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First time buyer

  • 27-10-2009 1:55am
    #1
    venturegambler
    Closed Accounts Posts: 30 ✭


    Im looking into buying an apartment along the quays near the ifsc. as a general rule 2 bed ones seem to be asking 250k which is crazy seeing as half the apartments seem to be empty. to those familiar with the area what would you offer considering ill want to minimise negative equity. is it a good idea to give up stamp duty exemption now when i will be looking at buying a house in 5 to 8 years?


Comments

  • #2
    geem
    Registered Users, Registered Users 2 Posts: 100 ✭✭geem


    venturegambler wrote: »
    Im looking into buying an apartment along the quays near the ifsc. as a general rule 2 bed ones seem to be asking 250k which is crazy seeing as half the apartments seem to be empty. to those familiar with the area what would you offer considering ill want to minimise negative equity. is it a good idea to give up stamp duty exemption now when i will be looking at buying a house in 5 to 8 years?

    I don't think there is any way of avoiding neg eq unless you wait. Wouldn't buy in place half empty either. They'll be rented out sooner or later.
    Why not save up and buy a house in 5 to 8 years when prices will be lower and you'll have more of a deposit.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    The only way of minimising the risk of being in a negative equity situation is by not buying. If you intend to divest of the property again in a 10-15 year window- you probably shouldn't be buying at all. If you are in for the long haul- shop around, and don't be afraid to throw in lowball offers.

    Keep in mind- the area has a silly number of apartments- they are going to fall in value- while there is an inherent value associated with the area- a house, even a run down hovel that needs to be done up- has far more intrinsic value than any of these apartments ever will have.


  • #4
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,550 Mod ✭✭✭✭johnnyskeleton


    If I really, really, desperately wanted to buy a particular apartment and I could comfortably afford to pay this amount, I might, just might, pay €150k for such an apartment.


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