buying my first house - need advice!!

traceymonkstown · 01-07-2008 6:27pm #1

buying my first house with my boyfriend but haven't a clue where to start with advice and stuff. basically we have the house sorted and signing the mortgage tomorrow but after that i don't know what to do with regards house insurance, life assurance, etc. so i'm just wondering does anyone know of a website where i can get details which helps first time buyers and isn't just there to sell something???
thanks

Supercell · 01-07-2008 6:41pm

1) http://www.thepropertypin.com
2) http://www.askaboutmoney.com

Two irish sites, should be all you need to know betweem them.
I recommend reading some of the first site before tomorrow...

Theboinkmaster · 01-07-2008 7:25pm

first off well done on coming here....

but you've left it a bit late for advice considering you're signing tomorrow?!

DO NOT BUY!

where have you been?! are you a first time cash buyer? the property you're buying will most likely be €100k or more cheaper in 2 years time why not rent until then?

DO NOT BUY - spend tomorrow reading through the forums here and at the above links

Then if you still think you should buy.....

worded · 01-07-2008 8:03pm

Another 2 wwws

http://www.irishpropertywatch.com/

http://www.treesdontgrowtothesky.com/

punchestown · 01-07-2008 8:26pm

traceymonkstown wrote: »

buying my first house with my boyfriend but haven't a clue where to start

Jesus wept! The most important purchase in your lifetime, a decision that you will live with for the majority of your life and you are saying that you are buying tommorrow and have decided to swat up the night before. If this was your leaving cert exam starting tommorrow and you were opening your text book for the first time the evening before, you would be rightly derided and told you will get what you deserve. I can only hope that you are a cash buyer or have a huge deposit to put down and that this isnt a near 100% mortgage payable over 40 years. Step back, take a look at the forums posted above and picture what is happening now and in the future.

gally74 · 01-07-2008 8:50pm

Best of luck there are some great deals out there at the moment,

hope you got a good deal.

the_syco · 01-07-2008 8:57pm

traceymonkstown wrote: »

haven't a clue where to start with advice and stuff. basically we have the house sorted and signing the mortgage tomorrow

HAHAHAHA... you're going to get f**ked if that's the case. How much did you spend, where was it, and how big was the house? And did you haggle, or go with what was asked? Cos if you went for what was asked, you're probably going to regret it in 4 weeks when their neighbour sells for €40K less...

jetski · 01-07-2008 9:16pm

Fairly tastless reply there syco....

Its true that the property market is in a shambles, were seeing a cooling off soft-landing type situation

at the moment, some might argue its a little more aggressive than that..... but either way its not the end of the world if you afford the repayments specially if interest rates continue to climb. just remember a home is a home, alot of people seem to think otherwise. good luck in your new place

Treehouse72 · 01-07-2008 10:08pm

Tracey, the tone in this thread is a bit unpleasant, but the advice is solid in my opinion. Buying now is a very, very bad idea. It is not too late to change your mind. Surf the propertypin.com for 10 minutes and see how you feel about your new place after that. My guess - you won't feel great.

Good luck (and really, don't buy now).

what2do · 01-07-2008 10:22pm

Tracy - don't mind all these negative comments, your home is only valued at what you sell it for which will presumably be some time down the line. Always felt I'd be better paying a mortgage than saving for when prices dropped cos it would prob balance eachother out - I'd never be disciplined enough to say the same amount as I pay into my mortgage.

Check out www.askaboutmoney.com for some advice and best of luck, its a proud moment when you sit on your couch and think this is my place :-)

the_syco · 01-07-2008 11:58pm

jetski wrote: »

Fairly tastless reply there syco....

Yeah, it came out rather badly, didn't it?

OP, considering that you know little about what is needed when you get the house, perhaps you may have forgotten some bits before buying the house, such as getting someone to look at the state of the place, it's plumbing, etc.

The last thing you want is a crack emerging from a freshly painted wall (oldest trick in the book, painting over a crack) 3 months down the line.

Also, are you buying with your head, or your heart? If with the heart, get your parents, or a friend to look at the property, to ensure you're not seeing the place with rose-tinted glasses, and missing out a few minor things, that could cause you hassle after you move in.

Also, as I've said to many people, before you sign any documents, stay in the area on a Saturday night, after 9pm, to ensure that the area is a nice one to live in, and not one to hate.

Moonbeam · 02-07-2008 8:30am

Tracey - Congrats on the new house:)

The building society / Bank will include insurance if you want them to,at this stage talking to them is your best bet as they wouldn't be handing over the mortgage with out life insurance and in some cases mortgage protection.

IanCurtis · 02-07-2008 9:49am

traceymonkstown wrote: »

buying my first house with my boyfriend but haven't a clue where to start with advice and stuff. basically we have the house sorted and signing the mortgage tomorrow but after that i don't know what to do with regards house insurance, life assurance, etc. so i'm just wondering does anyone know of a website where i can get details which helps first time buyers and isn't just there to sell something???
thanks

:pac::pac::pac::pac::pac::pac::pac::pac::pac:

Unbelievable

punchestown · 02-07-2008 10:10am

IanCurtis wrote: »

:pac::pac::pac::pac::pac::pac::pac::pac::pac:

Unbelievable

Now now Ian, we all know property is the best investment any person can ever make and prices will always rise whilst interest rates will always stay low. Price is an irrelevance, whats important is getting on the ladder now as its never been a better time to buy!:rolleyes:

AARRRGH · 02-07-2008 10:54am

Supercell wrote: »

1) http://www.thepropertypin.com

To be fair, that place is a bit of a joke. Its aim seems to be to attack banks and estate agents and to spin everything in a negative light. Its a bit too conspiracy theory for me...

OP: The fact is house prices are going down, so it does not make financial sense to buy now. Your impatience to buy now will cost you many many thousands over the life of the mortgage.

faceman · 02-07-2008 11:48am

Some of the posts in this thread are completely condescending and not helpful.

OP, congrats on your purchase, although it is quite late to be asking for advice Im afraid.

While many people here have said "dont buy" without asking about your personal circumstances or the detail of your purchase, it goes to show how useful advice on the internet can be at times.

It would be useful if you could post some detail, location, type of property, the % of mortgage payments against your disposal income. also what your long term goals are, i.e. is it a long term property or a "stepping stone"

Its not the time to buy a property as a stepping stone or for any short to medium term gains. Property bought now will only give a return in the long term, all things being equal.

Therefore ask yourself. Are you happy to live their for 30-40 years, worse case scenario? Should you and your partners financial situation change drastically, could you rent the place out or sell it on (even at a loss)? Is it in an area in demand?

Re advice on insurance etc, generally speaking dont go with the same crowd that are providing your mortgage as they wont offer the best deal. Ring an insurance broker and ring the banks for a quote. its not a complex as it sounds.

Is the property fall foul to management fees, if so are you aware of what they are and whether or not the builders or the owners control the management company? Its no harm to ring the gardai in the local area to ask them about reported crime in the area.

Has a surveyor reviewed your property? (assuming its a second hand property)
Have you filled in the TRS forms for mortgage interest relief? The bank usually provide this but you can also ring the Revenue people and they can sort it over the phone.

There is alot of advice on www.myhome.ie although its basic advice.

Best of luck with your purchase. While everyone here is saying dont buy, no one can tell you exactly when the right time to buy is because there will be a time when prices pick up again and all the people who held off will be buying in masses thus driving prices up. Thats how property works, it has periods of rising and falling prices.

ionapaul · 02-07-2008 11:54am

dublindude wrote: »

To be fair, that place is a bit of a joke. Its aim seems to be to attack banks and estate agents and to spin everything in a negative light. Its a bit too conspiracy theory for me...

OP: The fact is house prices are going down, so it does not make financial sense to buy now. Your impatience to buy now will cost you many many thousands over the life of the mortgage.

I wouldn't agree with you - the property pin got it right over the past few years (in fact, the posters there, who started on AAM but were banned / left when housing discussions were banned, were right 'all along' about the sad state we were getting ourselves into)m while AAM readers were feed the same old VI spin that the banks and EAs were feeding the rest of us in the national media. The property pin may be overly bearish at the moment (maybe...) but is still more 'on the ball' with regard the ongoing crash than any other site...

NinjaTruncs · 02-07-2008 12:07pm

Theboinkmaster wrote: »

first off well done on coming here....

but you've left it a bit late for advice considering you're signing tomorrow?!

DO NOT BUY!

where have you been?! are you a first time cash buyer? the property you're buying will most likely be €100k or more cheaper in 2 years time why not rent until then?

DO NOT BUY - spend tomorrow reading through the forums here and at the above links

Then if you still think you should buy.....

What kind of advise is that, the OP doesn't even mention what the hous costs but you are saying it's going to lose over a 100K. with advise like yours the OP would be as well staying away fomr this forum and just going on with the purchase.

is_that_so · 02-07-2008 12:14pm

Agree with faceman here.

Have to stay there are some seriously skewed agendas at work here, which might be better sated on that mega-thread. I believe the OP was asking for advice and not abuse on something she is about to do. Congrats OP. As with any purchase you know yourself if you can afford it and if it is right for you. Best of luck with it.

professorpete · 02-07-2008 12:35pm

Yeah everybody calm down!!

Don't think OP was asking advice on WHETHER to buy, she was just asking where to look for insurance, etc..!

OP I bought this week too, mad isn't it?!?!? The one thing is, I'm not sure the bank will allow you to close if life assurance/mortgage protection/ house insurance isn't in place so whatever you do, get that sorted quick! your solicitor should be able to point you in the right direction; my advice is get onto them NOW and ask them what needs to be done before the deal closes.

And don't mind them eeeeejits telling you not to buy; you're not an investor (I assume) you're a person who wants to own their own place and drill holes in walls and hang pictures without the landlord freaking and put the cat out and have a welcome mat and choose what taps you have on your sink, and have star wars wallpaper.... you get the idea!!! the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it (even though you have already!!)

Best of luck in your new home!! (and don't be too disappointed if there are delays, it's par for the course!)

markf909 · 02-07-2008 12:38pm

the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it (even though you have already!!)

Thats just as unhelpful as the dont buy now argument.

punchestown · 02-07-2008 12:39pm

Pete, what are you a professor in by the way?

IanCurtis · 02-07-2008 2:22pm

punchestown wrote: »

Now now Ian, we all know property is the best investment any person can ever make

I think knowledge and education are the best investment any person can make. Indeed, lack of knowledge has the OP in the midst of a financial disaster.

It reminds me of the time Homer hung onto the pumpkins and wondered why the price dropped so dramtically in November!

The only difference is that that was funny, this mistake isn't.

bugler · 02-07-2008 2:53pm

the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it (even though you have already!!)

Give us the lotto numbers while you're at it.

Aspro · 02-07-2008 3:05pm

professorpete wrote: »

And don't mind them eeeeejits telling you not to buy....the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it (even though you have already!!)

Yeah cos your repayments will stay the same for the duration of the mortgage because interest rates are coming down. Oh no wait a minute, they're not. And your combined income will keep rising so you're grand cos we're in an indefinite economic boom. Oh no wait a minute, we're not.

The best advice Tracy could have been given, albeit late in the day, is to go to www.thepropertypin.com, analyse what has been said, argued, forecasted and come to pass - as opposed to the misinformation of vested interests in the housing industry and their cheerleaders in the media. Then come back in a year and if she disagrees with the general prognosis feel free to at least make an informed decision.

Regulator79 · 02-07-2008 3:11pm

All we are trying to do is stop someone from flushing tens of thousands down the toilet!!!

The property market is in meltdown. Prices are falling and will continue to fall. Fact. In such circumstances, why would anyone buy?

Some of the previous posters are clearly utterly deluded with their good luck messages for people who are going to mortgage their lives to the banks.

I dare one of you to tell me how Im wrong and substantiate your arguments and Ill have ya for breakfast.

My god, how can people be so dim?

punchestown · 02-07-2008 3:13pm

Regulator79 wrote: »

I dare one of you to tell me how Im wrong and substantiate your arguments and Ill have ya for breakfast.

But the fundamentals are strong!

NinjaTruncs · 02-07-2008 3:14pm

His use of different size fonts and bolded italics has me convinced he knows all.

Nov2006 · 02-07-2008 3:16pm

Tracy, Referring to your post you are simply asking for advise on how/where to get house/life assurance etc and not on whether you should buy or not
People should understand that everyones circumstances are different and if you can afford the repayments and all that comes with owning a house then you have the full right to purchase. I do hope you got a good deal in the current climate.

To answer your original question my advice to you would be to get the best quotes go to www.123.ie for house insurance. You will need to know the rebuildings cost of your house, this you will get from your valuer and also how much contents insurance you need. Go with the average unless you have anything valuable.
For life insurance I think the best deal at the minute is with www.labrokers.ie where they will give you back a certain amount of the commission they make on your application. You will need to get mortgage protection for the amount of the full mortgage and if you want critical illness cover you need to specify this. Also you need to disclose all medical information for you and your boyfriend and also whether you smoke.
You will need both of these policies in place before the mortgage starts and these need to be sent to the mortgage company before the cheque will be released.

Pm me if you need any further details as I am sure you were not expecting some of the responses to your original post.

Drummerboy2 · 02-07-2008 3:17pm

Just been listening to David McWilliams on the radio advising first time buyers to wait a year before purchasing.

Regulator79 · 02-07-2008 3:18pm

Apologies for the big fonts.

But if you think Im wrong than you are wrong. Its really staggerring how long it is taking for so many people to cop on.

conor_mc · 02-07-2008 3:19pm

Hi Tracey,

Do yourself and your boyfriend a massive, massive favour and just postpone tomorrow's meeting for a few days. This is the single biggest purchase of your life and you need to be better prepared than you currently are.

Take a read of the property pin as others have suggested. AAM is good for advice on financial products but has seriously diluted their usefulness by banning discussion of house prices. The housing market is not good at the moment, you need to become better versed with the current situation and its likely direction and then make an informed decision as to whether to proceed with this purchase or not.

Your vendor won't mind waiting for you - they're very unlikely to have another potential buyer lined up.

Best of luck.

Fredser · 02-07-2008 3:23pm

professorpete wrote: »

the only time you'll have to worry about the falling market and doom and gloom is if and when you decide to sell it, by which time the market will have recovered, your combined income will be waaaaay more than what it is now, and all else will be equal, so go for it

That is the most ill-informed and incorrect advice I have ever seen on an internet forum.

faceman · 02-07-2008 3:26pm

Jaysus, 32 posts in and we still have punters telling the OP not to buy a house without knowing anything about the OP and their situation.

Regulator79 · 02-07-2008 3:41pm

faceman wrote: »

Jaysus, 32 posts in and we still have punters telling the OP not to buy a house without knowing anything about the OP and their situation.

Whats to know? Or do you know something we dont?

Tell you what, you present a scenario to me where any first time buyer would be well advised to buy into the housing market tommorrow and I'll be happy to disabuse you of youre warped notions.

yosser hughes · 02-07-2008 4:12pm

Why don't you ask that nice girl Liz O'Kane she seems really good! Oh and that nice man from the Bank of Ireland, what his name? Oh yes Dan McLoughlin. To those who seem to think there has been fair and unbiased reportage in the media in the last number of years regarding property in this country then I suggest you check out Dan's statements.
If you haven't signed on the dotted line for this property,please don't ! If you have then you're lender will insist on you getting life insurance anyway.Se what they offer and then shop around. Either way best of luck.

forestfruits · 02-07-2008 4:20pm

Well Tracey the big question is did you end up signing?

If you did and the house is in a property managed estate check your management policy as most have included buildings insurance- so make sure your not paying twice as some banks will offer it with mortgage but all will insist you have it - obviously to protect their investment!

mkdon05 · 02-07-2008 4:36pm

Regulator79 wrote: »

Whats to know? Or do you know something we dont?

Tell you what, you present a scenario to me where any first time buyer would be well advised to buy into the housing market tommorrow and I'll be happy to disabuse you of youre warped notions.

A trainee accountant and trainee solicitor buy a 3 bed house in a good area that they are willing to stay in for at least 15 - 20 years. They
can get the mortgage and afford the repayments on their current salaries.
Their salaries will rise when they qualify and in all likelyhood the house will be worth the same if not more in that timeframe(15 -20years).

yosser hughes · 02-07-2008 4:54pm

So you think the future is rosy if you're a trainee solicitor? I don't think so.

Ivicia · 02-07-2008 4:57pm

Drummerboy2 wrote: »

Just been listening to David McWilliams on the radio advising first time buyers to wait a year before purchasing.

He has been saying this for well over a year now.

conor_mc · 02-07-2008 4:59pm

mkdon05 wrote: »

A trainee accountant and trainee solicitor buy a 3 bed house in a good area that they are willing to stay in for at least 15 - 20 years. They
can get the mortgage and afford the repayments on their current salaries.
Their salaries will rise when they qualify and in all likelyhood the house will be worth the same if not more in that timeframe(15 -20years).

Can't see how that's well-advised mkdon05, managable maybe, but still ill-advised. If they wait until next year, they'd pick it up for 5-10% less. That means 5-10% less to pay interest on.

Or put it this way, if they save 50k by waiting a year then that's about 100k once interest is paid on it over the course of the mortgage.

All that time, they could've stuck that 100k into a pension with tax-relief. Assuming it breaks even alone, they'll have an extra 200k when they retire by waiting for 1 year now, but more likely they'll about double that barring an ISEQ-2008 happens the year before they retire.

And they'll still have the same/similar house.....

Weyhey · 02-07-2008 5:00pm

what2do wrote: »

Tracy - don't mind all these negative comments, your home is only valued at what you sell it for which will presumably be some time down the line. Always felt I'd be better paying a mortgage than saving for when prices dropped cos it would prob balance eachother out - I'd never be disciplined enough to say the same amount as I pay into my mortgage.

Check out www.askaboutmoney.com for some advice and best of luck, its a proud moment when you sit on your couch and think this is my place :-)

I totally agree. Some people have no real choice but to buy now. It's getting harder and harder to get a mortgage, people with loan approval last month being refused this month, lower loan amounts being offered and bigger deposits required and it's harder to get a permanent job or stay in one so this may be some folk's only chance at buying a HOME.

I want to sell my current house only so I can buy one closer to my work (avoid 4 hours a day in traffic) and my family and then I don't plan on moving. I rented for years and the thoughts of doing it again would kill me.

So best of luck with your new home Tracy.

yosser hughes · 02-07-2008 5:05pm

Ivicia wrote: »

He has been saying this for well over a year now.

And you're point is? Do you read the papers? Watch TV? Or do you think house prices aren't falling off a cliff.

yosser hughes · 02-07-2008 5:06pm

Weyhey wrote: »

I totally agree. Some people have no real choice but to buy now. It's getting harder and harder to get a mortgage, people with loan approval last month being refused this month, lower loan amounts being offered and bigger deposits required and it's harder to get a permanent job or stay in one so this may be some folk's only chance at buying a HOME.

I want to sell my current house only so I can buy one closer to my work (avoid 4 hours a day in traffic) and my family and then I don't plan on moving. I rented for years and the thoughts of doing it again would kill me.

So best of luck with your new home Tracy.

Advice coming from someone who is trying to sell their home is hardly impartial is it?

Ivicia · 02-07-2008 5:26pm

yosser hughes wrote: »

And you're point is? Do you read the papers? Watch TV? Or do you think house prices aren't falling off a cliff.

I was simply adding to the point in case people thought DcW was only saying this today.

I do read papers and watch TV - what's your point?

IMO house prices will fall further. I presume I will need to watch some TV prog to see them actually falling off a cliff.

Treehouse72 · 02-07-2008 5:28pm

This thread is absolutely unbearable.

All you goddam people with your "ah sure don't listen to the begrudgers" nonsense have absolutely no idea how much terrible advice you are giving. It absolutely sickens me. It's as though you really believe that this is all just a matter of sentiment and staying positive and maintaining a sunny outlook, instead of the harsh economic realities on the ground.

This level of willful ignorance of the facts is shameful, and for some of you to then turn this around and start ragging on those who are living in July 08 (and not July 06) is just the final straw. A pox on the lot of you.

To the "bedgrudgers" in this thread - seriously, let the the shiny happy people all just bloody well hang. If these monkeys cannot understand Inter Cert economics let them get what's coming to them.

Sickened beyond words at this crap. Long live the Celtic Tiger! What total bollox.

Weyhey · 02-07-2008 5:30pm

yosser hughes wrote: »

Advice coming from someone who is trying to sell their home is hardly impartial is it?

As I said I am only thinking of selling because I want to buy somewhere else. I am hearing the same slack off other people because I want to buy. I can't put up with 4 hours a day traffic anymore. I love my house and if it wasn't for traffic I would gladly stay, and not have to bother about estate agents, solictor fees and stamp duty. I know how hard it is to get a mortgage even with any sort of a deposit and the amount I was approved for before now no longer applies to me. I want to have children soon and I would like to change my job so for me it is either buy now or not for a good few years.

Tracy has bought her house she doesn't need the extra stress of negative posts. All I am saying is that some people have no choice but to buy now if they want to own their own home at all.

yosser hughes · 02-07-2008 5:50pm

Sorry Ivicia, I misunderstood what you were saying. Apologies!:o

Treehouse72 · 02-07-2008 5:51pm

Weyhey wrote: »

Tracy has bought her house she doesn't need the extra stress of negative posts.

I am speechless.

Are you seriously trying to equate the stress levels of reading a forum thread with the stress of "buying" a house and financing it over the period of the mortgage? This attitude is just execrable. Shameful, disgusting, outrageous nonsense, and precisely the attitude I was beratting in the post above yours. Jesus Christ. Save the poor girl's feelings! Don't tell her your honest opinion! No. Let's all just be nice to each other and give some good old-fashioned jolly-ole encouragement!

Disgraceful. Sorry, that is the word. Actually, "uninformed" is probably the word, but I don't want to hurt your feelings, so I'll go with disgraceful. And for all you bleeding hearts, the harsh posts in this thread are trying to HELP OP. Some of you gombeens are going on like it's about hurting OP's feelings or being willfully nasty.

And on point of fact, OP posted before signing for the house.

I feel dirty and can't be arsed reading these bull**** threads anymore.

Ivicia · 02-07-2008 6:05pm

yosser hughes wrote: »

Sorry Ivicia, I misunderstood what you were saying. Apologies!:o

No problem.

gsxr1 · 02-07-2008 6:29pm

By no means an expert but why pay the same in rent when you can buy your own gaff with the same monthly payment.

I work as a chippy for a developer and we have had 4 apartments for sale for 6 months now . Lots of viewings but no one has bought any.

Went from 360 to 316k . The boss has taken them of the market and rented them instead.

Peeps are paying top money for renting. They where all rented with in one week. 1250 a month in sallins. Crazzzzzzzy. All Irish tenants.

I hear so much piss taking in this thread over a couple dession to buy.

But when they sell again years down the line. I believe there house will be worth lots more than its worth now.

the scaremongers have as much blame as the banks for the reccesion we are all knee deep in.

Im not saying do buy, but I would seek better advise on your long term investment than given on this thread.

buying my first house - need advice!!

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