Confused about when to buy

leelee77

I will be in the position to start looking for houses in North County Dublin in August/September time but can see that prices are going up and am so confused about whether I should buy now.

I wanted to buy in 2012 but we weren't in the financial position to do so. I wish we had have been!

johnnyskeleton

It really depends on your personal circumstance and the property in question.

But as general advice goes:
1) compare buying to renting and see which makes more sense;
2) if getting a mortgage, don't borrow more than you can afford or lie to the bank about earnings etc;
3) get a good solicitor and surveyor and listen to their advice. Don't let passion for a particular property cloud your judgment.

Eldarion

From the figures it's looking like 2012/2013 was the theoretical "bottom of the market" for Dublin. No one can predict the market with absolute certainty though and if you hang around for another price crash you could be waiting for years and years.

Since this is outside the madness that is SCD and if you're dead set on owning your own house then I would just recommend you ignore the property price speculation. If it's a house you're happy with and you're completely comfortable with the repayments then go for it. If you spend >10-15 years in that property then historically speaking the house value will trend upwards anyway.

Roger_007

If you are confining yourself to North Co Dublin, Balbriggan would be still OK pricewise. Swords, Skerries, Rush, Lusk etc seem to have little supply and prices have increased substantially in those areas over the last year or so.
You might get much better value by moving over the county boundary into Co Meath although prices have begun to edge upwards there as well in the good areas.
Good luck with your search!

vitani

I'm hoping to buy next year and tbh, I think it's better not to try and play the market. Just look for a house you're happy with that you can afford comfortably even if (or when) the interest rates go up.

leelee77

Thanks for the replies. It is North Co. Dublin I want as I am from the area have family support here.

There has been some sensible advice given in the posts above. Our rent would be lower than mortgage repayments but I have a repayment figure that I would be comfortable with.

It's just hard not to get freaked out by all the talk of the price rises. The area I am looking at has seen price rises and there is little supply at the moment. I just have to hope it doesn't rise too much this year.

lima

leelee77 wrote: »

Thanks for the replies. It is North Co. Dublin I want as I am from the area have family support here.

There has been some sensible advice given in the posts above. Our rent would be lower than mortgage repayments but I have a repayment figure that I would be comfortable with.

It's just hard not to get freaked out by all the talk of the price rises. The area I am looking at has seen price rises and there is little supply at the moment. I just have to hope it doesn't rise too much this year.

Prices in Dublin have fallen for two months in a row now

leelee77

lima wrote: »

Prices in Dublin have fallen for two months in a row now

Just seem that thread. Thanks Lima.

There may be some light at the end of the tunnel.....

iwillhtfu

Property prices are on the up at the minute but wait until interest rates start to rise then you'll find that a lot of houses in the Dublin area will be coming back on the market as repossessions become more frequent.

The bubble that's developing in the Dublin market is really going to become an issue quickly and one that won't be easily solved imo.

My one piece of advice op would be to buy somewhere you'd happily stay and raise a family etc. a lot of folks got caught up in the madness and are stuck with massive mortgages in shoe box apartments with no gardens and 2 bed houses with barely enough room to swing a cat. It must be terrible to be stuck in that position and I know a number of people who are, these are the same people that are dreading the end of the recession as they're just covering mortgage payments and can't afford any increases in interest etc.

Good Luck.

leelee77

iwillhtfu wrote: »

Property prices are on the up at the minute but wait until interest rates start to rise then you'll find that a lot of houses in the Dublin area will be coming back on the market as repossessions become more frequent.

The bubble that's developing in the Dublin market is really going to become an issue quickly and one that won't be easily solved imo.

My one piece of advice op would be to buy somewhere you'd happily stay and raise a family etc. a lot of folks got caught up in the madness and are stuck with massive mortgages in shoe box apartments with no gardens and 2 bed houses with barely enough room to swing a cat. It must be terrible to be stuck in that position and I know a number of people who are, these are the same people that are dreading the end of the recession as they're just covering mortgage payments and can't afford any increases in interest etc.

Good Luck.

Thanks. Yes I know a few people stuck in apartments too. I am definitely going for a house that we will be in for the next 15-20 years

Eldarion

lima wrote: »

Prices in Dublin have fallen for two months in a row now

Wow that's misleading.

lima

Eldarion wrote: »

Wow that's misleading.

Prices are falling in Dublin.

They have been falling for two months now

http://www.cso.ie/en/releasesandpublications/er/rppi/residentialpropertypriceindexfebruary2014/#.UzLZi_l_t8E

Santa Cruz

iwillhtfu wrote: »

Property prices are on the up at the minute but wait until interest rates start to rise then you'll find that a lot of houses in the Dublin area will be coming back on the market as repossessions become more frequent.

The bubble that's developing in the Dublin market is really going to become an issue quickly and one that won't be easily solved imo.

My one piece of advice op would be to buy somewhere you'd happily stay and raise a family etc. a lot of folks got caught up in the madness and are stuck with massive mortgages in shoe box apartments with no gardens and 2 bed houses with barely enough room to swing a cat. It must be terrible to be stuck in that position and I know a number of people who are, these are the same people that are dreading the end of the recession as they're just covering mortgage payments and can't afford any increases in interest etc.

Good Luck.

Why do people persist in wanting houses with enough room to swing cats? What have the cats ever done to them

Santa Cruz

lima wrote: »

Prices are falling in Dublin.

They have been falling for two months now

http://www.cso.ie/en/releasesandpublications/er/rppi/residentialpropertypriceindexfebruary2014/#.UzLZi_l_t8E

That's too general a statement. The purchaser should contain his analysis of purchase prices to the actual area he want's to buy in. If prices are falling there ask why and for what type of property?

I would agree that if all possible target a house rather than apartment if there is family or planned family

Eldarion

lima wrote: »

Prices are falling in Dublin.

They have been falling for two months now

http://www.cso.ie/en/releasesandpublications/er/rppi/residentialpropertypriceindexfebruary2014/#.UzLZi_l_t8E

Alright

Year on Year positive % change have increased over the last 3 months.

Dec 2012 vs Dec 2013 increase of >6%
Jan 2013 vs Jan 2014 increase of >6%
Feb 2013 vs Feb 2014 increase of >8%

Trending indicates going forward it will cost you ~10% more buying this year than if you had bought in the same month last year.

lima

Eldarion wrote: »

Alright

Year on Year positive % change have increased over the last 3 months.

Dec 2012 vs Dec 2013 increase of >6%
Jan 2013 vs Jan 2014 increase of >6%
Feb 2013 vs Feb 2014 increase of >8%

Trending indicates going forward it will cost you ~10% more buying this year than if you had bought in the same month last year.

That is true.

It is also true that prices have been falling all year so far and it will cost you ~2% less now than if you had bought in December last year.

iwillhtfu

Santa Cruz wrote: »

Why do people persist in wanting houses with enough room to swing cats? What have the cats ever done to them

they exist therefore they should be swung. it just so happens some people have the specific requirements for it. AKA a 3 bed semi built during the boom in Dublin

minusthebear

I reckon it's wishful thinking holding out...the bottom has gone...I'd get the ball rolling now OP if you can afford it.

lima

minusthebear wrote: »

I reckon it's wishful thinking holding out...the bottom has gone...I'd get the ball rolling now OP if you can afford it.

The bottom has gone, but prices have been trending down toward the bottom again for the last two months.

Lombardo86

lima wrote: »

The bottom has gone, but prices have been trending down toward the bottom again for the last two months.

Why have you been repeating yourself in all of your last 5/6 posts about "two months".. we heard you the first 4 times

ted1

lima wrote: »

Prices in parts of Dublin are falling in Dublin. but as a whole are still over 13% higher than this time last year

They have been falling for two months now

http://www.cso.ie/en/releasesandpublications/er/rppi/residentialpropertypriceindexfebruary2014/#.UzLZi_l_t8E

fixed your post

ted1

When to buy?

Buy when you find a home you'd be happy to live in for the next 10 years, that is close by to a place of work and close to other places you may want to work. buy somewhere where you can enjoy a social life and have leisure activities on your doorstep.

buy some place yo can afford
.

don't buy someplace because its cheap, or because its in your budget.

minusthebear

lima wrote: »

The bottom has gone, but prices have been trending down toward the bottom again for the last two months.

2 months isn't enough time to make a definitive judgement and you don't need to keep repeating yourself. Seriously.

moxin

ted1 wrote: »

fixed your post

When it suits you.

You were happy a few months ago labelling all of Dublin as having price rises and dismissing any idea of possible price falls in any area. Now the tables have turned!!

ted1

moxin wrote: »

When it suits you.

You were happy a few months ago labelling all of Dublin as having price rises and dismissing any idea of possible price falls in any area. Now the tables have turned!!

I've never talked about all of Dublin. I'm SoCoDu all the way.

moxin

ted1 wrote: »

I've never talked about all of Dublin. I'm SoCoDu all the way.

Which is a minority area in Dublin. The rest of Dublin is a different market with all having prices falling, stagnation and even rises, all are localised.

lima

moxin wrote: »

Which is a minority area in Dublin. The rest of Dublin is a different market with all having prices falling, stagnation and even rises, all are localised.

Tallaght is in South County Dublin!

lima

minusthebear wrote: »

2 months isn't enough time to make a definitive judgement and you don't need to keep repeating yourself. Seriously.

Plenty of people chiming in when there were 1 or two month rises, why not now that they are falling again?

lima

ted1 wrote: »

fixed your post

You just 'Irish Independent-ed' my post

lolosaur

your looking at north county Dublin which is more stagnanty than south county.

Buy if you can and dont worry about 5 grand +-.

only concern is you are buying with your wallet.

Are you looking to get on a ladder or are you looking for a place to call your own.

house prices will be going up in the next 5 years. blips along the way, sure but there will be a steady rise as rents overtake mortgages and it it is cheaper to buy than rent.
People are starting to save again and soon deposits will be acquired, mortgages approved and prices invariably rising.

My main advice would be to get a time machine and go back to march 2012 when prices were lowest and buy then.

Alternatively, stop looking at stupid polls and ddecide what your budget is. what you can afford and where you want to live. If the right house is there, go for it. if not, i suggest you go rent. Dont buy a house for the wrong reasons.

You probably will.

and i will say i told you so.

minusthebear

lima wrote: »

Plenty of people chiming in when there were 1 or two month rises, why not now that they are falling again?

they were ill advised to make such judgements then as are you now.

leelee77

lolosaur wrote: »

your looking at north county Dublin which is more stagnanty than south county.

Buy if you can and dont worry about 5 grand +-.

only concern is you are buying with your wallet.

Are you looking to get on a ladder or are you looking for a place to call your own.

house prices will be going up in the next 5 years. blips along the way, sure but there will be a steady rise as rents overtake mortgages and it it is cheaper to buy than rent.
People are starting to save again and soon deposits will be acquired, mortgages approved and prices invariably rising.

My main advice would be to get a time machine and go back to march 2012 when prices were lowest and buy then.

Alternatively, stop looking at stupid polls and ddecide what your budget is. what you can afford and where you want to live. If the right house is there, go for it. if not, i suggest you go rent. Dont buy a house for the wrong reasons.

You probably will.

and i will say i told you so.

I won't buy a house for the wrong reasons. I am very clear on the type of house I want and if the finances stack up I won't be hanging around. I don't and wont let polls dictate to me. Just wanted some opinions.

Nice to hear you will be waiting in the wings to say 'I told you so' if I do make the wrong decision. Whatever makes you tick!!!!

Eldarion

leelee77 wrote: »

I won't buy a house for the wrong reasons. I am very clear on the type of house I want and if the finances stack up I won't be hanging around. I don't and wont let polls dictate to me. Just wanted some opinions.

Nice to hear you will be waiting in the wings to say 'I told you so' if I do make the wrong decision. Whatever makes you tick!!!!

More often than not he'll get the say it though. Hopefully you'll be in the minority and make the prudent choice!

Sure there's no need to worry anyway, if you're not prudent you can just stop repayments. There's no downside, in fact you'd probably get rewarded for it with a write off or lower mortgage interest rate.

leelee77

Eldarion wrote: »

More often than not he'll get the say it though. Hopefully you'll be in the minority and make the prudent choice!

Sure there's no need to worry anyway, if you're not prudent you can just stop repayments. There's no downside, in fact you'd probably get rewarded for it with a write off or lower mortgage interest rate.

I won't be purchasing above my means. I am a homeowner in the UK. Have the place for the past 10 years. I didn't buy above my means 10 years ago when I had no children so won't be now!

lolosaur

leelee77 wrote: »

I won't buy a house for the wrong reasons. I am very clear on the type of house I want and if the finances stack up I won't be hanging around. I don't and wont let polls dictate to me. Just wanted some opinions.

Nice to hear you will be waiting in the wings to say 'I told you so' if I do make the wrong decision. Whatever makes you tick!!!!

opinion/advice.....


How much are you looking to spend and narrow down the area.
What type of property have you in mind?

leelee77

lolosaur wrote: »

opinion/advice.....


How much are you looking to spend and narrow down the area.
What type of property have you in mind?

€280,000
Skerries
3 bed house

johnnyskeleton

Eldarion wrote: »

Alright

Year on Year positive % change have increased over the last 3 months.

Dec 2012 vs Dec 2013 increase of >6%
Jan 2013 vs Jan 2014 increase of >6%
Feb 2013 vs Feb 2014 increase of >8%

Trending indicates going forward it will cost you ~10% more buying this year than if you had bought in the same month last year.

This chart shows that disco music has gone up in 1977 and 1978. If these trends continue...heeeeey!!

lima

minusthebear wrote: »

they were ill advised to make such judgements then as are you now.

Yeah probably. I'm just making a point that you can spin it just like the media.

lolosaur

leelee77 wrote: »

€280,000
Skerries
3 bed house

you wont really go too far wrong with that.

If you can get one at 260,000, great. if you are in 20k negative equity the day after you buy it, will that be terrible? in 4 years time, maybe its in 30k equity. The house will always be worth the bricks and mortar, it wont be worth only 120k overnight. Not in skerries anyway.

Victor

ted1 wrote: »

fixed your post

Keep it constructive. Refute posts, don't edit quotes of them.

Moderator