Dublin City Council Rent To Buy

wyndham

http://www.rte.ie/business/2010/0720/houses.html

Dublin City Council is launching a rent to buy scheme to sell off its affordable housing stock. Based on similar schemes in the private sector, home buyers can rent for up to three years before deciding whether to buy.

The council will today be putting 91 rent to buy properties on the market in Rialto, Finglas and Glasnevin.

It has already sold off most of its backlog of affordable housing caused by the slump in the private market.

According to the council, the main advantage of the rent to buy scheme is that home buyers can put 80% of rent they pay over three years towards the purchase price. They will then receive all the furnishings as part of the deal.

Prices will be around 10% cheaper than market prices. Rents, too, will be 20% less. Affordable housing buyers will face a financial clawback if they sell within a number of years. A first time buyer earning under €55,000 a year would qualify for affordable housing

.


No information on DCC website that I can see?

gurramok

Probably most are apts. Note the fixed price you agree now to pay in 3yrs time.
http://www.irishtimes.com/newspaper/breaking/2010/0720/breaking12.html

gurramok

http://www.dublincity.ie/Pages/Homepage.aspx

DCC wrote:

The launch takes place at Block B, Herberton, Rialto, Dublin 8, with 16 properties available to view to people on the City Council’s Affordable Housing list.

The Scheme will consist of 91 units in total for rent at three locations in the city. The other locations are at Prospect Hill, Glasnevin with 64 properties, and Park View, Dublin 11 with 11 properties. The 91 units comprise a mixture of one, two and three bed roomed apartments and duplexes.

Amazing how Prospect Hill moved from Finglas to Glasnevin. Park View is beside Ballymun.

jodaw

These kind of "Special Offers" really get on my nerves ...

Is there any end to the amount of shafting and financial hardship that this government wishes upon the people of the country? Let the councils stuff the overpriced pieces of cow dung up their rear ends ...

I had to laugh at step two:

"Avail of the Competitive Affordable sale price"

Wow ... If it is competitive affordable ... it must really be a great prices. Complete tools. It is like one of those brochures from shady companies that has scam written all over it.

I mean what kind of idiots to they take the average person for???

Do us a favor :::

Write the price on that brochure and watch me laugh as i guarantee it is 30% above market price ... then discount that price by 50% to take into account the 20% drop in the market over the next three ...

Also remove any service charges which may apply to the property ...

Then i would be interested and think about it a while. Then i would realise that they are all hell holes that are woeful build quality and i would not live in them in you paid me.

I really hope that none are sold and people see this bull**** for what it is ...

...

For all that has happened Nothing has changed !!!

who_ru

jodaw wrote: »

I really hope that none are sold and people see this bull**** for what it is ...

...

you know they will sell - buying property, regardless of value or quality is hardwired into the irish brain.

jodaw

I am all for buying homes at sustainable and afforable prices and creating communities where families can grow without being overly burdened financially ...

What i am not for are corrupt public servants trying to pull a fast one and shift the burden of paying for pieces cra p ...

I know already they are overprice since they did not disclose a price. Oh and just incase a miracle happens they would have a clawback clause in there ...

With all the information that is freely available anyone that buys these places really does need their head examined

albacete

jodaw wrote: »

I am all for buying homes at sustainable and afforable prices and creating communities where families can grow without being overly burdened financially ...

What i am not for are corrupt public servants trying to pull a fast one and shift the burden of paying for pieces cra p ...

I know already they are overprice since they did not disclose a price. Oh and just incase a miracle happens they would have a clawback clause in there ...

With all the information that is freely available anyone that buys these places really does need their head examined

does anyone know if the council actually paid for these houses, or did they get them as part of a deal from the developers??? As far as I can remember they got them "free". I suppose to be fair to them, if they were to sell them at a discount they would be accused of depressing house prices in the general market. Maybe they should give them away as bonuses to their top executives...just like the way the banks did (do).

Zamboni

They will be snapped up by morons who have no clue.
Signing up to this is ill advised to say the least.

samfordublin

http://www.dublincity.ie/Documents/Dublin_City_A5_AFH.pdf


Stupid to go and fall for this..

Eglinton

Isn't it a daming endictment of a country when a person on a salary of over 50K a year qualifies for the affordable housing list. This alone is indicator of how ridiculous house prices were and continue to be.

I don't have up-to-date figures of the average industrial wage but I suspect that these days it's no more than 30K.

The house prices in this country would suggest that you're not meant to be able to afford a house until you reach a good level of middle management or are a public servant with long service and several promotions.


Also I'm assuming that those Herberton apartments are still as pokey and poorly built as when I visited the 1st phase a year or two ago?

ricman

There was a couple on joe duffy last year ,they said they pay 2500 services charges,for a fancy underground car park and lift system which they cannot use.And the service charges go up every year.They do,nt have a car.
IS 50K really a low wage in 2010?Their apartment is on the ground floor.i think theres plenty of apartments going for 150k or less on the open market,but these apartments are furnished.

albacete

Eglinton wrote: »

Isn't it a daming endictment of a country when a person on a salary of over 50K a year qualifies for the affordable housing list. This alone is indicator of how ridiculous house prices were and continue to be.

I don't have up-to-date figures of the average industrial wage but I suspect that these days it's no more than 30K.

The house prices in this country would suggest that you're not meant to be able to afford a house until you reach a good level of middle management or are a public servant with long service and several promotions.


Also I'm assuming that those Herberton apartments are still as pokey and poorly built as when I visited the 1st phase a year or two ago?

Actually thats a damn good point there, how can 55k be considered a low wage? Its made me realise that this is just a very cynical act from the council. Initially it seems like a not so bad idea but when you think about it, they are actually excluding the people who cant afford property (ie earners under 25k) and including people that could potentially get a 250k mortgage. How can somebody with a salary of 55,000 and in their job over a year be considered unaffording of a house??? Whats that about. Surely they would get a bank mortgage easily enough?? That looks suspicious. It certainly looks like its a Greek bearing gifts.
Lets face it, the council are overpaying their staff, cant reduce salaries, and are short of money so just want to get some easy cash. This scheme is not aimed at the people who cant afford, its just a scam to get people in quick before the council properties are worth even less. So, after 3 years you may well be sitting in a property worth 100k and the council are telling you that you can either buy it for 120k or lose all that "rent" money you paid over the 3 years.
This is not a good deal, its just a very cynical act, which wouldnt have been so bad had the minister not protrayed it as a favour for first time buyers. Well, a minister lying, no surpise there I suppose...

stepbar

Herberton, Rialto, Dublin 8 - Sh1tehole
Prospect Hill, Glasnevin - Oh wait..... Finglas :rolleyes: sh1tehole
Park View, Dublin 11 - aka Poppintree.... Sh1tehole

So there you go... the properties available under this "innovative" rent to buy scheme are available in sh1tehole locations :rolleyes:

I'm sorry DCC but you fail big time.

You know what p1sses me off...... there are numerous apts available in South Co Dublin but they decide to release the sh1te ones first. Where's all the apt's that are supposed to be available in Sandyford? I'd actually consider living in Sandyford. But Finglas, Rialto and Poppintree.... No thanks :mad: I'll keep renting in D6 thanks very much.

Ash.J.Williams

albacete wrote: »

Actually thats a damn good point there, how can 55k be considered a low wage? Its made me realise that this is just a very cynical act from the council. Initially it seems like a not so bad idea but when you think about it, they are actually excluding the people who cant afford property (ie earners under 25k) and including people that could potentially get a 250k mortgage. How can somebody with a salary of 55,000 and in their job over a year be considered unaffording of a house??? Whats that about. Surely they would get a bank mortgage easily enough?? That looks suspicious. It certainly looks like its a Greek bearing gifts.
Lets face it, the council are overpaying their staff, cant reduce salaries, and are short of money so just want to get some easy cash. This scheme is not aimed at the people who cant afford, its just a scam to get people in quick before the council properties are worth even less. So, after 3 years you may well be sitting in a property worth 100k and the council are telling you that you can either buy it for 120k or lose all that "rent" money you paid over the 3 years.
This is not a good deal, its just a very cynical act, which wouldnt have been so bad had the minister not protrayed it as a favour for first time buyers. Well, a minister lying, no surpise there I suppose...

55k could be seen as low in the way that a single person with a great social life (or expensive hobby) probably would not get a mortgage on their own in the present circumstances...

Yes Herberton park.....looks ok from the outside, but when you were leaving school and dreaming of your future did you picture yourself living there? It's come along way since the old days but i'd say it's rough as f**!!!

wyndham

I'm sensing some negativity in this thread:pac:

gurramok

Ash.J.Williams wrote: »

55k could be seen as low in the way that a single person with a great social life (or expensive hobby) probably would not get a mortgage on their own in the present circumstances...

Yes Herberton park.....looks ok from the outside, but when you were leaving school and dreaming of your future did you picture yourself living there? It's come along way since the old days but i'd say it's rough as f**!!!

Too much negativity here

Its the 'dream home' http://www.independent.ie/national-news/apartments-are-chance-to-get-dream-home-2265979.html

Btw, from memory of the housing bubble thread, about 80% of the workforce do not earn near 55k.

Ash.J.Williams

Suppose it has everything really, near the shops, luas...halting site!!

Oliver1985

They really have tried everything to try get rid of those prospect hill apartments!!!

markpb

stepbar wrote: »

there are numerous apts available in South Co Dublin but they decide to release the sh1te ones first. Where's all the apt's that are supposed to be available in Sandyford? I'd actually consider living in Sandyford. But Finglas, Rialto and Poppintree.... No thanks :mad: I'll keep renting in D6 thanks very much.

It would be very hard for Dublin City Council to sell apartments owned by a different local authority. South Dublin council would probably get a little annoyed

gurramok

Any prospective buyers(excuse the pun ) should go down the Tolka Valley Road at the top of the hill and look into the back of Prospect Hill complex and basically just enjoy the spectacle of graffitti & smashed windows all over the frontage of the duplexes/apts.

Last time I looked last week, it was not cleaned up. Must have a gawk this evening myself and see if they even bothered clearing the place up to attract buyers.

Zamboni

gurramok wrote: »

Any prospective buyers(excuse the pun ) should go down the Tolka Valley Road at the top of the hill and look into the back of Prospect Hill complex and basically just enjoy the spectacle of graffitti & smashed windows all over the frontage of the duplexes/apts.

Last time I looked last week, it was not cleaned up. Must have a gawk this evening myself and see if they even bothered clearing the place up to attract buyers.

Can I clarify the location of these apartments?
Are they the ones after St Marys and St Brigids girls schools heading out on the Old Finglas Road?

EDIT - I just did a google and realsied these are some of the monstrosities on the 'new' Finglas road on the way to Janelle.
You couldn't pay me to live that near Finglas West/South.

Zamboni

Jesus, on my google for these apartments I stumbled across the link below.

Imagine some poor git paid €340,000 for a 2 bed with a parking space and is now going to be surrounded by morons who avail of this scheme and buy the same apartment for €155,000.

http://www.boards.ie/vbulletin/showthread.php?t=2054914810

gurramok

Zamboni wrote: »

Jesus, on my google for these apartments I stumbled across the link below.

Imagine some poor git paid €340,000 for a 2 bed with a parking space and is now going to be surrounded by morons who avail of this scheme and buy the same apartment for €155,000.

http://www.boards.ie/vbulletin/showthread.php?t=2054914810

Well I wouldn't have much sympathy, they paid a price on what it was worth to them at the time.

At least you did a bit of research on their location and area, others in the madness in the past did not.

gurramok

As promised, this is the back of the Prospect Hill complex this evening, basically the part where you get the sun if you had windows:D

To be clear, I'm not 100% sure if this particular block is the one up for sale by DCC.

That said, the front of the block inside(to the right) does look smashing(excuse the pun!), you'd think they would of cleared the back of it before putting any apts in the complex up for sale?

1984ih

The prices for Herberton are shown in newspaper for a two bedroom apt but no prices are given for developements in Finglas - Parkview & Prospect Hill! Does anyone know what the rent and sale prices are and if they really are 20% cheaper than current market prices .... ????

Zamboni

1984ih wrote: »

The prices for Herberton are shown in newspaper for a two bedroom apt but no prices are given for developements in Finglas - Parkview & Prospect Hill! Does anyone know what the rent and sale prices are and if they really are 20% cheaper than current market prices .... ????

I'd hazard a wild guess and say these guys could tell you...

Email: affordablehousing.unit@dublincity.ie

Johnny86

im fairly sure 50k is the upper limit for a single person to be on the affordable housing list...

Ash.J.Williams

I feel a little snobby belittling housing that is for people who really need it, but this thread has proven that there is a large group of people who earn under 55k and over 25k, who in any other country could easily afford a house are pushed out of the market because the banks screwed up....it should be a human right to have your own home if you have the means to pay for it...and 30to50k is enough to afford your own home.

1984ih

No they wont ... unless you are the affordable housing list!!

The_Conductor

Ash.J.Williams wrote: »

it should be a human right to have your own home if you have the means to pay for it

Why?
Accommodation (shelter) is a human right.
Ownership of the accommodation- is not.
Us Irish have some weird hangups about owning property.
I really hope that property tax, the abolition of mortgage interest relief and other distortionary measures, puts us on a level pegging with the continent.

It is not a god given right to own your own home- irrespective of what you earn. Many wealthy people rent houses far outside of their purchasing capacity- and have a far higher standard of living than they would have were they to buy property. This is normal- not unusual......

I really don't understand what our hangup is......

1984ih

Just seen there ...they have posted the prices and rents up on website!! Thanks.

ricman

I THINK the prices are good,i wonder what the service charges are.These are in working class areas ,if you do,nt like finglas etc,you do not have to buy there.I Know people who own houses in finglas and they have no problems whatsoever ,they are happy to live there.

Davvvido

I am living at Prospect Hill over 1 year and can not complain at all.
There are lovely duplex-apartments with huge balconies. We have a beautiful grass and flowers area between our blocks.
There are CCTVs in car park and coridors.
My opinion Prospect Hill is one of the best area for living in Dublin.
It takes me 10 min to get to City Centre via bus.

You are close to city centre, but still in the village:)

The prices are very good. 1bed for €95 and 2bed for €139.
I wish to have that kind of deal when I was buying my apartment year ago.

gazzer

Davvvido wrote: »

I am living at Prospect Hill over 1 year and can not complain at all.
There are lovely duplex-apartments with huge balconies. We have a beautiful grass and flowers area between our blocks.
There are CCTVs in car park and coridors.
My opinion Prospect Hill is one of the best area for living in Dublin.
It takes me 10 min to get to City Centre via bus.

You are close to city centre, but still in the village:)

The prices are very good. 1bed for €95 and 2bed for €139.
I wish to have that kind of deal when I was buying my apartment year ago.

How much are your management fees?

Davvvido

I pay €1600 per year for 2bed apartment.
If you are going for "rent to buy scheme" you do not need care about management fees as DCC will pay that as long as you are renting from them.

The_Conductor

Your deposit on this scheme is two months rent- whereas if you're renting elsewhere its one months rent- plus you pay today's price in 3 years time (though you get to rent the property at 80% of the open market rent for the area).

There are both pros and cons to this scheme.

Davvvido

You are right the deposit on "rent to buy scheme" is two months rent, but the rent is €680 per month. If you are renting from landlords on Prospect Hill the rent is €950 -€1000 per month. I can easily see the difference.
All of apartments are brand new with furniture of your choice.

I do not think that the prices of apartments would go down under €139k in 3 years.
Good to have confirmation that price of apartments would not go up together with market values.

Maybe I am wrong. I can just see the positive things on "Rent to buy scheme"

Cheers
David

The_Conductor

All of the properties are in Developments which incur service/management charges. Under the 2009 Act- this charge now legally has to include a EUR200 fee for its sink fund- or in the proposed case for Prospect Hill EUR600, which would increase the current fee from EUR1150- possibly up to the EUR1500 region (which is quite normal for many parts of Dublin- but a massive shock to folk who have never had to pay Management Charges before).

Furniture, fixtures and fittings have been contracted out by DCC- and are actually quite reasonable. I understand you do not have to pay for these at the end of the 3 year period- which is a selling point.....

With regard to the price of apartments falling below EUR139k- I honestly wouldn't be surprised were they to fall well below this level. The Irish experience with apartment living leaves a lot to be desired- and most folk are still enamoured with their idea of a semi-d with their own garden.

How low will prices go- and over how long a period of time? The simple answer to this is- how high will interest rates rise- and over what period of time. Factor in mortgage interest rates of 6% over the next 5-6 years and you are probably in the right ballpark- though time will tell.

The era of cheap money chasing apartments and other assets- is long gone......

gurramok

Davido, is it the block in the photos thats on sale for this Rent-to-Buy scheme?

Mgt fees at that level would scare the living daylights out of me no matter whether it was located in Finglas or Dalkey as I do not see the value for money in it.

Davvvido

gurramok wrote: »

Davido, is it the block in the photos thats on sale for this Rent-to-Buy scheme?

Mgt fees at that level would scare the living daylights out of me no matter whether it was located in Finglas or Dalkey as I do not see the value for money in it.

Hi,,,

There are a few apartments in every block at Prospect Hill. The block in the adv. photos is the newest one and there are apartments for Rent to buy scheme as well.

The best way just come to Prospect Hill and check by self.

GeckoOnTheWall

Do you see Fatima changing in the nearest future to a less ghetto-like community?

I have been to Herberton a few time overs the last week, and though the apartments are quite nice, on each occasion I witnessed instances of anti-social behaviour (e.g. throwing stones at cars, loud (intimidating-looking teenagers). Would these be separate incidents, or the norm that one needs to get used to there?

Also, my friends living there complain of rats in the building. I wonder if they would be just in their block, or the problem affets all the blocks...