Thinking of buying an apartment.......

jimmurt

I've had my eye out for the last couple of years for a 3 bed house. Recently I came across a 2 bed apartment that's for sale for less than half the original asking price of 3 years ago.

Although I was always looking for a house I can't ignore the good value of this offer. Some people have said to go for it as it's a great price.

On the other side of it I constantly have peple telling me not to buy an apartment (hard to resale/rent, management fees, no backgarden etc).

I plan to live in it and rent the other room as long as I live in my current location. But if I ever need to move I would like to rent it without too much hassle.

This apartment is not in a huge block, it has just has one neighbouring apartmant and the management fees are reasonable.

Has any any thoughts or advise?

Dades

Why would you buy an apartment if you've been looking for a 3-bed house?

In terms of longevity a 3 bed house would do you much better. There's very few reason why you'd need to move from one and a bucket of reasons why you might need or be inclined to leave/sell an apartment.

I saw loads of properties I thought were absolute steals last year - which are now asking about 20% less. Only buy if it's your dream home I say - and from what I read of your OP - that would be a 3 bed house.

whippet

jimmurt wrote: »

I've had my eye out for the last couple of years for a 3 bed house. Recently I came across a 2 bed apartment that's for sale for less than half the original asking price of 3 years ago.

Unless it is slap bang in a city centre in a really desirable location 50% off peak prices isn't anywhere near good value. Until it has lost at least 70% of it's peak it will still be dropping.

Also, if it is an apartment in a commuter town or in a provincial town somewhere outside of the major urban centres some banks won't even consider giving mortgages for Apartments as they see them as totally sale proof .. inotherwords .. not required and worthless.

ronan45

I would suggest if possible go for the house. I know a hell of a lot of people that bought an apartment as their first home , first step on the property ladder.
Some now want to start families and are stuck. I saved a few more quid and went for a house. So many more options with a house... garden..extension ...attic conversions. possibilities endless.

antiskeptic

jimmurt wrote: »

I've had my eye out for the last couple of years for a 3 bed house. Recently I came across a 2 bed apartment that's for sale for less than half the original asking price of 3 years ago.

In August 2008 a mate sold her two-up/two-down house for 380k. The unfortunate buy-to-letter is trying to offload it now and has it advertised at 225k ..this last 6 months. An offer of 190k would probably be accepted - given that discounting the asking price has become the norm.

There is nothing spectacular about a 50% apartment price discount. Indeed, given it's an apartment, it's discounting appears behind the game.

ShadowHearth

Dades wrote: »

Why would you buy an apartment if you've been looking for a 3-bed house?

In terms of longevity a 3 bed house would do you much better. There's very few reason why you'd need to move from one and a bucket of reasons why you might need or be inclined to leave/sell an apartment.

I saw loads of properties I thought were absolute steals last year - which are now asking about 20% less. Only buy if it's your dream home I say - and from what I read of your OP - that would be a 3 bed house.

Agree. Op, you already gave out that you prefer and want house, so why would you even consider buying apartment. Forget that first step in the ladder in Ireland. If it's not something you want to spend the biggest part of your life, then don't buy it.

Just buying, because its cheap is very bad thinking when property still droping in price. If you buying a home to live in, then it's a good buy.

noxqs

There is no property ladder and if you think there is, you're not mature enough to sign a mortgage contract.

It means you didn't do any research, but was prepared to go into the bank guns blazing to get a mortgage, ANY mortgage, for any property regardless of your real housing needs/desires.

Sigh.

I don't even want to repeat the data about apartments and emigration/empty houses etc. If people can't even bother to google for 5 minutes, but are more than happy to get a mortgage ASAP without 0 research. Be my guest.

Take that gun, and aim it at your feet. Its 50% cheaper now.

the groutch

half the '07/'08 price doesnt automatically mean it's a bargain, you'd need to give us more details for us to make a judgement

on the balance of things you're better to buy a house, but a apartment may be more suitable to your personal circumstanaces

either way don't go in gung ho, it's a life-changing decision and shouldnt be taken lightly

jimmurt

noxqs wrote: »

There is no property ladder and if you think there is, you're not mature enough to sign a mortgage contract.

It means you didn't do any research, but was prepared to go into the bank guns blazing to get a mortgage, ANY mortgage, for any property regardless of your real housing needs/desires.

Sigh.

I don't even want to repeat the data about apartments and emigration/empty houses etc. If people can't even bother to google for 5 minutes, but are more than happy to get a mortgage ASAP without 0 research. Be my guest.

Take that gun, and aim it at your feet. Its 50% cheaper now.

In fairness, I am doing research, this thread is part of it. I went to the bank to discuss mortgages. I haven't even applied for one yet.

ntlbell

Get the price of what houses/apartments were a few years ago out of your head it's distorting your evaluation.

Something being "half" the price of an artificial price is not half of it's value.