Mullingar apartments 70k

waffleman

http://www.independent.ie/business/personal-finance/property-mortgages/the-apartments-that-cost-less-to-fund-than-a-car-2110756.html

accoridng to the this these apartments came on the market at 202k and are now 70k

some soft landing that is

wyrn

I've seen them and I wouldn't go near them. Also they've been sitting idle for a long long time.
(I think there was some hassle with them adding an extra floor that wasn't in the planning permissions.)

I thought about it for half a second but I've heard so many rumours that I don't think I'd go for it.

waffleman

wyrn wrote: »

I've seen them and I wouldn't go near them. Also they've been sitting idle for a long long time.
(I think there was some hassle with them adding an extra floor that wasn't in the planning permissions.)

I thought about it for half a second but I've heard so many rumours that I don't think I'd go for it.

Interesting I wouldnt be buying as Im not from Dublin or the surrounding area just thought I'd see what the locals think. Ye could get one for 50k soon enough I reckon.

Wonder how much these would be valued at under NAMA? prob well over 100k

gurramok

They give a pitch for 'investors'. Is there an actual lively rental market in Mullingar?

D3PO

gurramok wrote: »

They give a pitch for 'investors'. Is there an actual lively rental market in Mullingar?

In fairness it wouldnt need to be lively would it when you could service a BTL mortgage for under 300 lids a month.

you would have to think if you could get in with the council that theres probably a viable investment to be made. That said I wouldnt touch em

wyrn

gurramok wrote: »

They give a pitch for 'investors'. Is there an actual lively rental market in Mullingar?

There's a fair bit of rental. It used to be the case that everyone knew everyone in the housing estates but now the vast majority of them are being rented out. Mullingar really took off as a commuter town.

Now there's also alot of home owners too. The prices were far reasonable in Mullingar than Dublin.

Basically there was a mass expansion of Mullingar with housing estates (without any consideration for the need of schools, shops, amenities etc... now that's another days rant). There's a few ghost estates around. It's not pretty.

Where those apartments are I could see a sort of ghetto forming. I think they were going to be aimed at young professionals but since the price has been lowered I'm guessing some rich people will buy them and rent them out. They are ugly on the outside though.

thebiglad

D3PO wrote: »

In fairness it wouldnt need to be lively would it when you could service a BTL mortgage for under 300 lids a month.

you would have to think if you could get in with the council that theres probably a viable investment to be made. That said I wouldnt touch em

Being an apartment don't forget the management fees.

If only half of the apartments become occupied who is going to pay to keep the grounds/elevator/public areas and most importantly insurances?

D3PO

thebiglad wrote: »

Being an apartment don't forget the management fees.

If only half of the apartments become occupied who is going to pay to keep the grounds/elevator/public areas and most importantly insurances?

like I said I wouldnt touch em. I wouldnt touch any apartments full stop but thats a whole different conversation

You gotta say though that the local council are idiots if they dont buy the lot. The cost to service them would be less than the cost of providing rent allowance.

Its a no brainer.

Its f**ed up that somebody on welfare could actaully service the mortgage and get by though. Financially theres something wrong somewhere

Zamboni

D3PO wrote: »

Its f**ed up that somebody on welfare could actaully service the mortgage and get by though. Financially theres something wrong somewhere

Just thinking that too as I was reading. Nuts isn't it?

Low Energy Eng

D3PO wrote: »

Its f**ed up that somebody on welfare could actaully service the mortgage and get by though. Financially theres something wrong somewhere

I'm now considering retiring. (I'm 23)