Opinions on this property?

Lafortezza

I went to view this property yesterday, MyHome link. And I'd like to hear any opinions on it or the area. Also what would people think would be a fair offer to make?

gurramok

It ain't real Glasnevin. Its sandwiched between Finglas and Cabra.

A plus is that it has the Finglas based 40 buses for transport.

A brother and sister will be living in this house together for the next few years, you sure neither of you will meet a future partner in that period?

As a result of that, why would you buy if you need a deposit from your parents?

Both of you will need to afford the repayments, a bank will look for evidence of this.

oceanclub

Will be buying with my sister, plus help with deposit from parents.

Are you happy with that the knowledge that you may either:

(a) have to live with your sister for the next decade or more, as the value of your property may drop, or
(b) have to sell your share of the house at a loss if you decide to move out to live with a partner/start a family?

P.

Lafortezza

Hi, thanks for the replys.
I think I might have phrased it badly in the OP, I'm not looking for advise about the financial situation or future family stuff, all of that is not a problem.

Just looking for what people think a fair first offer on the house linked would be?

A brother and sister will be living in this house together for the next few years, you sure neither of you will meet a future partner in that period?

Without going into family finances too much, this situation of buying/living together is only for 3-5 years. If/when anything changes there it won't be a big problem. One of us will stay in the house long term, which is why we are being picky.

As a result of that, why would you buy if you need a deposit from your parents?

We don't need it. Phrased it badly in OP.


So, fair price for this property?

D3PO

oceanclub wrote: »

Are you happy with that the knowledge that you may either:

(a) have to live with your sister for the next decade or more, as the value of your property may drop, or
(b) have to sell your share of the house at a loss if you decide to move out to live with a partner/start a family?

P.

exactly what i was thinking.

bangersandmash

gurramok wrote: »

It ain't real Glasnevin. Its sandwiched between Finglas and Cabra.

It's technically a Glasnevin address in Dublin 11 (not 9) but it's on the wrong side of the Finglas Road. It's pretty far from the older more established parts of the area.

On a side note, I see that it's listed as POA. I honestly can't understand what the purpose of that is. POAs used to be the preserve of exclusive properties.

OP for pricing you might want to look at other properties in that estate on IrishPropertyWatch. It looks as if a house a few doors down has been on the market for almost 12 months.

Eglinton

I know a sister and brother who bought recently enough. We all think it's mad as she is definitely the sort of girl who is likely to marry in the near future. He's probably grand for 5 years + yet. I don't think they'd get two thirds of the cost now if they sold it. Prices are still dropping so regardless of whether you got this house for a 'bargain' or not, you'd be locked into a contract for which there's no easy get out should either relationship circumstance change.

So it's not the price I'd be worried about, it's the situation you're getting yourself into.

Lafortezza

Ok, I've edited the OP, should have phrased the question better before posting

When I asked about the property being listed as POA, the EA was a bit hesitant about nailing down an exact asking price.
He eventually said that it was in the region of 420k and gave the usual EA spiel about how selling prices and asking prices are two different things in the current economic climate.

So obviously I'm not going to offer 400k and be surprised when they snap my arm off, but would an offer of 320k be pointless?

ntlbell

lafortezza wrote: »

Ok, I've edited the OP, should have phrased the question better before posting

When I asked about the property being listed as POA, the EA was a bit hesitant about nailing down an exact asking price.
He eventually said that it was in the region of 420k and gave the usual EA spiel about how selling prices and asking prices are two different things in the current economic climate.

So obviously I'm not going to offer 400k and be surprised when they snap my arm off, but would an offer of 320k be pointless?

I think it's a very reasonable offer but my guess is you'll get a lecture from the EA on how if it was at 320k he'd buy it himself.

go and view it if you haven't all ready and then decide on a figure you're happy to pay for it.

vbold

I think you should do a little more looking around. There are better options than the house you have pointed out. While I haven't been in those houses I have heard that they have sound and insulation issues. You do not have access to any local services in that estate and would need a car to get to the nearest shop. They are also very close to finglas south which has some anti-social issues, especially in the park to the rear of the houses.

Would you not look on the other side of the finglas road in either violet hill, (or for new houses in Glasnevin downs) which should both come in your price range within a year if not already.

If you are looking for airport access (and my own preference) would be to head to the Drumcondra side of glasnevin (as you will have public transport access as well, all airport busses pass via drumcondra). Try some places off the home farm road, or off the lower drumcondra road or even off the ballymun road.

I know you have edited you Origional post but getting out of house share if circumstances change is not as easy as you imagine even if family is involved. You will both loose your FTB status, the other partner retaining the property will have to pay stamp duty of the half the are purchasing and if the house is in Negative equity then you will have to pay cash up front to cover that plus the mortgage.

good luck

bangersandmash

vbold wrote: »

Would you not look on the other side of the finglas road in either violet hill, (or for new houses in Glasnevin downs) which should both come in your price range within a year if not already.

If you are looking for airport access (and my own preference) would be to head to the Drumcondra side of glasnevin (as you will have public transport access as well, all airport busses pass via drumcondra). Try some places off the home farm road, or off the lower drumcondra road or even off the ballymun road.

I'd strongly second Vbold's location suggestions above. OP for the money you're looking to spend you could potentially get a similar property size in a more established location with better amenities.

Try looking either just across the Finglas Road or a little further east. As you get close to the city centre on the Northside you'll find that a small distance geographically can make a considerable difference.

oceanclub

Looking at all 3-beds in Glasnevin for rent on daft.ie, the asking price is between 1000 and 1,200 - nothing higher.

Taking the generous €1,200 p.m. and using the minimum 5% yield valuation (12 x 20), you get a value of €288,000.

P.

EDIT: Just to note that the optimistic price. If you wanted a 10% yield, with the assumption that you lose 1 month a year for missing tenants or wear-and-tear (then even optimistically assuming rents don't go down), it's worth 1,200 x 11 x 14 = €184800.

P.

Eglinton

oceanclub wrote: »

Looking at all 3-beds in Glasnevin for rent on daft.ie, the asking price is between 1000 and 1,200 - nothing higher.

Taking the generous €1,200 p.m. and using the minimum 5% yield valuation (12 x 20), you get a value of €288,000.

P.

Yup. Certainly sounds more reasonable alright. Perhaps a 240/250K opening bid with a max of 290K.

I still think it's a potentially poor decision to purchase with a sibling regardless of whether this is not the OP's main concern. The odds on recouping the money from a sale are much lower in this economic climate should the situation change. For the OPs purchase situation, I think they should purchase something, well well within their means, so they're not taking such a risk. As they need parents' help on deposits, they seem to be looking at prices at the fringes of their means.