Property Market 2020

ebayissues

More questions, do seller do their own surveyor report? I'd like to request copies of any seller reprt from engineeer regarding their structural changes to the house? Is seller obliged to give these.


I would hate a situtation that sale doesnt go through becase of somethng hidden found in surveyor report and I loose money from surveyor & solicitor fees. I suppose in the grand scheme of things its better than having to pay good amounts of money in fixing stuff.

ZX7R

ebayissues wrote: »

More questions, do seller do their own surveyor report? I'd like to request copies of any seller reprt from engineeer regarding their structural changes to the house? Is seller obliged to give these.


I would hate a situtation that sale doesnt go through becase of somethng hidden found in surveyor report and I loose money from surveyor & solicitor fees. I suppose in the grand scheme of things its better than having to pay good amounts of money in fixing stuff.

You will have to get a engineer to do a report.
Unless they comes up with something structurel any recommendations won't affect selling price.

As far as paperwork for work done in the house, that is your solicitors job to request if there is any.
Just to point out an engineer is only going to go by visual inspection,plans ECT.
They won't be drilling knocking holes in stuff to find hidden problems.

Steer55

Some estate agents recommend that sellers do their own builders survey before putting house on market. However, I wouldn't recommend it unless it's an older house and you feel there are problems with dampness, roof problems etc that you may want to.correct before putting it on the market.

ZX7R

Steer55 wrote: »

Some estate agents recommend that sellers do their own builders survey before putting house on market. However, I wouldn't recommend it unless it's an older house and you feel there are problems with dampness, roof problems etc that you may want to.correct before putting it on the market.

Normally estate agents only recommend one it the seller is selling for cash only or auction

Ush1

Ush1 wrote: »

No I mean who pays for the local guards or further distances to maintain services to these isolated houses?

My tax money pays for it.
At least if I call the local station ( 15mins away) they will actually show up.

Padre_Pio

BrownFinger wrote: »

My tax money pays for it.
At least if I call the local station ( 15mins away) they will actually show up.

And what do you do when Garda O'Hara is in bed? There are dozens of stories of police and ambulances not arriving or arriving hours late in rural areas.

Graham

MOD

Do you anticipate Garda O'Hara's sleeping habits will have an inflationary or deflationary effect on property prices through 2020?

Ush1

BrownFinger wrote: »

My tax money pays for it.

It doesn't. That was that posters point.

Woshy

TheSheriff wrote: »

We are in the same boat, weve an offer below asking on a property. It's been on the market for 8 months, no other offers. EA is adamant only asking will be accepted. We are willing to walk away from it , but obviously would prefer them to wake up and accept our offer.. The house is vacant.

Yes, I was hoping the sellers wouldn't be stubborn and would at least negotiate with us and make a counter offer but they are adamant they want asking price.

Another similar house went on sale nearby yesterday (actually it's bigger) and the asking price is the amount we offered the sellers for the house we like. So it's just further proving the point to us that the house we bid on is overpriced and our offer was fair. We've left it on the table but also we have no problem walking away.

We sold our house in November and got a good bit under asking price for it but we just wanted it sold and it was the only offer we had (plus we kinda knew the EA was being too optimistic with the asking price). So we know prices have stalled a bit but lots of EAs and sellers haven't caught up.

There's two houses near us for sale that need a good bit of work and, to me the asking prices are just bananas.

lastusername

Hey folks,

How do you know if the other offers on a house you are bidding on are genuine, and not the seller's mate driving the price up, or someone who isn't actually intending to buy but just engaging in the process anyway (unlikely I'm sure)?

I guess estate agents are trustworthy when it comes to the vast majority who are in business, and if you needed to you could ask about the source of the other bids (data protection restricts that I'm sure though)?

Just a general wondering

km79

Woshy wrote: »

Yes, I was hoping the sellers wouldn't be stubborn and would at least negotiate with us and make a counter offer but they are adamant they want asking price.

Another similar house went on sale nearby yesterday (actually it's bigger) and the asking price is the amount we offered the sellers for the house we like. So it's just further proving the point to us that the house we bid on is overpriced and our offer was fair. We've left it on the table but also we have no problem walking away.

We sold our house in November and got a good bit under asking price for it but we just wanted it sold and it was the only offer we had (plus we kinda knew the EA was being too optimistic with the asking price). So we know prices have stalled a bit but lots of EAs and sellers haven't caught up.

There's two houses near us for sale that need a good bit of work and, to me the asking prices are just bananas.

I could have written this myself
Sold house in East Galway . Dragged on for months due to various things missing on buyers side . We relocated to south mayo before sale even went through.
We could have pulled out numerous times due to the timewasting on other side . But we couldn’t risk it . Brexit was lurking etc
Our patience was rewarded when it finally went through early October
The house was in a sought after location and well kept etc . But still it was slow moving and we but the bullet after 2 months and lowered price . We then accepted an offer slightly lower than that again .
We are now paying sizeable rent and hoping some correctly priced houses come in the market. Or we may build of those costs begin to drop.
By not getting near asking price however we are tightly squeezed for 20% deposit
We both have permanent pensionable jobs so we will have no problem with repayments or affordability
But the initial deposit is a killer when we paying rent too and trying to save

Hopefully get an exemption for 90% or maybe election Will loosing things up a bit .......

km79

lastusername wrote: »

Hey folks,

How do you know if the other offers on a house you are bidding on are genuine, and not the seller's mate driving the price up, or someone who isn't actually intending to buy but just engaging in the process anyway (unlikely I'm sure)?

I guess estate agents are trustworthy when it comes to the vast majority who are in business, and if you needed to you could ask about the source of the other bids (data protection restricts that I'm sure though)?

Just a general wondering

Long story short you dont

OovyGroovyMan

Notice UB lowered their 5 year fixed to 2.2%, that has the be the lowest fixed mortgage interest rate across any bank in Ireland? The closest I can think of is KBC 2 year at 2.25%. Looks like low interest rates are here to stay for the medium term anyway.

all about the mane

lastusername wrote: »

Hey folks,

How do you know if the other offers on a house you are bidding on are genuine, and not the seller's mate driving the price up, or someone who isn't actually intending to buy but just engaging in the process anyway (unlikely I'm sure)?

I guess estate agents are trustworthy when it comes to the vast majority who are in business, and if you needed to you could ask about the source of the other bids (data protection restricts that I'm sure though)?

Just a general wondering

estate agents are trustworthy...:D:D:D

lastusername

all about the mane wrote: »

estate agents are trustworthy...:D:D:D

Yeah I like to see the good in people but....:pac:

mlem123

Hey all - I'm a single woman in her midtwenties and wanting to start saving properly for a deposit. I'm born and bred Dublin so I already know this is where I want to settle. I don't mind a first home to be a but pokey as I currently live in a box room in my parents house (I'm grateful but not always the most fun)

I've had friends who tell me I should wait to meet someone first but genuinely don't agree with that mindset :P

I only have a few grand in savings so I want to knuckle down and buy in 2022!

What advice would you have for me, if you were back at my stage of this process? TIA

Paddigol

mlem123 wrote: »

Hey all - I'm a single woman in her midtwenties and wanting to start saving properly for a deposit. I'm born and bred Dublin so I already know this is where I want to settle. I don't mind a first home to be a but pokey as I currently live in a box room in my parents house (I'm grateful but not always the most fun)

I've had friends who tell me I should wait to meet someone first but genuinely don't agree with that mindset :P

I only have a few grand in savings so I want to knuckle down and buy in 2022!

What advice would you have for me, if you were back at my stage of this process? TIA

Budget. Revise your budget. And budget again. Keep a daily spending diary to see where you are p*ssing away money - set that aside for savings and include in budget. Keep your savings in a non-instant-access account to avoid temptation.

And don't get swept up by "must buy now" hysteria. Unless you're in an urgent situation (which it doesn't appear you are), buy when the time is right and the right property comes up.

Its a grind, but there's no easy way around it.

Woshy

km79 wrote: »

I could have written this myself
Sold house in East Galway . Dragged on for months due to various things missing on buyers side . We relocated to south mayo before sale even went through.
We could have pulled out numerous times due to the timewasting on other side . But we couldn’t risk it . Brexit was lurking etc
Our patience was rewarded when it finally went through early October
The house was in a sought after location and well kept etc . But still it was slow moving and we but the bullet after 2 months and lowered price . We then accepted an offer slightly lower than that again .
We are now paying sizeable rent and hoping some correctly priced houses come in the market. Or we may build of those costs begin to drop.
By not getting near asking price however we are tightly squeezed for 20% deposit
We both have permanent pensionable jobs so we will have no problem with repayments or affordability
But the initial deposit is a killer when we paying rent too and trying to save

Hopefully get an exemption for 90% or maybe election Will loosing things up a bit .......

The 20% deposit for non first time buyers is definitely tough and I think in the future will cause lots of problems. We were lucky that it is not an issue for us but only because we had a good bit of equity in the house we sold in the first place. If we had only had a 10% deposit when we bought it we would be struggling now to get 20% for our next house.

Fingers crossed you get an exemption for the deposit and find a new home soon.

Our issue atm is not affordability or the deposit it's that we need more houses to come on the market in our area and for sellers and EAs to maybe adjust their expectations a little!

Bargain_Hound

km79 wrote: »

I could have written this myself
Sold house in East Galway . Dragged on for months due to various things missing on buyers side . We relocated to south mayo before sale even went through.
We could have pulled out numerous times due to the timewasting on other side . But we couldn’t risk it . Brexit was lurking etc
Our patience was rewarded when it finally went through early October
The house was in a sought after location and well kept etc . But still it was slow moving and we but the bullet after 2 months and lowered price . We then accepted an offer slightly lower than that again .
We are now paying sizeable rent and hoping some correctly priced houses come in the market. Or we may build of those costs begin to drop.
By not getting near asking price however we are tightly squeezed for 20% deposit
We both have permanent pensionable jobs so we will have no problem with repayments or affordability
But the initial deposit is a killer when we paying rent too and trying to save

Hopefully get an exemption for 90% or maybe election Will loosing things up a bit .......

In the same boat myself. Sold & building up towards 20% but hoping to get an exemption on this in a couple of months, falling just short of 20%.

mlem123

Paddigol wrote: »

Budget. Revise your budget. And budget again. Keep a daily spending diary to see where you are p*ssing away money - set that aside for savings and include in budget. Keep your savings in a non-instant-access account to avoid temptation.

And don't get swept up by "must buy now" hysteria. Unless you're in an urgent situation (which it doesn't appear you are), buy when the time is right and the right property comes up.

Its a grind, but there's no easy way around it.

Thanks for the reply!

Yeah I'm in the process of putting together a budget

You're right though, I've finally landed a perm contract rather than the (multiple) temp ones I've been on since college, so I finally am starting to want to plan for the future! As you said I'm not in a hurry, but will probably wait until 2022 at least to give time to save and (hopefully) a promotion so I'm earning more!

SozBbz

mlem123 wrote: »

Hey all - I'm a single woman in her midtwenties and wanting to start saving properly for a deposit. I'm born and bred Dublin so I already know this is where I want to settle. I don't mind a first home to be a but pokey as I currently live in a box room in my parents house (I'm grateful but not always the most fun)

I've had friends who tell me I should wait to meet someone first but genuinely don't agree with that mindset :P

I only have a few grand in savings so I want to knuckle down and buy in 2022!

What advice would you have for me, if you were back at my stage of this process? TIA

This is absolute nonsense by the way. If you think its right for you, then do it.
I bought alone first by the way, then met someone. We ultimately bought together and now my old place is rented out.

The only thing I'd say is to see what you can reasonably afford that you'd be happy to live in for 10 years and if your circumstances changed. Try to think medium to long term. Maybe that means saving a bit longer, but the last thing anyone wants is to be stuck in a property that doesnt suit their changing needs over time.

For example, I bought a duplex aged 28. It has 3 bedrooms, and is about 100m2. Its also really near a large employment centre in south Dublin. I knew that whether I ended up staying there myself or if I needed to rent it at some point in the future, it would work for me.

Obviously I've moved out after 5 years there, but that was purely to buy together. Myself and my OH lived there together happily for years and there was loads of space for 2 adults. The smallest bedroom could easily have been a nursery for example. We moved for positive reasons, not because we were constraned in an unsuitable property.

Think long and hard about how your life might go and then as the other poster mentioned, budget and save.

Maybe set up a savings account with a 2week notice period to withdraw or similar, so you won't be tempted to dip into your savings on a whim. I don't tend to advise people to live like a monk in order to save money, but make considered purchases. Don't get cought up buying new outfits for every night out or the latest make up item on Instagram. Be smart with your hard earned money!

Look at your current spending to see where you could make improvements. Theres typically lots people can save that don't actually impact your quality of life.
-are you on the cheapest phone plan you could be?
-do you mindlessly buy take away coffees regularly?
-could you bring lunch to work a few times a week?
-review and insurance policies you might have, could you get a better deal?

Also keep in mind you'll have costs associated with buying (STAMP, legals, survey, valuation etc) so you need to save for that plus your deposit.

Good luck!

km79

Bargain_Hound wrote: »

In the same boat myself. Sold & building up towards 20% but hoping to get an exemption on this in a couple of months, falling just short of 20%.

We can prob scrape together the 20% and solicitor fees Etc
But we kept very little furniture
And second hand houses may need renovations ......

lastusername

mlem123 wrote: »

Thanks for the reply!

Yeah I'm in the process of putting together a budget

You're right though, I've finally landed a perm contract rather than the (multiple) temp ones I've been on since college, so I finally am starting to want to plan for the future! As you said I'm not in a hurry, but will probably wait until 2022 at least to give time to save and (hopefully) a promotion so I'm earning more!

Start a side hustle or better yet a side hustle with passive income potential - something to make you money on the side without having to put much time into it. You'll thank me in 2022 if you start looking at this now!

mlem123

lastusername wrote: »

Start a side hustle or better yet a side hustle with passive income potential - something to make you money on the side without having to put much time into it. You'll thank me in 2022 if you start looking at this now!

Any recommendations on the type of side hustle you'd recommend? :P

Kamili

lastusername wrote: »

Start a side hustle or better yet a side hustle with passive income potential - something to make you money on the side without having to put much time into it. You'll thank me in 2022 if you start looking at this now!

Just remember you will need to report any additonal earnings to the revenue for tax purposes.

lastusername

mlem123 wrote: »

Any recommendations on the type of side hustle you'd recommend? :P

Haha, now that's not a question a side hustler would ask...they'd be on doing research themselves first Nah it really depends on your skills and interests, and available time. You can do anything from dog-sitting to freelance writing online.

I really recommend Nick Loper's 'Side Hustle Nation' website and FB group - just give him a google. Good starting point for you, he has tonnes of ideas on his website and in his "Buy Buttons" book: https://amzn.to/3aiK2dJ

accensi0n

If possible, start interviewing for a new job and push for as high a salary as you can.

EDIT: sorry, missed your post about job change already and plan for promotion.

lastusername

Kamili wrote: »

Just remember you will need to report any additonal earnings to the revenue for tax purposes.

Why of course, same as for PAYE except you do it yourself (or with your accountant).

dontparkhere

https://www.economist.com/leaders/2020/01/16/home-ownership-is-the-wests-biggest-economic-policy-mistake

An interesting article against home ownership.
Might be behind a paywall but the gist of it is the infatuation with home ownership is swallowing 4% of American gdp. 50% of Germans rent and house prices are at 1980s levels. More renters means less nimbys. Rent controls and mortgage subsidies are bad.

dontparkhere

dontparkhere wrote: »

https://www.economist.com/leaders/2020/01/16/home-ownership-is-the-wests-biggest-economic-policy-mistake

An interesting article against home ownership.
Might be behind a paywall but the gist of it is the infatuation with home ownership is swallowing 4% of American gdp. 50% of Germans rent and house prices are at 1980s levels. More renters means less nimbys. Rent controls and mortgage subsidies are bad.

People want to own their own home so when it comes to retirement they will have a roof over their head. And not have to fork out money on rent. That is especially true if you want to take early retirement.