Advice about buying a house

Wallack

Hi.

Some days I like to just search through daft.ie and I saw this house:

http://www.daft.ie/sales/johnsgate-limerick-city-limerick/1103244/

I thought it was really cheap, the thing is that a house with pretty much the same description, the same picture of the front but with no more pictures was listed previously, this it the cache from google:

http://webcache.googleusercontent.com/search?q=cache:Xt1UxVn0kz0J:www.daft.ie/sales/johns-gate-limerick-city-limerick/1009439/+&cd=1&hl=es&ct=clnk&gl=ie

Listed by the same company but with a price of 75k (raised from 70k apparently).

Is there something I don't see? (I'm not from Ireland).

Thanks.

Louche Lad

At €35k? A mistake by the agents?

Or someone really, really desperate for money very urgently? (In which case, get in there quick!)

Tefral

Its the location. There is a reason its selling for €35k! A bunch of houses sold around that area for around €9k recently and were bought by the council.

If you bought this house you might aswell be ripping up your money.

Louche Lad

Didn't realise it was like that. Here's an old thread: http://www.boards.ie/vbulletin/showthread.php?t=2057073785

jsd1004

cronin_j wrote: »

Its the location. There is a reason its selling for €35k! A bunch of houses sold around that area for around €9k recently and were bought by the council.

If you bought this house you might aswell be ripping up your money.

Where were these houses for 9k? They are not on the property price register. I smell a bit of male cow poo..35k is good value. You will rent for 600pm giving a gross yield of 20%. Sounds ok to me

Jofspring

jsd1004 wrote: »

Where were these houses for 9k? They are not on the property price register. I smell a bit of male cow poo..35k is good value. You will rent for 600pm giving a gross yield of 20%. Sounds ok to me

A property in that location you would be lucky to get €500 a month for it and that's at a push.

jsd1004

Jofspring wrote: »

A property in that location you would be lucky to get €500 a month for it and that's at a push.

And where do you get that expert knowledge? I know of 2 houses that are getting 550+600.

Here is a 2 bed on daft for 750. Bear in mind the one for sale is a 3 bed.

http://www.daft.ie/limerick/houses-for-rent/limerick-city/johnsgate-limerick-city-limerick-1585533/

iguana

Jofspring wrote: »

A property in that location you would be lucky to get €500 a month for it and that's at a push.

In a normal market. In a market propped up by state aid a landlord could most likely get €550-600pm as those are the rental allowance limits for families with 2 and 3 children.

Tefral

jsd1004 wrote: »

Where were these houses for 9k? They are not on the property price register. I smell a bit of male cow poo..35k is good value. You will rent for 600pm giving a gross yield of 20%. Sounds ok to me

They were sold to limerick council for 8,9something. Four of them to be exact. I couldn't be arsed digging out the document, but it was in the leader about 6months ago. If you want it find it.

OP, just take a "Drive" around there with the google maps streetview, you'll see all you need to see.

jsd1004

cronin_j wrote: »

They were sold to limerick council for 8,9something. Four of them to be exact. I couldn't be arsed digging out the document, but it was in the leader about 6months ago. If you want it find it.

OP, just take a "Drive" around there with the google maps streetview, you'll see all you need to see.

My comments are based on fact. If you have information you should link it or else not quote it. A 'drive' around street view does not give you any information on house values or rental income. I am a landlord in the area (commercial) and while the area does have it's problems, there is strong demand for rental accommodation at present and those values are being achieved.

Jofspring

Fair enough if you can get that kind of money for houses in that area then fair play. Just shows how crazy the rental market is going. Have seen a few bog standard houses outside the city looking for €1,000 a month and they have been snapped up.

JustLen

Jofspring wrote: »

Fair enough if you can get that kind of money for houses in that area then fair play. Just shows how crazy the rental market is going. Have seen a few bog standard houses outside the city looking for €1,000 a month and they have been snapped up.

Houses outside the city are not comparable. If the house can be bought for 35k and let for 500-700 per month then its a great investment.

JustLen

cronin_j wrote: »

They were sold to limerick council for 8,9something. Four of them to be exact. I couldn't be arsed digging out the document, but it was in the leader about 6months ago. If you want it find it.

What condition were they in?