Lia_lia wrote: » The repayments will not be too much higher than our rent (which is currently under 1K a month). We are a couple with a baby and the house we are currently in is just getting too small. We’ll be going from a 2 bed to a 4 bed. We will be first time buyers and will get the help to buy too. Both work for MNC and jobs are very secure. Well, hopefully! Just feel like we’ll regret it if prices go way down but will probably take a while anyway if they do.
brisan wrote: » Tell the builder you cant afford it . There are usually clauses in the deposit that it is fully refundable until you close Most solicitors would demand this .
awec wrote: » No there isn't, and solicitors cannot demand anything. A deposit that is fully refundable until sale is closed is a fairly useless deposit. Once the contracts are signed that's it, you've committed to buy. Sometimes there is a clause to get out if a bank won't give you a mortgage, but if you just change your mind then it's entirely good will as to whether or not you see a cent of your deposit back.
SozBbz wrote: » Is the difference here the difference between buying 2nd hand houses and new builds? I've only every bought second hand and I've always been of the understanding (and verified such understanding wiht my solicitor) that until contracts were signed, that I could get my deposit back without quibble. Each time I bought it took a number of months to get to that stage, so I'd loads of time to find any redline issues. I've actually places deposits on a total of 5 properties. The first two, the deposit was returned to me by vendors as their banks were not approving the sales (2013/14), in the case of the 3rd one I requested it back when my solicitor found a significant issue with the title relating to a strip of land across the driveway. 4th and 5th time were a charm thankfully. In the case of new builds, are people signing sooner? Is that the issue? I've heard of people buying off plan and waiting months (6, 10, 12) for their properties to be completed and its conceivable circumstances could change due to the duration of the wait. It would seem unfair if there was a material change (like the approval for a block of apartments right under your nose) that may not have been knowable at the time of buying the house.
cubatahavana wrote: » I am buying a newly built house, expected completion in 3-4 months. I was told about the deposit by the estate agent and he mentioned that it is fully refundable until exchange of contracts. I contacted him this morning, as I am not happy about the block of apartments, and he said that there is no issue with returning the deposit.
SozBbz wrote: » This sounds like the same as second hand sales so. I'd find it really strange if you couldnt change your mind for new builds. Some of them are sold so quickly and you're put under pressure to commit to a unit, especially if there's a queue of people behind you and you risk someone else putting their money down if you don't. Most people don't engage their solicitor until they're already Sale Agreed, so it would be madness if you couldnt pull out once your solicitor has had a look at the contracts and had some time to do some further due diligence.
Villa05 wrote: » Is the property market a market that only ever rises. The vast majority of houses in this country were purchased at a price well below current market prices? With regards to property market, is it not possible for "profit taking" to occur as happens in all other asset markets? I tried to get an answer to this from our estate agent poster who has gone but they dodged the question all the time
Bass Reeves wrote: » There is a supposition on deposits that they are always refundable. I think there was a case about 20 years ago where a buyer got a deposit refunded as he had an issue getting a mortgage or there was a problem with the house. Since then in general deposits are given back if there was an issue. However the supposition that deposits are refundable is not as clear as people believe, a seller would be entitled to hold onto a deposit where the buyer showed bad faith such as reduced there bid or were drawing out the proceedings. In that case the buyer would have to go to court to get it back. There is no guarantee that they would.
Cyrus wrote: » yes its a booking deposit, full refundable until contracts are signed the remainder of the deposit is paid. its why people throw down 10k deposits on new builds then go away to think about it
schmittel wrote: » Woman from myhome just on Pat Kenny saying that the volume of searches in Leinster ex Dublin would normally be Wicklow/Kildare/Meath but now they are seeing searches for Wexford/Westmeath/Louth up threefold. Who'd have thought it.
Cyrus wrote: » whether that will actually materialise into house purchases is the next thing :P on a side note, i know personally i looked at moving home at one stage before buying in dublin and the stock of houses was utter garbage, had a friend in tipperary who had a similar situation so that then pushes people to self build which is another 2-3 years of your life you wont get back
awec wrote: » For new builds you will generally sign contracts a month or so after you pay your booking deposit. In most cases this is many, many months in advance of the house being finished. Long story short, don't sign contracts unless you are certain you want to buy.
SozBbz wrote: » Yes I know exactly how it works for 2nd hand, as I've said I've done that twice myself. In both cases, the sale took 4-5 months and contracts were only signed about 2 weeks before getting keys. Both parties would have spent considerable sums on legal fees and other professional fees to get to that stage stage so its not only the deposit thats really keeping you invested in the process at that stage. My solicitor always put in the clause allowing me to back out of the contract in the event that the mortgage should fall through at the last minute. New builds are different in that people are often fully committed yet months away from actually getting their keys.
SozBbz wrote: » I've been searching for all sorts during lockdown, mostly holiday cottages in Wexford. I'm not remotely in a position to buy one just yet, its a long term dream but the circumstances made me want to have a mooch anyway. I'd say there was a lot of daydreaming going on. I was listening to PK too, she said it was a trend they'd observed but cautioned against assuming that searched would translate into real demand in those areas. They also had another speaking on "the future of work" who flat our said that if you position yourself as 100% remote and never go to the office, you'd definitely harm your career prospects.
JimmyVik wrote: » Me too. Searching all over the place. Even Leitrim just to see what their prices are like. Never would I be moving to 99% of the places I search. Like a hobby at this stage.
Graham wrote: » Did someone forget to tell you that lockdown is over
alias no.9 wrote: » I think that's their whole point, when the goal is to buy a home, even when you time the market as badly as you possibly can, doing nothing can sometimes be even worse. All a person can do is deal with their own circumstances, look dispassionately at what they can buy and how they can finance it over a reasonably long outlook, once the contract is signed, its all about the monthly payments. The apparent prescience of people who appear to have timed the market correctly does not reveal itself until after the fact, so it's not prescience at all, it's just luck, despite what they might try and tell you. The only thing that marks the people who apparently get the market timing right from the rest of the world is that they probably weren't trying to time the market because the bottom can only be determined by looking back and even in 2013/14 people were still talking about dead cat bounces so the smartest guys timing the market were still holding off.
James 007 wrote: » https://www.daft.ie/dublin/houses-for-sale/drumcondra/24-lambay-road-drumcondra-drumcondra-dublin-2634517/ Is this worth this price. Please note that all plants featured in the photos were not harmed in any way. Also note the 7 candles by the fire hearth are not included in the sale of the property. Spot the difference teaser photo 20 & 21:rolleyes:
mcsean2163 wrote: » I don't think anyone needs to be prescient now, odds are a significant price drop on the cards... That'd be my bet unless loads of millionaires flock to covid19 free Ireland. We bought our house for half what our neighbors paid... it makes a difference.
mariaalice wrote: » Its luck for the vast majority plus you need to be wealthy or well off in the first place, a well off solicitor who decided to sell their house last autumn and take a punt on renting for a year or two, they are in a vastly different position than a first-time buyer who keeps having to renew their mortgage approval. We did very well out of the downturn but it was pure luck and that is the same for the vast majority who do well out of it.
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