Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Gael23

Are properties on Bidx1 mostly bank repossessions?

kippy

Gael23 wrote: »

Are properties on Bidx1 mostly bank repossessions?

Not anymore I would say. There may be higher liklihood with issues with title or planning and the like though but haven't had any recent experience with it.

hao123

Eeriebo wrote: »

2 years later since we started our house search and 3 purchases fallen through for various reason, including last July we could not draw down because I was on TWSS, yesterday we finally got the keys for our house in Dublin 12!

Here is the timeline - sale agreed (of course there was a bidding war) just before Christmas, contracts signed beginning of Feb, we were also waiting on the probate which issued around mid Feb (owner applied in Nov), sale closed and keys collected 5th March.

Good luck to everyone still searching, you definitely need a lot of patience, persistence and a bit of luck.

Congrats!

We also closed and got the keys on 5th March, after living in airbnb for a week. Exhausted but cannot be happier.

The journey of trade-up started from putting a deposit on a new build in mid Oct, then put our apt to the market just before lockdown, sale agreed in mid Dec, contracts signed and exchanged in earlier Feb, snagged in end Feb, closed our apt last Friday and then closed the purchase yesterday.

Huge thanks to everyone offered help in this thread, and best wishes to everyone on the house hunter journey.

Donald Trump

kippy wrote: »

Not anymore I would say. There may be higher liklihood with issues with title or planning and the like though but haven't had any recent experience with it.

Maybe some have tenants who really really love living there.

Nika Bolokov

cubatahavana wrote: »

Rounding up:

13 years of renting at about 1.8k/month for a 100 sqm 3 bed apartment is 280k. 1.8 k is a low figure actually

13 years of a 1.4K/month mortgage is 218k (first 5 years way less due to interest relief, but let’s not calculate that)

That is a 62k saving there. Then, when I sold I did it for 83k more than what the mortgage was

How is this a huge loss? I was 140k better off than if I would’ve rented the whole time

Property maintenance costs?

Insurance?

Repairs?

1.8k rent from 2011 to 2014?

Time value of money?

You then added the residual balance which you paid for as part of your mortgage payments which gave you the low mortgage balance at the first part of your calculation again at the end as an additional profit double counting it.


You must be the only person ever to sell something for 70k less than you paid and then claim a 140k profit 13 years later as you paid off the debt.

Its no wonder we had a property crash.

cubatahavana

Nika Bolokov wrote: »

Property maintenance costs?

Insurance?

Repairs?

1.8k rent from 2011 to 2014?

Time value of money?

You then added the residual balance which you paid for as part of your mortgage payments which gave you the low mortgage balance at the first part of your calculation again at the end as an additional profit double counting it.


You must be the only person ever to sell something for 70k less than you paid and then claim a 140k profit 13 years later as you paid off the debt.

Its no wonder we had a property crash.

Property maintenance/repairs: almost no issues, I’d say a very high estimate of 1000 - 1500 euro

Insurance: 140-ish per year (contents, so in a rental needed as well)

Management fees: average of 1700/year: 22k

You tell me the average of a 100-110 sqm three bedroom duplex, I estimated it to be about 1800/month. The last few years in the area where I lived it would’ve been 2.3-2.4K easily.

Having a place to live that you own, that you can modify as you wish, and that no landlord is going to evict you from, it’s something that can not be valued with money. It was our family home

Even with the deposit that I paid in the beginning (30k), I spent an overall amount of money well below what I would’ve paid renting.

I never said I sold with a profit. I said I had equity when I sold it and that it helped me to buy. I wouldn’t have had that money if I was renting. No point arguing with you anyway.

Bottom line, I’m happy I bought in 2007 and I had that extra money to purchase my new home, which I’m super happy living in. Not all is maximizing profit. That’s a sad way to live. We could easily afford the mortgage before and we can easily afford it now. We are living in a way better place that we would get renting for the same money, and have been doing so since I bought in 2007.

TheSheriff

cubatahavana wrote: »

Property maintenance/repairs: almost no issues, I’d say a very high estimate of 1000 - 1500 euro

Insurance: 140-ish per month (contents, so in a rental needed as well)

Management fees: average of 1700/year: 22k

You tell me the average of a 100-110 sqm three bedroom duplex, I estimated it to be about 1800/month. The last few years in the area where I lived it would’ve been 2.3-2.4K easily.

Having a place to live that you own, that you can modify as you wish, and that no landlord is going to evict you from, it’s something that can not be valued with money. It was our family home

Even with the deposit that I paid in the beginning (30k), I spent an overall amount of money well below what I would’ve paid renting.

I never said I sold with a profit. I said I had equity when I sold it and that it helped me to buy. I wouldn’t have had that money if I was renting. No point arguing with you anyway.

Bottom line, I’m happy I bought in 2007 and I had that extra money to purchase my new home, which I’m super happy living in. Not all is maximizing profit. That’s a sad way to live. We could easily afford the mortgage before and we can easily afford it now. We are living in a way better place that we would get renting for the same money, and have been doing so since I bought in 2007.

And I would imagine many waiting for their 10% discount on property for years now are quite envious.

Sue de Nimes

I'm moving back to Ireland from the UK. We have agreed the sale of our home in England and will be buying a house in the Midlands with the proceeds. It is really hard at the moment to figure out what is going to happen. There is a real shortage of property compared to what was available pre lockdown. It is also hard to figure out prices. Here in the UK, houses are listed at a desired price. If you offer that, 99 times out of 100 the seller will accept it. It is very rare for property to go over the asking price at the moment. In fact nearly all property goes under the asking price.

I've been looking at the completion figures on property and it really does make things very hard to gauge. I am finding it very frustrating looking at property and not being able to reliably ascertain what it will actually cost to buy. Especially when you look at the completion figures for some stuff and it has sold for 15% over the list price.

voldejoie

Bit of a random question which I appreciate has no real answer: I have my eye on a house that was just about in my price range. Going through the AIP process now, have a few more documents to send to my broker this week (Bank of Ireland taking forever to send me a statement for my savings account, which for some reason can't be generated online...) and then the ball will get rolling properly.

I had thought that the house that I have my eye on might go quite quickly, even factoring in the delays caused by the lockdown etc, but saw today that on the online listing the asking price has gone down by 5k. I wonder if this means it might be taking longer to sell than the seller would like and it might be a more realistic prospect for me than I've thought, or if it will generate a bit more interest at the new price and sell quickly? This is outside of Dublin, for context!

scamalert

Sue de Nimes wrote: »

I've been looking at the completion figures on property and it really does make things very hard to gauge. I am finding it very frustrating looking at property and not being able to reliably ascertain what it will actually cost to buy. Especially when you look at the completion figures for some stuff and it has sold for 15% over the list price.

well here is obviously different, presuming you will be a cash buyer this gives you advantage, as you can give your offer with few days accept it or not, and move on.


the difficulty with prices is that ex: i put my house on sale +20k over avg price, even if it sells at that, theres rubbish to be bought afterwards for same cash in same area, so new houses aside, theres very little incentive now for seller that look to either sell and upgrade or relocate, as any decent ready to move in houses usually go sale agreed within first few days or into bidding battles, if they tick all the boxes people look for. well that just my opinion, since theres no such concept as fair pricing, as demand is high, but supply is still nearly 200k short overall.

bilbot79

Guys how long does a new build take to construct from start to finish do you think?

DubLad69

bilbot79 wrote: »

Guys how long does a new build take to construct from start to finish do you think?

I'd say about 8 months if on schedule. There are often delays though.

ms vieria

Are there any resources to roughly estimate how much internal renovations would cost (i.e. no extension). We are looking at a lot of houses built in the 60's and 70s that have a small kitchen but have the dining room and one more living room 1 wall away. Would be thinking to knock the walls to create an open space. I know finishings will always be impossible to budget but to get to a builders finish what would be the rough estimate?

Padre_Pio

ms vieria wrote: »

Are there any resources to roughly estimate how much internal renovations would cost (i.e. no extension). We are looking at a lot of houses built in the 60's and 70s that have a small kitchen but have the dining room and one more living room 1 wall away. Would be thinking to knock the walls to create an open space. I know finishings will always be impossible to budget but to get to a builders finish what would be the rough estimate?

30-100k? As long as a piece of string.

Impossible to answer without specific details

givyjoe

Padre_Pio wrote: »

30-100k? As long as a piece of string.

Impossible to answer without specific details

30-100k for knocking a studded partition wall?! Even without specifics think that might be overcooking it a little.

JimmyVik

ms vieria wrote: »

Are there any resources to roughly estimate how much internal renovations would cost (i.e. no extension). We are looking at a lot of houses built in the 60's and 70s that have a small kitchen but have the dining room and one more living room 1 wall away. Would be thinking to knock the walls to create an open space. I know finishings will always be impossible to budget but to get to a builders finish what would be the rough estimate?

I have bought and had renovated a fair few houses in the last 15 years or so.

I hate those horrible dining/kitchen room dividing walls, I have knocked those for less than €1000 (thats NOT a typo) many times Even if they are supporting walls, which most of them are not.
But I knew builders who wouldnt attempt to give me the "oh, that'll be expensive" line.

Once your surveyor checks and the house is sound then most of the renovations you are talking about there are only as expensive as you let them be and can be just decorative plus a case of getting insulation in in that kind of aged house. Builders will take you for every penny you have if you let them.

Did you ever go to a car salesman and he says whats the budget and you say €10k and he looks at you and says "hmm 10k ... up to .....". And you or the wife say "€11 or 12k i suppose". Now you are buying a car for €12k.

Same thing goes on with builders quotes and kitchen salesmen. Have previously got an exact same kitchen for €5k that another company was charging €15k for. And dont go for granite worktops unless you want to be bled dry

You should always control the work and the price you are willing to pay.
These guys quote so high because they actually dont want the business for a fair price.

If you get €5k for 1 job and make the same profit as 4 jobs for a fifth of the work. You might as well quote them all €5k and let the other 4 tell you to get lost if you get one sucker taking it at €5k.

Take getting insulation pumped into walls for example.
Got quotes of €2000 to €4000. Then got a company up the North, who a friend had used before, when i asked around, to come and do it for €800. Attic insulation, just do it yourself.

Other option is a kitchen extension, but I wouldnt be getting a kitchen extension built these days if i could help it. Extensions are horrendously expensive these days. Not worth the cost at all.

ms vieria

JimmyVik wrote: »

I have bought and had renovated a fair few houses in the last 15 years or so.

I hate those horrible dining/kitchen room dividing walls, I have knocked those for less than €1000 (thats NOT a typo) many times Even if they are supporting walls, which most of them are not.
But I knew builders who wouldnt attempt to give me the "oh, that'll be expensive" line.

Once your surveyor checks and the house is sound then most of the renovations you are talking about there are only as expensive as you let them be and can be just decorative plus a case of getting insulation in in that kind of aged house. Builders will take you for every penny you have if you let them.

Did you ever go to a car salesman and he says whats the budget and you say €10k and he looks at you and says "hmm 10k ... up to .....". And you or the wife say "€11 or 12k i suppose". Now you are buying a car for €12k.

Same thing goes on with builders quotes and kitchen salesmen. Have previously got an exact same kitchen for €5k that another company was charging €15k for. And dont go for granite worktops unless you want to be bled dry

You should always control the work and the price you are willing to pay.
These guys quote so high because they actually dont want the business for a fair price.

If you get €5k for 1 job and make the same profit as 4 jobs for a fifth of the work. You might as well quote them all €5k and let the other 4 tell you to get lost if you get one sucker taking it at €5k.

Take getting insulation pumped into walls for example.
Got quotes of €2000 to €4000. Then got a company up the North, who a friend had used before, when i asked around, to come and do it for €800. Attic insulation, just do it yourself.

Other option is a kitchen extension, but I wouldnt be getting a kitchen extension built these days if i could help it. Extensions are horrendously expensive these days. Not worth the cost at all.

Thanks for that - we have ruled out ideas of an extension for now as have spoken to friends in regards to quotes they have gotten. More a question of if we can even look at these type of houses with the work that is to be done.

hi!

Bid on 2 houses during these restrictions (mad I know) but they were perfect for what I was looking for. Every house is going for at least 60k over asking and that’s without seeing it first!!
Thinking I’d be better off disengaging until restrictions are eased. Know of two people selling who were told by EA that prices will drop when things open again- but the cynic in me thinks thats them just trying to have houses to sell now.

kippy

hi! wrote: »

Bid on 2 houses during these restrictions (mad I know) but they were perfect for what I was looking for. Every house is going for at least 60k over asking and that’s without seeing it first!!
Thinking I’d be better off disengaging until restrictions are eased. Know of two people selling who were told by EA that prices will drop when things open again- but the cynic in me thinks thats them just trying to have houses to sell now.

60k over asking - I assume this is Dublin?

zinfandel

Gael23 wrote: »

Are properties on Bidx1 mostly bank repossessions?

I am interested in a Bidx property at the moment . Definitely a repossession , empty 2 years or so. Going to auction next week, they are not doing any viewings, so selling sight unseen, which i am not willing to do. I guess it may sell low to someone in building trade or can afford to take a risk.
I am hoping maybe if it does not sell, i can take a look before making an offer.

givyjoe

hi! wrote: »

Bid on 2 houses during these restrictions (mad I know) but they were perfect for what I was looking for. Every house is going for at least 60k over asking and that’s without seeing it first!!
Thinking I’d be better off disengaging until restrictions are eased. Know of two people selling who were told by EA that prices will drop when things open again- but the cynic in me thinks thats them just trying to have houses to sell now.

Can't be sure 100% but I would agree. Still more buyers than there is supply, even less supply now so 'logic' would dictate than more supply will appear once restrictions ease. I certainly hope so as the premiums over asking are becoming farcical at this stage. Before (this) lockdown it was 2-5% now its between 10-20% on the properties I'm looking at.

Has anyone had any pushback getting a subject to loan approval clause inserted into a contract on a new build? We put deposit down on a new build last week but haven't signed a contract.

I still have a few months left on probation in my job (returned from abroad end of last year) so can't move past AIP until probation is passed.

Sue de Nimes

Returning to Ireland from the UK I have been dealing with agents in both countries. In the UK, estate agents have a reputation for being a little bit shady but the industry is highly regulated. From my experience so far the agents in Ireland are orders of magnitude worse and the regulation seems to be a fraction of what it is in the UK

givyjoe wrote: »

Can't be sure 100% but I would agree. Still more buyers than there is supply, even less supply now so 'logic' would dictate than more supply will appear once restrictions ease. I certainly hope so as the premiums over asking are becoming farcical at this stage. Before (this) lockdown it was 2-5% now its between 10-20% on the properties I'm looking at.

Funnily enough I have been speaking with several agents. Some of them have been very honest about things at the moment. Saying it is tough as they have people who want to sell but aren't willing to do so under lockdown. Then I've just been talking to another agent who told me they had no experience of anyone being unwilling to sell due to lockdown and it had no impact on the level of stock they had.

hi!

kippy wrote: »

60k over asking - I assume this is Dublin?

North Kildare
One has gone 100k over asking :O

cnocbui

zinfandel wrote: »

I am interested in a Bidx property at the moment . Definitely a repossession , empty 2 years or so. Going to auction next week, they are not doing any viewings, so selling sight unseen, which i am not willing to do. I guess it may sell low to someone in building trade or can afford to take a risk.
I am hoping maybe if it does not sell, i can take a look before making an offer.

Any possibility you could just go and have a look and peer through the windows anyway?

hi!

hi! wrote: »

North Kildare
One has gone 100k over asking :O

Apologies 91k over asking :O

https://homebid.ie/searchproperties/88-ryevale-lawns

cnocbui

hi! wrote: »

North Kildare
One has gone 100k over asking :O

In Australia, there are properties going €300 K over asking/estimate and some even higher than that, like €840 K over the reserve at auction.

zinfandel

cnocbui wrote: »

Any possibility you could just go and have a look and peer through the windows anyway?

I have done that with empty houses!! this particular property is a second floor apartment, having been empty for a good while, I would be nervous, with BidX once you commit, you cant get out of the deal..

cnocbui

zinfandel wrote: »

I have done that with empty houses!! this particular property is a second floor apartment, having been empty for a good while, I would be nervous, with BidX once you commit, you cant get out of the deal..

Seems like a job for a drone.

zinfandel

hi! wrote: »

Apologies 91k over asking :O

https://homebid.ie/searchproperties/88-ryevale-lawns

very few pics to bid that much over, prices have gone nuts even in the suburbs !