The madness has returned

Idbatterim

i live beside this place! E675,000 for that on a main road! fair enough if the plot had PP for another house, but surely this is madness?!!!

http://www.daft.ie/searchsale.daft?id=737394

Just taking a look at some other properties in the D.14 area, some bloody serious price hikes according to the price tracker function!

DoozerT6

Location location location!

Yep it's certainly pricey for a house that is going to need so much work, but I guess you're selling the potential, the location, and the large garden. It could certainly be a gorgeous family home.

Still though...yikes.

McGrath5

It certainly is a lot of money for what you are getting.

Property around that area is currently selling very fast.

hfallada

If that house was in a DCC area, getting another house on that site is a give.

moxin

Its 170 Sq. Metres, much bigger than your usual house and has that huge garden. A builder would snap this up and try to get PP for a 2nd dwelling. It does have potential for those that have the dosh

moxin

Idbatterim wrote: »

Just taking a look at some other properties in the D.14 area, some bloody serious price hikes according to the price tracker function!

I've done a quick search for only houses in D14. For 2013, only 2 have hiked their asking price and one has reduced theirs, hardly bedlam yet.

Increase
Saoirse, Ballinteer Road, Dundrum, Dublin 14 - Detached House
1a Upper Churchtown, Churchtown, Dublin 14 - Detached House

Reduction
1 The Palms Roebuck Road, Clonskeagh, Dublin 14 - Detached House


You sure you're looking at the right district?

Idbatterim

there is another and I'm sure I saw a few more...

http://www.myhome.ie/residential/brochure/1a-upper-churchtown-churchtown-dublin-14/2339897

NIMAN

Its a free market, if someone wants to pay crazy money for a house, then its up to them.

As long as it doesn't spread to half the country, then I won't mind.

riclad

YOU can always look at one area, say look at this expensive house,

WHEN prices in most area,s go up, on a semi d 3 bed house,
thats the time to get concerned.
eg in the boom, joe blogss , working in an average job,
was paying 250k for a 3bed house.

moxin

Idbatterim wrote: »

there is another and I'm sure I saw a few more...

http://www.myhome.ie/residential/brochure/1a-upper-churchtown-churchtown-dublin-14/2339897

1a Upper Churchtown, I posted that one already!

Ms2011

I just bought a v.similar property in Carlow for €56,000. I know there is a big difference between Rathfarnham & Carlow but still that's crazy money imo!!!

murphaph

So long as property across the country doesn't all rise together then it's sustainable IMO. During the boom there were no regional pockets where prices fell-they rose everywhere (albeit at different rates probably). A normal market should indeed experience rises in one region and falls in another at the same time. The houses built en masse in Leitrim (no offence, beautiful county but not an industrial base nor should it be) were never sustainable and never really should be unless the population doubles or something.

Remember the early-mid 1980s in Britain: massive price increases in the home counties and the south generally but falls in the north and Scotland. Germany has experienced the same sort of thing. It's normal enough I'd say. The jobs are in the cities, especially Dublin.

_Kaiser_

The OP is right... you can see it in threads here in the last while, stories in the news, supplements in the papers - now that we're "out of the bailout" it's back to business as usual, and in Ireland that means selling ridiculously priced houses and apartments to each other :rolleyes:

"Quick.. get on the ladder now before it's too late and you're priced out" - sound familiar?

We haven't learned a thing

Wabbit Ears

Kaiser2000 wrote: »

"Quick.. get on the ladder now before it's too late and you're priced out" - sound familiar?

We haven't learned a thing

what he said

Idbatterim

what I find remarkable about it is, that houses that are going up for sale, are being price considerably higher than 12-18 months ago, and now we are seeing asking price jumps on top of the far higher asking prices, is a new development AFAIC...

"Quick.. get on the ladder now before it's too late and you're priced out" - sound familiar?

We haven't learned a thing

I agree, my mate is looking to buy in the area I have posted D.14 and for the desirable houses, semi d 3/4 bed, off main road, off street parking. You are back to square one, if your not prepared to meet the over the top price, someone else will be... So you either keep renting, move outside of desired area or just take on a serious mortgage or part with an eye watering amount of cash... What I am fairly shocked over, is the speed in certain areas of Dublin that this has returned, I keep a regular eye on myhome.ie and houses were sitting there, on the market for ages at a price that would now look like a give-away. I would have jumped at that time, IF I was in a position to do so. Like Warren Buffet said "Be Fearful When Others Are Greedy and Greedy When Others Are Fearful" My thoughts and a lot of others on this forum for potential buyers was, if you wait it out, even when prices rise, you will know that they have hit them the bottom, that was based on the expected low % per annum increases, I dont think anyone foresaw the double digit price increases coming this early, will have to give it another while to have a better overview and a bigger picture...

murphaph

Idbatterim wrote: »

what I find remarkable about it is, that houses that are going up for sale, are being price considerably higher than 12-18 months ago, and now we are seeing asking price jumps on top of the far higher asking prices, is a new development AFAIC...

Probably to do with the recent publicity surrounding Dublin increases. At the end of the day buyers need to decide what they're prepared to pay. I'm sure many of the asking prices are chance your arm stuff.

Idbatterim

Probably to do with the recent publicity surrounding Dublin increases. At the end of the day buyers need to decide what they're prepared to pay. I'm sure many of the asking prices are chance your arm stuff.

I totally agree, but is this the start of the self fulfilling prophecy on the way back up, the way the negativity resulted in endless quarters of house price declines and everyone waiting, because well... Why would you buy with rapidly falling prices...

ted1

you could probably get 2 houses on to the site, if not more. there's profit to be had for a small developer.

mitosis

If your buddy can't afford, he should look in other areas. The asking price is just an opening gambit - the sale price, however, is what a buyer thinks it is worth TO THEM.

caew

The publicity is the problem. Media report stats in a way to make it sound like the market is booming and conveniently leave out the details or the quotes from economists who advise caution. They paid little attention to the recent Moodys report. They got huge advertising revenues from estate agents in the boom, partially contributed to creating boom prices and it is in their interest to create a frenzy again. I'm sure they miss the money. We believe all that they write, as we did previously and off we go again...

Idbatterim

If your buddy can't afford, he should look in other areas. The asking price is just an opening gambit - the sale price, however, is what a buyer thinks it is worth TO THEM.

He has made offers on several houses, that would be generous by any standard, he hasnt purchased yet though, this is a cash buyer! The asking price situation has changed, I think a while ago, some of them were chance your arm prices, now they seem to be making asking price or above, i.e. the same expectation in the boom, that they would go for beyond the asking...

The Spider

Idbatterim wrote: »

He has made offers on several houses, that would be generous by any standard, he hasnt purchased yet though, this is a cash buyer! The asking price situation has changed, I think a while ago, some of them were chance your arm prices, now they seem to be making asking price or above, i.e. the same expectation in the boom, that they would go for beyond the asking...

Missed the boat so, last year or the tail end of 2011 was the bottom, supply and demand at work, there's limited supply and massive demand, so prices will go up.

Even if building got the go ahead, although where they'd build in Dublin 14 or SCD I don't know, does anyone? We're three years away from any sort of supply so expect continued increases in prices.

Before anyone mentions repossessions, I think it's been put to bed on the other thread that they won't happen in any meaningful way, and even if they did, there certainly wont be huge swathes of Dublin 14 or SCD repossessed.

Nope rising prices for the forseeable, best bet is to pick a secondary area now and get the best house possible in that area, otherwise when this spreads, as it is already doing in Dublin, you'll miss the secondary area too.

murphaph

The Spider wrote: »

Missed the boat so, last year or the tail end of 2011 was the bottom, supply and demand at work, there's limited supply and massive demand, so prices will go up.

Even if building got the go ahead, although where they'd build in Dublin 14 or SCD I don't know, does anyone? We're three years away from any sort of supply so expect continued increases in prices.

Before anyone mentions repossessions, I think it's been put to bed on the other thread that they won't happen in any meaningful way, and even if they did, there certainly wont be huge swathes of Dublin 14 or SCD repossessed.

Nope rising prices for the forseeable, best bet is to pick a secondary area now and get the best house possible in that area, otherwise when this spreads, as it is already doing in Dublin, you'll miss the secondary area too.

Could always wait for it to burst again and try to time it better I suppose :pac:

Idbatterim

thing is murpaph, I'm not sure if your saying it tongue in cheek, say prices are now down 50%, say you wait what,nigh on 10 years assuming, there is a rise and crash again, say they go up to peak prices, they might only drop back down to what they are selling for now. Thats the theory, in practice, the only facts we know are, that you will have spent (and I dont mean wasted) a minimum of several years rent in the meantime and not availed of the historically low interest rates or (and this is very minor) the propery tax exemption (that I believe applies to all homes for first time buyers, up to 2016, Im open to correction on this).

I was also browsing whats available to rent at the moment, see the below. I'm assuming what might normally be an executor sale, is being rented out to a) capitalise on the rising prices b) just to tide things over until the estate is divided up (possibly) (this is obviously purely speculation)

http://www.daft.ie/searchrental.daft?id=1400200

Idbatterim

If your buddy can't afford, he should look in other areas. The asking price is just an opening gambit - the sale price, however, is what a buyer thinks it is worth TO THEM.

He can afford it alright, but hes not going to buy at any price. at what point do you say no, stop...

the_syco

Idbatterim wrote: »

i live beside this place! E675,000 for that on a main road! fair enough if the plot had PP for another house, but surely this is madness?!!!

http://www.daft.ie/searchsale.daft?id=737394

Picture 11; "FINISH MAN 07"

Anyhoos, I wonder was it a 8 bed house share at one time? Esp due to the lack of any funiture, and lack of any apparent modernisation...

=-=

murphaph; sounds like your mate has sense. The sellers of the house above probably know that they can get a bit extra for their house due to the extra land, and are thus offering it at that.

gaius c

Is this to be Ireland's fate? Forever vacillating between property crash & bubble with no in between?
Going to be pretty miserable for everybody caught up in the middle of it.

NIMAN

Well anyone who gets caught up in crazy house buying in the future gets all they deserve.

We have all had enough warning of how bad it can go wrong.

lima

The Spider wrote: »

Missed the boat so, last year or the tail end of 2011 was the bottom, supply and demand at work, there's limited supply and massive demand, so prices will go up.

Even if building got the go ahead, although where they'd build in Dublin 14 or SCD I don't know, does anyone? We're three years away from any sort of supply so expect continued increases in prices.

Before anyone mentions repossessions, I think it's been put to bed on the other thread that they won't happen in any meaningful way, and even if they did, there certainly wont be huge swathes of Dublin 14 or SCD repossessed.

Nope rising prices for the forseeable, best bet is to pick a secondary area now and get the best house possible in that area, otherwise when this spreads, as it is already doing in Dublin, you'll miss the secondary area too.

The Spider has spoken his opinion, so it must be true.

Villa05

lima wrote: »

The Spider has spoken his opinion, so it must be true.

Yes, everyone should fill there boots with property. There are no consequences if you refuse to pay for it.

Them idiots who pay will pay yours

_Kaiser_

NIMAN wrote: »

Well anyone who gets caught up in crazy house buying in the future gets all they deserve.

We have all had enough warning of how bad it can go wrong.

But the point is that really anyone who's been caught up in it hasn't really done too badly at all - oh sure there's the whole "negative equity" thing but that only matters if you're looking to sell. If you bought your place with the intention of making it a home then who cares really.

Can't/don't want to pay your mortgage? No worries.. don't! It's highly unlikely you'll be evicted and even if they do start proceedings, just make a token repayment and that'll reset the clock.

The only ones who've really done badly are those who were sensible and didn't buy into the madness as they have ended up paying for banks and borrowers who did but with no house/apartment to show for it themselves. Instead they get stuck with the often farcical rental sector and the price increases that are starting to become the norm again.

But as I've said elsewhere I've learned my lesson alright - next time I won't bother turning down all the "free" money and mortgages, and when it all goes belly up (again) I'll cry poverty and wait for "Someone else" to bail me out too!

That's what's in store for Ireland as - as I said above - it's clear even from this forum alone that most people haven't learned a thing and are just itching to get back on the property ladder :rolleyes:

Idbatterim

That's what's in store for Ireland as - as I said above - it's clear even from this forum alone that most people haven't learned a thing and are just itching to get back on the property ladder

Who on this forum hasnt learned a thing? I'm not looking to cheerlead property or put down property, just looking to analyse the situation...

sabat

The Spider wrote: »

Missed the boat

limited supply

prices will go up.

expect continued increases in prices.

Nope rising prices for the forseeable,

best bet is to pick a secondary area , you'll miss the secondary area too.

For someone to be spouting the exact same sh1te that drove the country bankrupt is beyond comical at this stage-it's actually tragic. You are a rube and please stop poisoning the forum with this gibberish.

"A bubble comes from rising prices, whether of stocks, real estate, works of art or anything else. A price increase attracts attention and buyers, which results in even higher prices. Thus, expectations are justified by the very action that sends prices up. The process continues and optimism about the market effect is the order of the day. Prices climb even higher. Then, for reasons that endlessly will be debated, the bubble bursts."

JK Galbtaith- The Great Crash 1929

gaius c

NIMAN wrote: »

Well anyone who gets caught up in crazy house buying in the future gets all they deserve.

We have all had enough warning of how bad it can go wrong.

What about those just looking to put a roof over their heads and who are sick to their teeth of renting?

moxin

Idbatterim wrote: »

I'm not looking to cheerlead property or put down property, just looking to analyse the situation...

Why did you start the thread then with the following which is not true.

Just taking a look at some other properties in the D.14 area, some bloody serious price hikes according to the price tracker function!

2 asking price hikes and one asking price drop does not equal the "madness has returned" in D14.

Iwannahurl

Not madness in this case, perhaps, but certainly keen competition.

This run-down terraced house in the centre of Galway sold for €305k, afaik.

The people across the road expect to sell theirs for €250k, apparently.

Takes me back to, say, 2002.

The_Morrigan

sabat wrote: »

For someone to be spouting the exact same sh1te that drove the country bankrupt is beyond comical at this stage-it's actually tragic. You are a rube and please stop poisoning the forum with this gibberish.

We do not tolerate personal abuse on this forum, if you can't post in a civil or courteous manner please refrain from posting.

Morri

jmayo

For anyone that fears, as the thread title says, that the madness has returned just ask yourself this, where is the money going to come from ?

For a bubble and for massively rising prices one needs lending and lots of it.
During the bubble we had 6 indigenous banks : BOI, AIB, PTSB, EBS, INBS, Anglo.
We had foreign institutions : BOIS/Halifax, Ulster, NIB, ACC/Rabo

Those banks were competing with each other and driving lending.
They could easily borrow on the markets where credit was cheap and then lend on their customers.

Today ...
Anglo is gone.
INBS is gone.
EBS under ownership of AIB.
AIB is wholly owned by state and with massive debts.
PSTB is wholly owned by state with massive mortgage debts.
BOI is only semi privately owned indigenous bank trying to pay back state.

BOIS/Halifax has gone.
NIB has gone.
ACC/Rabo has gone.
Ulster is really only here for political reasons and it's parent RBS is really looking to offload it.
I am not counting the smaller players like KBC, smart etc.
There are no foreign institutions champing at the bit to come into Ireland because they know the place is debt riddled where people are now trying to renage on their existing debts.

It is difficult to borrow on the markets and especially difficult if you are up to your ears in unrealised debts.

So fear not I don't think there is any way in hell that we can ever return to the madness.
All that is going to happen is that some people are going to be stuck.
Those who are earning and doing well can compete for the few properties that are available.

murphaph

jmayo wrote: »

For a bubble and for massively rising prices one needs lending and lots of it.

Germany (at least specific regions) could said to be experiencing a bubble in prices and it's not because there's massively more lending taking place. Foreign investors see German property as a safe haven for their money in these uncertain times, thus driving up demand and with it prices.

I think there are foreign investors buying property in Dublin at least, given the relatively good yields they can generate (it is clearly cheaper to buy now in Dublin than rent, IF you have the funding).

For markets outside the major cities and beyond the commuter belts then I agree that for prices to rise you'd need a return to hand over fist lending, which hopefully we'll never see again (but probably will).

moxin

Some vendors just can't make up their mind (snapped from myhome.ie)
http://www.myhome.ie/residential/brochure/21-llewellyn-way-rathfarnham-dublin-14/2676097

Price History for 21 Llewellyn Way, Rathfarnham, Dublin 14

-€20,000 -5.06% €395,000 → €375,000 9:47am yesterday
€20,000 5.33% €375,000 → €395,000 9:08am yesterday

Rathfarnham, Dublin 14 Price Changes

21 Llewellyn Way, Rathfarnham, Dublin 14
-€20,000 -5.06% €395,000 → €375,000 9:47am yesterday
21 Llewellyn Way, Rathfarnham, Dublin 14
€20,000 5.33% €375,000 → €395,000 9:08am yesterday

1 Ballyroan Lodge, Rathfarnham, Dublin 16
-€29,000 -12.72% €228,000 → €199,000 25 Nov

122 Pugin House, Loreto Abbey, Lower Grange Road, Rathfarnham, Dublin 14
-€20,000 -11.43% €174,950 → €154,950 19 Nov

62 Lower Dodder Road, Rathfarnham, Dublin 14
-€45,000 -9.09% €495,000 → €450,000 2 Nov

gaius c

gaius c wrote: »

Is this to be Ireland's fate? Forever vacillating between property crash & bubble with no in between?
Going to be pretty miserable for everybody caught up in the middle of it.

Part of our problem is our population baby booms - new families aren't forming evenly over the years - those of us born in the baby boom of the late 70s and early 80s were buying or want to buy. I wonder if the relative slump in births in the 90s will lead to fewer families forming in ten years or so.

The current baby boom will have to be accommodate in three decades or so.

I might look up some statistics later.

Gmol

Yep the same thing is going to happen again but what surprises is me is that people are surprised. Prices always rise in property over the long term and even the people who bought at the height of the boom will make their money back in the medium to long term

zl1whqvjs75cdy

Are we still allowed to moan about the evil banks that tricked us into getting 120% mortgages if this goes tits up again?

Shedite27

moxin wrote: »

Some vendors just can't make up their mind (snapped from myhome.ie)
Price History for 21 Llewellyn Way, Rathfarnham, Dublin 14
-€20,000 -5.06% €395,000 → €375,000 9:47am yesterday
€20,000 5.33% €375,000 → €395,000 9:08am yesterday

I'm guessing this is to get the property added to the list of "price drops", hence more views, and people thinking it's more of a bargain.

Jolisa94

Also from that MyHome page: 8 Llewellyn Way was sold for 268,000 a couple of weeks ago http://www.myhome.ie/priceregister/8-llewellyn-way-rathfarnham-dublin-14-110961
It's looks like it needs a lot of work, but I remember viewing housed in this estate around 2002 and the asking prices were approx. 170,000 - 180,000

Idbatterim

"A bubble comes from rising prices, whether of stocks, real estate, works of art or anything else. A price increase attracts attention and buyers, which results in even higher prices. Thus, expectations are justified by the very action that sends prices up. The process continues and optimism about the market effect is the order of the day. Prices climb even higher. Then, for reasons that endlessly will be debated, the bubble bursts."

NAIL, HAMMER, HEAD, this is exactly what I meant by the self fulfilling prophecy...

Why did you start the thread then with the following which is not true.
Quote:
Just taking a look at some other properties in the D.14 area, some bloody serious price hikes according to the price tracker function!
2 asking price hikes and one asking price drop does not equal the "madness has returned" in D14.

Because I only looked at admittedly several properties and these were two of them that fit the criteria of what my mate is looking for. I am standing by my point, this isnt just a case of the asking prices being significantly higher than say 12-18 months ago, in some cases they are now being officially jacked up on top of the asking price increases (which I have no problem with, despite the fact its pretty s**t for me personally, its a free market, they should sell it for the max they can get, we would all do the same), I certainly have not seen this before now, it is a new development AFAIC. Below is another one which had the asking price jacked up 100k in a week, and not on a million euro home, on an original asking price of 445...

http://www.independent.ie/business/personal-finance/property-mortgages/asking-price-for-threebed-home-in-golden-triangle-soars-by-100k-in-just-one-week-29790863.html

I'm not saying there have been mass examples of this yet. But I dont dismiss it as some do (usually on AH), just because its in the indo... (maybe the mount merrion was just underpriced to start with OR the agent knew they could under price it, then jack it up by 100k and drum up some cheap publicity...

Maybe I should have had the thread title as "Is the madness returning to D,2,4,6,14 & select parts of SOCODU....

But the point is that really anyone who's been caught up in it hasn't really done too badly at all - oh sure there's the whole "negative equity" thing but that only matters if you're looking to sell. If you bought your place with the intention of making it a home then who cares really.

Yeah I'd agree with this technically, but imagine your Alison O'Riordan, see below link, incidentally, probably the funniest thread I have ever read on boards, you have an apartment that is worth say 200k of the origignal 525k you borrowed, psychologically, unless you have money to burn, this is going to be a constant and absolute headf**k in my opinion. why did I buy then, think of all the other things I could have done with the money and interest. What about starting a family?... (at least its a 2 bed apartment, not that its much consolation). I wonder what her situation is now...

http://www.boards.ie/vbulletin/showthread.php?t=2055860687

GemmaB

moxin wrote: »

Some vendors just can't make up their mind (snapped from myhome.ie)
http://www.myhome.ie/residential/brochure/21-llewellyn-way-rathfarnham-dublin-14/2676097

Price History for 21 Llewellyn Way, Rathfarnham, Dublin 14

-€20,000 -5.06% €395,000 → €375,000 9:47am yesterday
€20,000 5.33% €375,000 → €395,000 9:08am yesterday

Rathfarnham, Dublin 14 Price Changes

21 Llewellyn Way, Rathfarnham, Dublin 14
-€20,000 -5.06% €395,000 → €375,000 9:47am yesterday
21 Llewellyn Way, Rathfarnham, Dublin 14
€20,000 5.33% €375,000 → €395,000 9:08am yesterday

1 Ballyroan Lodge, Rathfarnham, Dublin 16
-€29,000 -12.72% €228,000 → €199,000 25 Nov

122 Pugin House, Loreto Abbey, Lower Grange Road, Rathfarnham, Dublin 14
-€20,000 -11.43% €174,950 → €154,950 19 Nov

62 Lower Dodder Road, Rathfarnham, Dublin 14
-€45,000 -9.09% €495,000 → €450,000 2 Nov

Shedite27 wrote: »

I'm guessing this is to get the property added to the list of "price drops", hence more views, and people thinking it's more of a bargain.

In fairness, this happened on our house … the EA put the price in wrong into My Home & it was changed within an hour or so. But it still shows a decrease of 50k. We weren't being indecisive or hoping that people would think it was a bargain!

gaius c

Deleted User wrote: »

Part of our problem is our population baby booms - new families aren't forming evenly over the years - those of us born in the baby boom of the late 70s and early 80s were buying or want to buy. I wonder if the relative slump in births in the 90s will lead to fewer families forming in ten years or so.

The current baby boom will have to be accommodate in three decades or so.

I might look up some statistics later.

Almost certainly. They are also the age group most affected by unemployment and are leaving the country in droves.

GavMan

Jolisa94 wrote: »

Also from that MyHome page: 8 Llewellyn Way was sold for 268,000 a couple of weeks ago http://www.myhome.ie/priceregister/8-llewellyn-way-rathfarnham-dublin-14-110961
It's looks like it needs a lot of work, but I remember viewing housed in this estate around 2002 and the asking prices were approx. 170,000 - 180,000

Doesn't need 100k worth of work though...

Ray Palmer

Kaiser2000 wrote: »

Instead they get stuck with the often farcical rental sector and the price increases that are starting to become the norm again.

If you actually look back rent increases are the norm point blank. The blip was them going down. Rents will keep going up pretty much forever to at least stay inline with inflation.

If you want to talk about a stable market that is what you are talking about increasing rents. In fact what tends to happen is property close to desirable areas increase in value and then eventually become too expensive for one household and then get divided. Look at every capital city and you will see it. The brownstones in New York, Victorian houses in London and the Georgian houses in Dublin. It is the most likely think going to happen to suburban houses in Dublin over the next 50 years.

What many people don't get is the property market is a long distance endurance race not a quick sprint.

I remember lots of people going on about how they would wait for the crash and then buy. What they missed was the banks stopped lending, they lost their jobs and fear of property would paralyze them.

So now here we stand, people who were called idiots for buying and laughed at for negative equity are in their houses. Not only are they in their houses they have trackers and have been in their homes a good time ranging from 7 years to longer. People love to mention the peak but forget not that many people bought at the peak.

Mean while those who didn't buy and planned to buy after the "madness". Still live in rented property and do not have massive savings, their rent has gone up, if they can get a mortgage they are paying much more for and they are older.

So learning from the past is being missed for some people for sure but might not be the way people are commenting on.

Say you were 30 in 2004 and waited for the madness to stop. You are now 40 maybe have a kid and are trying to get a mortgage and they only give you a 25 year one. You may be much worse off than your friend who bought in 2004. They have 15 years left and pay less for their mortgage. This isn't hypothetical really as I know people who pretty much earn the same but in vastly difference financial and living conditions.

Idbatterim

Doesn't need 100k worth of work though...

It already has DG and GFCH assuming both dont need replacing, I reckon your looking at 20-30k...