Buying property in Dublin

TwoShedsJackson · 17-11-2000 12:35PM #1

Is it a joke or what? I can't afford a 150,000 mortgage, so I applied to the Corporation for the Shared Ownership Scheme where they buy the house, then you buy 40% of it off them (I could afford this), then rent their bit for up to 25 years, ultimately selling the property and repaying them their bit.

Fair enough. But their upper limit for the price of the property is 110,000 pounds which will basically get you nothing in Dublin these days - so why bother with this scheme at all??

If anyone knows of some nice cheap property going

then let me know - or anyone has details on co-op schemes etc. I would be most appreciative.

I'm paying shag-all rent atm so this is my best chance to save money etc. and I am saving but even at best it will take me around 7 years to get a full mortgage deposit together and in 7 years the house will cost like twice what it does now, if not more.

Shinji · 17-11-2000 04:13PM

Not necessarily - the price of housing could go down in the next years just as easily as up...

The simple fact is that it's getting to the stage in all major cities where "normal" people don't have the funds to buy a house - people who would have had enough income to have been living in their own property as little as 10 years are now renting, because actually buying property is insane, price-wise.

I'd love to own my own property, but for now, the best I can hope for is the situation I'm in now - a nice rented property with an absentee landlord who essentially says "Sure, fine, whatever" to anything we try to do

Ja,
Rob

Canaboid · 20-11-2000 12:45PM

I just bought a house in south Dubin. I was in the lucky position of having a girlfriend to pay half otherwise theres not a hope in hell I could have bought. As it is mortgage repayments will be manageable. I am truly at a loss as to what single income people are to do. Only workable solution for someone like yourself is to get 1-2 mates to buy with you. In 5 years ye can sell and hopefully have enuf to buy on your own.

WhiteWashMan · 20-11-2000 04:32PM

never know conor, could still be looking for a house mate yet...

amp · 20-11-2000 09:45PM

It's okay folks. Fianna Fail care ya know. There's a little known scheme to build a shoite load of gaffs over the next 4 years. So in about 5 years time it might actually be possible to buy a house without selling your soul to Devore.. uh I mean the Devil..

And that's the problem, not enough houses. Adding to that, landlords seeing the short term gain and selling while it's hot meaning more punters looking for houses.
And because of the huge scandals involving the planning permission guys and the city planner and certain brown bags the whole zoning system is about 5 years behind thus increasing the prices.
But as Shinji sez the price does vary, past success is not a guarantee of future performance and your house may be at risk if you do not make repayments. Some of these facts may or may not be true.

The flip side of this process is a lot more culchies are going back outside the Pale to get a place to live, which can only be a good thing

[This message has been edited by amp (edited 20-11-2000).]

TwoShedsJackson · 21-11-2000 01:39AM

Thats what i had considered alright Canaboid, unfortunately i don't know anyone who would do that with me now or in the forseeable future - I guess the Shared Ownership is the only way for me, if I can find something at that price plus my savings (v unlikely).

C B · 23-11-2000 01:08AM

Originally posted by amp:

And that's the problem, not enough houses. Adding to that, landlords seeing the short term gain and selling while it's hot meaning more punters looking for houses.

O.K. let me see if I've got this right:

The problem is not enough houses for sale and too many people selling houses?

Buying property in Dublin

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