Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…175176178180181…373

Comments

  • Options
    #5312
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    Padre_Pio wrote: »
    Called about a property I'm interested in.
    No viewings allowed, but 3 interested parties already, who've got three engineers in to do reports.

    I might just ask the EA for the names of the engineers and give them a call for the report. Don't mind paying for it, but don't see the point of getting a fourth visit out to the property either.

    The EA doesn't arrange the surveyor.
    That's up to the potential buyers.
    You don't want any bias.

    Pick one that comes with a recommendation and get your own.
    You've no idea what the others were like.

    Interesting that interested parties are getting surveys done. I thought it was only done once sale agreed, but I guess if serious after virtual viewing it's the only way.


  • Options
    #5313
    Teacher2020
    Registered Users Posts: 150 ✭✭Teacher2020


    JimmyVik wrote: »
    I live 7km from a train station.
    Its grand if you are in the station and on the train before 7am.
    After that you wont get a seat. And its unbearable on the commuter trains in the summer.

    Of course you have to drive to the station as well unless you live close by.
    Your husbands commute was 1.5 hours, not counting his travel time to the station and wait time before the train left. Thats still a long commute. So probably spending about 4 hours per day commuting. Expensive too.
    Glad hes got a bit of respite with Covid. The only good thing to come from it.
    Oh 100% its still a horrible commute and resulted in a 12 hour day. It's no way to live. I was just making the point that your commute living 7km from the m50 is similar to his living 70km from the m50.


  • Options
    #5314
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Teacher2020 wrote: »
    Oh 100% its still a horrible commute and resulted in a 12 hour day. It's no way to live. I was just making the point that your commute living 7km from the m50 is similar to his living 70km from the m50.

    2 hour commute each way is far too much. I'd say the average is one hour or slightly less/more in some cases. Hopefully with WFH it will only be 1-3 days a week maximum from now on. Train from Maynooth is very doable but further with less transport links must be very tough.


  • Options
    #5315
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

    People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.


  • Options
    #5316
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    GrumPy wrote: »
    We finally got our keys at 18:00 on Friday. Sale agreed since August 5th... bitter sweet really, we we're stressed right up until the buzzer. There was a good chance it would have pushed to Monday, and we were desperate to finally just get in and have the weekend to move. I had to pull out all the stops to make it happen, including contacting the seller directly, and there was last minute paperwork issues in the final hour, like at 16:00 on planned close day!

    Lessons Learned:
    - checkin with agent more regularly at the start
    - engage the land registry (if required) ASAP
    - *never* give up hope

    We still have no power. (Or heat). Gas Networks Ireland were v. quick to come out and switch gas back on (house empty for 12+ months). However, experience with ESB has been awful. Qualifed electrician certified notification on Tuesday 23rd.
    But as of 11:00 today, they 'still haven't received it, and COVID is slowing everything down'.
    At this rate, we will never officially move in! Extremely frustrating.
    But we've managed to achieve quite alot without power. Appliances delivered, vinyl floor put down, 3 rooms painted, some plumbing work, grass cut, new custom fit side gate installed, chimney cleaned, roof tiles replaced, furniture assembled, attic cleared (was disaster up there), lights installed and a bunch of other minor bits and pieces. (Admittedly, alot of this was outsourced!) Without taking any time off work, at all. Knackered!


  • Advertisement
  • Options
    #5317
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    decreds wrote: »
    One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

    People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

    Of if your a couple of FTBs what happens if kids arise and childcare bills begin to appear on top of your hefty mortgage payments which also rise as interest rates slip back towards normality eventually.


  • Options
    #5318
    thegreatescape
    Registered Users Posts: 420 ✭✭thegreatescape


    decreds wrote: »
    One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

    People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

    In this situation myself, mid 20's, renting with AIP in place actively looking. Trying to assess the market and the chances of more property coming to market after lockdown, if prices will continue to rise etc.


  • Options
    #5319
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    decreds wrote: »
    One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

    People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

    This is a bizarre statement.

    I would be sick to my stomach handing over endless rent to pay someone elses mortgage rather than chipping away at my own mortgage, despite the prophets saying things are going to collapse.


  • Options
    #5320
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    TheSheriff wrote: »
    This is a bizarre statement.

    I would be sick to my stomach handing over endless rent to pay someone elses mortgage rather than chipping away at my own mortgage, despite the prophets saying things are going to collapse.

    The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises


  • Options
    #5321
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    What date and time will property prices normalise?


  • Advertisement
  • Options
    #5322
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Smouse156 wrote: »
    The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

    You could be renting 10 years for that to happen. If ever.


  • Options
    #5323
    cnocbui
    Registered Users Posts: 19,747 ✭✭✭✭cnocbui


    Green Mile wrote: »
    What date and time will property prices normalise?

    The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

    If you really want or need somewhere to live, go and do so and stop trying to guess the future.


  • Options
    #5324
    Dodge
    Registered Users Posts: 10,168 ✭✭✭✭Dodge


    Smouse156 wrote: »
    The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

    Negative equity means nothing if the homeowners don’t want to move.

    If interest and property taxes rise in the future, rent will also increase to cover these landlord costs


  • Options
    #5325
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    cnocbui wrote: »
    The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

    If you really want or need somewhere to live, go and do so and stop trying to guess the future.

    I should have put a sarcasm emoji in my post.
    I agree with you. It irritates me people leaving comments about how sure they are on the future of property/market prices.
    If you’re ready to buy, then buy.


  • Options
    #5326
    blowin3
    Registered Users Posts: 477 ✭✭blowin3


    I was on here a week or two regarding selling our home and moving abroad. We were dealing with an national EA who makes promise after promise all we want is to put the house on the market. So its sellers also being discommoded by EA who basically dont care or dont give a ....!


  • Options
    #5327
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Green Mile wrote: »
    What date and time will property prices normalise?

    Hopefully when restrictions ease and more people put their property up, however... I fear lots of folks will still hold off to see what happens and even then., the long stall to new builds is going to strangle supply even further with more folks forced towards a dwindling second hand home supply. We'll hopefully see a 'normal' market resume once restrictions end along with government supports... but as you imply, a crystal ball is needed for that at the moment and doesn't put a roof over anyone's head.


  • Options
    #5328
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    givyjoe wrote: »
    Hopefully when restrictions ease and more people put their property up, however... I fear lots of folks will still hold off to see what happens and even then., the long stall to new builds is going to strangle supply even further with more folks forced towards a dwindling second hand home supply. We'll hopefully see a 'normal' market resume once restrictions end along with government supports... but as you imply, a crystal ball is needed for that at the moment and doesn't put a roof over anyone's head.


    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.


  • Options
    #5329
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    Smouse156 wrote: »
    The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalizes


    Exactly this. Those that instantly spout "Muh rent bad, mortgage good" are short sighted and don't factor in that the price you purchase your property for is the most important component of most peoples financial lives in the long term.

    Buying at all time highs while leveraged and borrowing at max capacity when interest rates will likely rise within 3-5 years is short sighted. Plus these people do not factor in the cost of home ownership on top of a mortgage, e.g insurance, maintenance, property tax etc. All they think of is the mortgage cost vs rent cost with the blinders on.

    Human beings are masters at complicating their lives and rationalizing why they did, it's evident on this thread and in the market right now. Young couples borrowing to buy at all time highs "before it's too late". Shades of 07/08 all over.


  • Options
    #5330
    Padre_Pio
    Registered Users Posts: 4,920 ✭✭✭Padre_Pio


    decreds wrote: »
    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

    I just don't see this happening at all. It'll be another year (maybe) before we're out of COVID, I can see things being very slow to get back up to speed.


  • Options
    #5331
    FastFullBack
    Registered Users Posts: 1,454 ✭✭✭FastFullBack


    decreds wrote: »
    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

    They're literally not. There's no construction right now


  • Advertisement
  • Options
    #5332
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    cnocbui wrote: »
    The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

    If you really want or need somewhere to live, go and do so and stop trying to guess the future.


    Feels before reals.


    Do what feels best, regardless of hamstringing your financial life. Consequences be damned.


  • Options
    #5333
    errlloyd
    Registered Users Posts: 12,601 ✭✭✭✭errlloyd


    FastFullBack wrote: »
    They're literally not. There's no construction right now

    Most housing projects are deemed essential by the government and are ongoing.


  • Options
    #5334
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    decreds wrote: »
    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

    Eh what? Social housing maybe, nothing else. There have been people on this thread who've even stated their new build (due for mid this year) now wont be ready until next year. Think you're way off there on the new builds. Hopefully thats the case with second hand properties.


  • Options
    #5335
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    FastFullBack wrote: »
    They're literally not. There's no construction right now




    Construction of social housing is still underway and some private builds are included as they are part of the same project. Building of all housing projects was conducted for most of last year and private house builds will likely continue for the rest of this year with no interupptions once it restarts next month.


  • Options
    #5336
    ongarite
    Registered Users Posts: 8,204 ✭✭✭ongarite


    errlloyd wrote: »
    Most housing projects are deemed essential by the government and are ongoing.

    No they are not. Construction is running at 40% of normal capacity.
    Social housing is continuing on small scale together with infrastructure projects.
    All large scale private housing developments have been stopped since January.
    Take a walk or drive around D15, Kildare, Meath and you will abandoned sites.


  • Options
    #5337
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    MattS1 wrote: »
    You could be renting 10 years for that to happen. If ever.

    Not likely! Either FFFG sort out the housing supply or SF will. Most likely SF. I would personally expect supply to pick up once majority of population are vaccinated...so late summer time.

    Not to say that we’ll have a massive oversupply or anything, just something that resembles 2019.


  • Options
    #5338
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    Dodge wrote: »
    Negative equity means nothing if the homeowners don’t want to move.

    If interest and property taxes rise in the future, rent will also increase to cover these landlord costs

    No they won’t! Rent is based on affordability/supply and wages are on a downward trajectory not upward! This will be compounded when all the PUP/TWSS payments stop. Landlords will just need to accept lower yields or sell.


  • Options
    #5339
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    decreds wrote: »
    Exactly this. Those that instantly spout "Muh rent bad, mortgage good" are short sighted and don't factor in that the price you purchase your property for is the most important component of most peoples financial lives in the long term.

    Buying at all time highs while leveraged and borrowing at max capacity when interest rates will likely rise within 3-5 years is short sighted. Plus these people do not factor in the cost of home ownership on top of a mortgage, e.g insurance, maintenance, property tax etc. All they think of is the mortgage cost vs rent cost with the blinders on.

    Human beings are masters at complicating their lives and rationalizing why they did, it's evident on this thread and in the market right now. Young couples borrowing to buy at all time highs "before it's too late". Shades of 07/08 all over.

    Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

    Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

    As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.


  • Options
    #5340
    cnocbui
    Registered Users Posts: 19,747 ✭✭✭✭cnocbui


    decreds wrote: »
    Feels before reals.


    Do what feels best, regardless of hamstringing your financial life. Consequences be damned.

    How many houses have you bought? I'm on my third. I never obsessed about what the market might or might not do, just bought when I had the means and life ambitions dictated.


  • Advertisement
  • Options
    #5341
    B Rabbit
    Registered Users Posts: 227 ✭✭B Rabbit


    Sale agreed 9th Dec 2020 on a new build.
    Closed 3rd March 2021.
    Glad it's done now. No major delays along the way.


Advertisement