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Property Market 2019

The_Conductor

As is now becoming a custom- we'll start a new thread to discuss all topics as they pertain to the property market in general, alongside people's predictions and experiences- for the year 2019.

Its going to be an interesting year- with Brexit, if it comes to pass, at the end of March- and to misquote Donald Rumsfeld - the unknown unknowns that are likely to jump out at us, when we least expect them to.

2018 thread is now closed.

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machalla

Sheeps wrote: »

How many landlords in this thread?

There are likely to be less than when the thread originally started I'd suspect.

Pussyhands

<SNIP>

Mod

Snipped as there was no suggestion why this is connected to Irish Property market.

If you're going to post a link, add some commentary/discussion/context.

mkdon

Pussyhands wrote: »

<SNIP>

Mod

Snipped as there was no suggestion why this is connected to Irish Property market.

If you're going to post a link, add some commentary/discussion/context.

sorry to hijack

generally how long does it take to receive keys have once contracts signed?

L1011

mkdon wrote: »

sorry to hijack

generally how long does it take to receive keys have once contracts signed?

Unanswerable without vastly more info - and even then it's still a guess at best.

Is the house a probate sale? Is there a chain on the vendors side? Is there a mortgage against the property, or any other lien?

mkdon

L1011 wrote: »

Unanswerable without vastly more info - and even then it's still a guess at best.

Is the house a probate sale? Is there a chain on the vendors side? Is there a mortgage against the property, or any other lien?

none of the above

noone living in house either

would say 1 to 3 months is standard?

ballpark anyone know?

Bluefoam

hmmm wrote: »

If you are applying for a mortgage, don't plan before 3 months I'd say. It can be fast in the beginning, quite slow in the middle, and very fast at the end.

Are we still talking about a house purchase...?

kippy

Once the contracts have been signed (By both sides) it is generally pretty quick in my experience.
Most of the holdups tend to take place prior to both/either parties signing the contracts. Usually a closing date is established when the second party signs the contracts and it's the first time there is some indication of a date in the entire process.
IE, you generally wouldn't sign any contract as a purchaser unless you had your mortage and surrounding paperwork completed.

All that said there are holdups with finance and final searches that might delay things.

Pussyhands

If people can't understand why the US economy is related to the Irish property market that's their problem.

Apparently my link about the US economy is not related to the property market in 2019 but discussion about when keys are handed over are.

kippy

Pussyhands wrote: »

If people can't understand why the US economy is related to the Irish property market that's their problem.

Apparently my link about the US economy is not related to the property market in 2019 but discussion about when keys are handed over are.

Are you suggesting that those of us who commented on the timeline of the keys being handed over do not understand the link or otherwise between the Irish Property market and the US economy?

Pussyhands

kippy wrote: »

Are you suggesting that those of us who commented on the timeline of the keys being handed over do not understand the link or otherwise between the Irish Property market and the US economy?

You might but there's certainly some people who can't understand the links. Maybe those people are just scared because they're up to their eyes in debt.

Just to be clear the risk of recession went up to 74% from 23% in December in the US.

q85dw7osi4lebg

Pussyhands wrote: »

You might but there's certainly some people who can't understand the links. Maybe those people are just scared because they're up to their eyes in debt.

Just to be clear the risk of recession went up to 74% from 23% in December in the US.

This is an Irish forum. You talk about people being up to their eyes in debt but you are dying to get into debt with a mortgage?

Graham

Pussyhands wrote: »

If people can't understand why the US economy is related to the Irish property market that's their problem.

Apparently my link about the US economy is not related to the property market in 2019 but discussion about when keys are handed over are.

Mod Note

So discuss it.

Don't just link dump and run off.

browne_rob5

cunnifferous wrote: »

Just to post my 2c. I've been looking in the 400-450k range and noticing that second hand houses in the 500k+ range have been sitting up for 6+ months without any bids or with bids coming in the low to mid 400k range.

The area has a lot of new builds that seem to be depressing the prices of the second hand houses around them which for me is great as I prefer the greater garden size and lower density of older estates.

Yes I think if you willing to get involved in some renovation work there is value out there in the second hand market at the moment.

Bluefoam

browne_rob5 wrote: »

Yes I think if you willing to get involved in some renovation work there is value out there in the second hand market at the moment.

Plus BER has become a big selling factor... cheap fuel bills over bigger garden sizes; composit doors and good quality windows, new kitchens etc... seem to be in demand. Plus first time buyers get a huge cash gift from the state, but only if they buy a new home.

phunkadelic

mkdon wrote: »

sorry to hijack

generally how long does it take to receive keys have once contracts signed?

For me it was contracts signed 5th December, got keys 21st December

MrWyatt

We're linked to US economy but even more so we are linked to the Brexit mess and also the rest of Europe which is not looking good according to this:
https://news.yahoo.com/deutsche-bank-europe-biggest-risk-global-economy-right-now-115245081.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAFCj9V7puAadCZcs0Fx2c7uxJoRTOGWfKfY_esfS7pYO2onU9QhtEtX4y8N9AO6uYVpIdkf3XzFauVO42LwBh7YSjnxRU8xlz3bz-QMNcSIMUZ1k3OnNhZGMfxG_xy8qZ1TBjNyrGtQQbKZnAKssKYTU5B88gakd9qzF9j5DkUK3

cunnifferous

browne_rob5 wrote: »

Yes I think if you willing to get involved in some renovation work there is value out there in the second hand market at the moment.

I do agree, however one risk that I've warned about is the spiraling costs of builders and/or trades making relatively minor upgrades fairly expensive.

[Deleted User]

cunnifferous wrote: »

I do agree, however one risk that I've warned about is the spiraling costs of builders and/or trades making relatively minor upgrades fairly expensive.

I'd have to disagree about there being value in "fixer uppers" and I'm a sparks with trade connections.
Recently looked at two places and couldn't make the figures add up because of unrealistic asking prices. These were both basically shells that needed 150/200k before we could move in.

The_Conductor

BrownFinger wrote: »

I'd have to disagree about there being value in "fixer uppers" and I'm a sparks with trade connections.
Recently looked at two places and couldn't make the figures add up because of unrealistic asking prices. These were both basically shells that needed 150/200k before we could move in.

I'd have to concur with this.
I was recently looking at property on behalf of a sibling- and found the exact same. I'm not sure where people are finding 'fixer-uppers'- but the amount of work needed in any I've seen has been of a nature that you're as good as doing a rebuild (in most cases including the roof). Also- there was damn all difference in the asking price to recompense someone for the amount of time, effort and money they would have to expend to bring the properties up to a reasonable standard.

kippy

The_Conductor wrote: »

I'd have to concur with this.
I was recently looking at property on behalf of a sibling- and found the exact same. I'm not sure where people are finding 'fixer-uppers'- but the amount of work needed in any I've seen has been of a nature that you're as good as doing a rebuild (in most cases including the roof). Also- there was damn all difference in the asking price to recompense someone for the amount of time, effort and money they would have to expend to bring the properties up to a reasonable standard.

Agree with this and previous posts of a similar nature.

cunnifferous

The_Conductor wrote: »

I'd have to concur with this.
I was recently looking at property on behalf of a sibling- and found the exact same. I'm not sure where people are finding 'fixer-uppers'- but the amount of work needed in any I've seen has been of a nature that you're as good as doing a rebuild (in most cases including the roof). Also- there was damn all difference in the asking price to recompense someone for the amount of time, effort and money they would have to expend to bring the properties up to a reasonable standard.

I've seen a bit of both, but I have been house hunting for a while!

If you can get somewhere that looks a bit rough but consists of mostly cosmetic issues then you can find some value. Anything with major works required though I've had walk away from. People just aren't factoring the costs of renovations into the price, it's all based on 'potential'. I was looking at one 80m2 bungalow for 500k where the EA suggested I build a glass tunnel to garage out the back to add some space :eek::pac:

What I was getting at in my original post was that although the asking price for these kind of properties hasn't dropped yet, there have only been very low/no bids on the ones that I've been keeping my eye on in the last 9 months or so. I think this is as a result of the many new builds coming on stream in the area so I'm hopeful of getting a decent deal down the line as hopefully the owners of these second hand properties try to move them on.

Time will tell I guess!

L1011

People in Ireland seem to price the cost of renovations in, leaving no margin for Homes Under The Hammer style operations. Which makes more sense I honestly don't know.

The UK has much higher stamp duty which adds to the cost of anyone flipping at that, yet it's still commonly done due to houses in need of significant work obtaining significant discounts.

Nobodysrobots

Those properties requiring work are most likely in settled housing estates with established communities, decent sized front/back gardens, minimal to none social housing, catchment areas for good schools, closer to public transport, no management fees, no issues with parking spaces, etc. People are willing to pay a premium for these.

The only thing new builds really have going for them is A ber rating, which isn't that much different in heating/elec bills when you insulate attic, install new boiler and fit decent windows. Wall insulation (dry lining or external wrap) puts the icing on the cake.

I know it's snobby but I'm just trying to give an idea of the mentality behind people paying similar prices for 2nd hand and new builds. Above points certainly influenced my decision recently, especially the minimum 10% social housing in new build estates. I've heard of this percentage being even higher in certain developments.

oceanman

Nobodysrobots wrote: »

Those properties requiring work are most likely in settled housing estates with established communities, decent sized front/back gardens, minimal to none social housing, catchment areas for good schools, closer to public transport, no management fees, no issues with parking spaces, etc. People are willing to pay a premium for these.

The only thing new builds really have going for them is A ber rating, which isn't that much different in heating/elec bills when you insulate attic, install new boiler and fit decent windows. Wall insulation (dry lining or external wrap) puts the icing on the cake.

I know it's snobby but I'm just trying to give an idea of the mentality behind people paying similar prices for 2nd hand and new builds. Above points certainly influenced my decision recently, especially the minimum 10% social housing in new build estates. I've heard of this percentage being even higher in certain developments.

you are probably right, most people in truth are snobs but very few will openly admit it...

bluelamp

oceanman wrote: »

you are probably right, most people in truth are snobs but very few will openly admit it...

Wanting a house in a settled area, green space, good schools, and not sorrounded by social housing makes someone a snob? I'd say it makes them intelligent.

[Deleted User]

oceanman wrote: »

you are probably right, most people in truth are snobs but very few will openly admit it...

Yeah let's use a pejorative term for people who want to live somewhere nice, those monsters.

Essien

Nobodysrobots wrote: »

The only thing new builds really have going for them is A ber rating, which isn't that much different in heating/elec bills when you insulate attic, install new boiler and fit decent windows. Wall insulation (dry lining or external wrap) puts the icing on the cake.

I'd be interested to know the difference in energy bills between A rated new builds and similarly sized B,C or D rated houses if anyone has experience of both.

The savings would need to be significant to justify the extra cost.

Pussyhands

Not seeing much added in my area recently tbh...

Cuddlesworth

Essien wrote: »

I'd be interested to know the difference in energy bills between A rated new builds and similarly sized B,C or D rated houses if anyone has experience of both.

The savings would need to be significant to justify the extra cost.

Its not just about the bills, its about quality of life.

cruizer101

I would agree coming home to nice warm house is better.
But I'd also caveat it with although a lot of new home are A rated in reality the quality of finish isn't great so they can still be drafty and that.
Also I've a few friends who find their A Rated homes too warm, probably due to bad design or finish.