea of the value your getting, possibly open your eyes to another house/project on the market which suits even better, but more to the point can be used as a catalyst to getting this property !! When you find such, See the colour of der eyes, contact their estate agent, say your sick of waiting and put your final offer down of 342,500. Explain the other VIABLE option. State that you are ready to put down a depo, have funding in place and if accepted you want the transaction to proceed as quickly as possible !! Good luck CAZA

NOTE: Remember any advise given on a BLOG should be taken at arms length, its just opinion & theory on your situation

Grawns

offer half the asking price.

El Stuntman

Grawns wrote: »

offer half the asking price.

finally, we are getting somewhere

who what when

The asking price is way over what it should be.
Offer 220,000 first and take it from there. Do not hand over more than 260,000 because you cold easily build it yourself for less than that!

Freddie59

who what when wrote: »

The asking price is way over what it should be.
Offer 220,000 first and take it from there. Do not hand over more than 260,000 because you cold easily build it yourself for less than that!

+1` to that. And ignore advice from mrgaa1. Then go visit these sites:

www.thepropertypin.com

www.treesdontgrowtothesky.com

www.irishpropetywatch.com

www.irishhometruths.com

S & P said yesterday that house prices in Ireland will fall bny a further 13% this year and at least 10% next year. DON'T DO IT!

koffe anan

Ha Ha, have you guys any idea of how much it costs building a property with 5 bedrooms, buying a two acre site 28 miles outside dublin, 5 miles outside a decent sized town like Trim (with FPP for a 5 bed). Bid has already been placed and decided that this is the house they want and this is the time they want it,to wait for the market to bottom out would be the right thing to do but at the same time these buyers obviously have confidence in their job security, and more to the point the banks do (Which is Huge !!!)
Asking price was over the top, however i did say earlier that 325 is the price of the property, would be my initial offer, this is what i feel it would cost to put it there in 04' (given they didn't inherit the land) and thus this is the minium price they would accept.
I have offered comprehensive advise to CAZA on how to properly evaluate the asking price, evaluate other options such as a Build in the area, How to bid, yet all you guys can do is Say DONT BUY, even though theyve put in a bid
I wouldn't buy it personally because the property market hasn't bottomed and indeed could fall back to 97-99 prices, also I would not be able to get another mortgage, dont need a (Dublin) commutable 5 bed family house. Its not a question of whether they're going to buy, its whats the best price they can get in todays market ?? They won't get that house at 260K or Build it for that & TBH we havn't crashed that far yet (it won't be long tho with people like you around )

who what when

koffe anan wrote: »

Ha Ha, have you guys any idea of how much it costs building a property with 5 bedrooms, buying a two acre site 28 miles outside dublin, 5 miles outside a decent sized town like Trim (with FPP for a 5 bed)

Well yes actually. Almost finished my house. Prime location (site cost €120000), 5 bedroom, beautiful house if im allowed to say so.
Have spent €115000 so far and really all thats left is some landscaping and painting, dont expect anymore than €10000 worth.

Dont be such a know all, youre not the only person with some real world knowledge. There are bargains to be had out there and its certainly worth shopping around. Fair enough i know theres other factors such as how suitble it is to your own circumstances and if you dont mind paying over the odds go ahead. But i stand by my original answer

Senna

koffe anan wrote: »

Ha Ha, have you guys any idea of how much it costs building a property with 5 bedrooms, buying a two acre site 28 miles outside dublin, 5 miles outside a decent sized town like Trim (with FPP for a 5 bed).

A lot of people know property prices are dropping, its in the news every day, but what isn't heard is the reduction in build costs, and these can be huge compared to the relatively small (by comparison) house price drops. Prices per square meter were halved in my area at the start of the year compared to 2007 and probably cheaper now. With hard bargaining (and using direct labour), this cost is even lower and there is no shortage of builders only too willing to undercut each other to get a few months work.

spockety

There is also the fact that the build costs are actually irrelevant to the market.

The house will sell for whatever the market can bear. If the market cannot bear the build price, it will sell for below the build price or not sell at all.

koffe anan

Sorry, ive just bein goin on personal experiance.In the middle of building another house and have taken 200k mortgage to finish, my last one last year cost 195 to finish. I have been using direct labour with the same tradesmen so perhaps i am bein overpriced, i certainly havn't seen a major reduction in my building costs be it materials or labour. Bein the third time i've used them i know they do a smashing job but by the sounds of it their too expensive in todays market !!!

oceanclub

koffe anan wrote: »

Ha Ha, have you guys any idea of how much it costs building a property with 5 bedrooms,

The cost of creating an item has nothing to do with its value. If you think it does, I suggest that you try lovingly handcrafting beer barrels and trying to sell them to Guinness for the price of the labour. Lots of people overpaid for both land and building at the height of the bubble, and will now pay for it. There's a glut of houses in this country; owners can either (a) lower their prices to undercut others or (b) resolutely await the next property bubble, assuring themselves that they are correct in not selling for what they're worth.

To the original owner; looking on daft.ie, 5-beds in Meath rent for anything from 875pm to 2000pm; the median is around €1000. I see nothing particularly spectacular about the house you posted, but let's be generous and say that one you're looking at would go for €1500pm in this climate. In that case, it's worth no more than €240,000.

P.

bobbiw

Caza wrote: »

Hi everyone just getting a vibe for what people think we should come in for first offer love the location ideal space, on the market for a month no offers
http://www.myhome.ie/residential/search/brochure/kelbyr-house-longwood-meath-co/NLRMX398222

Thanks everyone

Offer 150 or you will be in NE within 2-3 years.

Caza

Hi guys thanks for everything mortgage people will only give us 300000 not near what they were giving us so we offered that and they are not accepting! boohoo! but still not sold so hopefully they will see sense and accept a good offer imo.

johndaman66

mrgaa1 wrote: »

Seems like an excellent buy - great space around it and looks like a family home. You must remember if the house is what you like and its in the area you are going to live for quite some time then the cost shouldn't be an issue.

I for one find the above advise flawed. No doubt the property looks nice and well presented and there is plenty of space with it, I don't dispute that. But theyre probably are plenty of other properties in the area which are just as nice and priced similarly or better or if not I'm sure there will be in the coming months or years at least. Does the OP really need 2 acres of space? If he/she has kids or they see potential for building another house on the site I could see why maybe. Otherwise it may just end up being a big green space that is a needless nusiance to maitain and mow every few weeks which they paid a premium for in the first place. Then again the OP might like the idea of the extra space regardless so I won't readily jump to half baked conclusions either.

It would seem to me that the OP is not overly familiar with the area. They appear to like the area from their allbeit limited knowledge of it but living there may longterm may be quite different. I know of neighbours who bought houses nearby me in the countryside in the last few years and ended up moving away again because they never settled in the area as such. No doubt they or at least some of them liked the area in the first place.

I think most will agree with me that cost is an issue if you can't realistically afford the place. I think if you (and/or your partner) and maybe even yer children are going to be working yer butts of for the next 35 odd years and having to get in lodgers or second jobs in order to service a mortgage then cost certainly is an issue. Thats my own perspective and certainly the OP may agree or disagree in which case cost will/ will not be an issue to him/her. It would appear from what Caza just said in the last while though that the bank will not lend them what they need to buy the house (no personal offence intended Caza) so cost is an issue regardless of their perspective.

Finally would it not make sense to rent in some instances such as with the current economic climate and buy a few years down the road. If the OP was able to buy the same/ very similar house in the area for 100k less in two years time I'm sure cost would seem to present itself as an issue to the OP then.

johndaman66

Caza wrote: »

Hi guys thanks for everything mortgage people will only give us 300000 not near what they were giving us so we offered that and they are not accepting! boohoo! but still not sold so hopefully they will see sense and accept a good offer imo.

Caza I believe that banks will only give you a mortgage of 92% (at highest) at this present point in time and which would lead me to believe you have 23 odd grand available from personal savings. If this is so then I certainly think this amount would be enough to make a realistic offer with at this present point in time, if of course you still really want to buy the place. This may no doubt leave you in a better position than you first thought with regards getting a good deal on the house. As oppossed to making an offer of 360k which I think you mentioned at one point you now have documentary evidence to show the Estate Agent that the maximum you have available is 323k (assuming it is a 92% mortgage). If he is an anyway good EA he will communicate this offer back to the seller who may/ may not accept it depending on if they want a quick no hassle sale and how low they are willing to go of course. You never know unless you go:o

Caza

Well the banks will only give me 278000 have around 26000 as deposit so realistically 300000 is the most we can go taking other expenses like solicitors into account. The bank will not take my partners income into account as it is a contract job. We do know the area, relatives live in the area and we only live a few miles away at the moment. Don't realistically need 2 acres and would prob see could we sell the field at the back. Not very many houses for sale in this area its a quiet little road with mainly locals who have built on their own or parents land. We have been renting for the past 5 years together and have one child so would like to settle somewhere so that we wont be moving once he starts school in 2 years. Getting married next week so buying a house this year would be a great end to the year.

RasTa

€280k with a strech to €300k if you are desperate. You would make the savings if you continued to rent anyway.

Caza

hi just want to say had offer accepted yesterday for 310000! delighted that we got it after so long trying!!!!!

jaffa20

Caza wrote: »

hi just want to say had offer accepted yesterday for 310000! delighted that we got it after so long trying!!!!!

Well done. You were happy with that price and don't listen to the negative comments on here. It looks like it's well worth that money. A massive house on a massive site and in a nice location.

johndaman66

Congratulations Caza,

To be fair it does appear to be a sizeable property in a good location, modern and nicely finished with good potential to extend down the line should the need arise I think. I think for the price you agreed on that you struck a fairly good deal for yourself at this present point in time, even considering the uncertainty thats out there at the moment.

Best wishes to you in your new home