Buying off the plans...what should I be doing?!

KateD · 13-05-2008 5:10pm #1

Hi all

I'm buying an apartment off the plans. (Might be a mistake but I'll give it a go!!) Its not due to be complete until the end of the year but they are starting construction now.

I have no idea about anything electrical so thought I might pick the brains of some experts. Should I be speaking to my estate agent about where I want wall sockets, the fact that I want recessed lights all over, where TV should go etc.

I really don't have a clue and was hoping someone might give me advice on things I should speak to my agent about before its too late??!!

Any help is hugely appreciated.

Thanks a mill

Kate

DublinDilbert · 13-05-2008 9:14pm

As its an apartment i'd imagine all you get is the same as every other apartment... unless your willing to pay extra money for the changes you want, eg extra sockets + recessed lighting....

KateD wrote: »

Hi all

I'm buying an apartment off the plans. (Might be a mistake but I'll give it a go!!) Its not due to be complete until the end of the year but they are starting construction now.

I have no idea about anything electrical so thought I might pick the brains of some experts. Should I be speaking to my estate agent about where I want wall sockets, the fact that I want recessed lights all over, where TV should go etc.

I really don't have a clue and was hoping someone might give me advice on things I should speak to my agent about before its too late??!!

Any help is hugely appreciated.

Thanks a mill

Kate

Schuhart · 13-05-2008 9:46pm

Obviously its totally your decision, but have you investigated the purchase of apartments that have already been built? The market is reportedly good for buyers at present, so there's hardly a need to buy off the plans.

uncle betty · 13-05-2008 10:09pm

Go to the propertypin.com to find the thousands of reasons why you should not be contemplating this purchase. Especially not an apartment, and especially not off-the-plans.

In fact, they're discussing your situation now, but with no relish or malice, be assured.

EnoughSaid · 13-05-2008 10:20pm

I hope that you don’t mind me being frank with you but I think that you are being very foolish by buying off plan when the market is falling. By the time you move in, the apartment is likely to be worth much less than you have agreed to pay for it. There are thousands of empty apartments that developers cannot sell so prices will have to fall further. If you really want an apartment you would be better off negotiating a good price for a completed apartment with one of these developers.

yosser hughes · 13-05-2008 10:33pm

I would seriously think long and hard before buying anything right now. Prices are falling and I think we have only seen the start of it.Where is this development by the way?

BlackIguana · 13-05-2008 10:35pm

Kate,

Buying off plan now is a pretty risky call. You could lose money and cause yourself a LOT OF STRESS if prices fall for the next few years. As they are widely projected to.

You haven't posted enough info to give a solid opinion on what you are doing.

But don't just 'give it a go'. Think hard about it, buying a property off plan isn't something to enter into lightly...

Best of luck.

daltonr · 14-05-2008 12:33am

Hi Kate,

Don't listen to these naysayers. Do what feels right.

Yes, you could rent an apartment now for less than the interest you'd pay on your mortgage, and it would be ready immediately.

Yes, if you didn't like the place you were renting, or if job or circumstances change you have the freedom to move.

Yes, house prices and in particular apartment prices look certain to fall further, perhaps a lot further.

Yes, other people who bought off plans are desperately trying to get out of those deals because they find that the apartments aren't worth what they promised to pay, they can't offload them to anyone else, and their mortgage is more than their apartment is worth.

But really, who can put a price on "owning"? So what if you can't move and you end up paying out 100K+ more than you need to over the next 35 years. The people who would try to talk you out of that situation just don't get the buzz that comes from being able to drive a nail into the wall without asking permission, or being able to invite 4 or 5 friends over (but no more than that) for drinks to "your place".

Go for it. If it's what you want, and it'll make you happy, then really what's 100K here or there? What good is money if you can't blow it on nice things? Right?

As far the electricals, just call the developer, tell him what you want, and offer to pay whatever it costs. Another few K hardly makes a difference when you're spending so much already. Just borrow more.

-Rd

fishdog · 14-05-2008 11:53am

I am not going to advise you on when or what to buy. Here are a few things to think about concerning the electrical layout:

1) Flat screen TV. They are now quite cheap (€800 for a good 32” and upwards) and can double as a computer monitor. I would advise that you ensure that the wiring is installed for one now rather than wreck the apartment at a later date!! Flat screens can look so well when properly installed:D, and so terrible when not:eek:!!
Do not put it in a corner (they look like an after thought there!) or up really high. The centre of the screen should be at eye level when you are sitting down. This prevents sore necks!! I like to have the DVD player, digi-box etc hidden away neatly, not under or close to the flat screen. This gives that fantastic minimalist look. I would insist that no TV points are in the corners. All TV points should be installed with flat screens in mind, the day of the deep box type TV has past. For €300 you can get a sleek little flat screen for your bedroom.

2) Sockets, the kitchen in particular needs lots. Bedrooms, I go for one each side of bed (bedside light/radio etc.) and one in the far corner. Hall needs one for vacume. Outside socket on balcony is nice for radio etc.

3) Ensure you have a pone point at alarm panel, where ever your computer will be and at digi-box at a minimum.

4) Light switch beside bed in master bedroom. Always nice!

5) Extractor fans in all bathrooms!

6) Dimmer switches in dining room/kitchen and living room.

7) A mirror light is also great in the bathrooms. I hate the globe type of light fitting that has become standard for bathrooms, if you don’t like it either say it before they install one! Brushed chrome IP rated down lighters are what I normally go for in bathrooms.

8) If you like to cook electric, make sure they are wiring for it and not gas!

9) I like my sounds, so if you do to get wired for it. If the apartment is small I suggest a Bose system, they are small, neat, discreet although a little pricey. IMHO they are worth it. Select the system before you wire for it to be sure that the wiring is compatible. Your TV sound can come out of these speakers too.

Take a look at a finished apartment, it may give you ideas. Think about lighting when you look.
Good luck with the apartment!:D

KateD · 14-05-2008 1:03pm

fishdog wrote: »

I am not going to advise you on when or what to buy. Here are a few things to think about concerning the electrical layout:

1) Flat screen TV. They are now quite cheap (€800 for a good 32” and upwards) and can double as a computer monitor. I would advise that you ensure that the wiring is installed for one now rather than wreck the apartment at a later date!! Flat screens can look so well when properly installed:D, and so terrible when not:eek:!!
Do not put it in a corner (they look like an after thought there!) or up really high. The centre of the screen should be at eye level when you are sitting down. This prevents sore necks!! I like to have the DVD player, digi-box etc hidden away neatly, not under or close to the flat screen. This gives that fantastic minimalist look. I would insist that no TV points are in the corners. All TV points should be installed with flat screens in mind, the day of the deep box type TV has past. For €300 you can get a sleek little flat screen for your bedroom.

2) Sockets, the kitchen in particular needs lots. Bedrooms, I go for one each side of bed (bedside light/radio etc.) and one in the far corner. Hall needs one for vacume. Outside socket on balcony is nice for radio etc.

3) Ensure you have a pone point at alarm panel, where ever your computer will be and at digi-box at a minimum.

4) Light switch beside bed in master bedroom. Always nice!

5) Extractor fans in all bathrooms!

6) Dimmer switches in dining room/kitchen and living room.

7) A mirror light is also great in the bathrooms. I hate the globe type of light fitting that has become standard for bathrooms, if you don’t like it either say it before they install one! Brushed chrome IP rated down lighters are what I normally go for in bathrooms.

8) If you like to cook electric, make sure they are wiring for it and not gas!

9) I like my sounds, so if you do to get wired for it. If the apartment is small I suggest a Bose system, they are small, neat, discreet although a little pricey. IMHO they are worth it. Select the system before you wire for it to be sure that the wiring is compatible. Your TV sound can come out of these speakers too.

Take a look at a finished apartment, it may give you ideas. Think about lighting when you look.
Good luck with the apartment!:D

Fantastic advise. I'll definitely be printing off this list with me to get sorted. I really appreciate the time you took to advise.

Thanks everyone else for your advice...albeit too late and not to the question asked!!

Buying off the plans...what should I be doing?!

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