Buying a house 2014

jbt90 · 27-04-2014 08:46PM

Custardpi wrote: »

Bear in mind that there's a huge amount of costs associated with buying a house, outside of the mortgage itself. House insurance, maintenance costs, utilities, property tax etc all add to the outlay. When renting many of these are non existant or reduced, particularly if you're sharing with others. Are you also definitely sure you want to stay in the same place for the next 30 or so years? It's a huge commitment to make at your age.

The mortgage will be around 550 per month, i get free home insurance from work.What maintenance we talking here? A light blub here and there?And what is property tax 200e pa?

I take home 2k per month and expect my house to cost around 800e per month including bills and tbh i don't mind that i'll still have some cash for holidays fingers crossed

Stavros Murphy · 27-04-2014 08:46PM

Chucken wrote: »

Give me the 70k and you can live in my spare room

Give a landlord the 70k and you can live in their house for 7 years, ish..

anncoates · 27-04-2014 08:47PM

Chucken wrote: »

http://www.daft.ie/sales/riverwood-hall-castleknock-dublin/935543/

Is that carpenterstown or Castkeknock?

Would have anything decent in Castkeknock proper would be more pricey but I'm up to date with current market, to be fair.

Fred Swanson · 27-04-2014 08:48PM

This post has been deleted.

Chucken · 27-04-2014 08:49PM

Stavros Murphy wrote: »

Give a landlord the 70k and you can live in their house for 7 years, ish..

I can pretend to be a landlord

I'll even give him his dinner!!

anncoates wrote: »

Is that carpenterstown or Castkeknock?

Would have anything decent in Castkeknock proper would be more pricey but I'm up to date with current market, to be fair.

I haven't a clue. I don't know Dublin at all

Retrovertigo · 27-04-2014 08:50PM

Good luck if you think you'll get a place within 4 months with all the to-ing and fro-ing you'll have between solicitors and estate agents.

Custardpi · 27-04-2014 08:51PM

jbt90 wrote: »

The mortgage will be around 550 per month, i get free home insurance from work.What maintenance we talking here? A light blub here and there?And what is property tax 200e pa?

I take home 2k per month and expect my house to cost around 800e per month including bills and tbh i don't mind that i'll still have some cash for holidays fingers crossed

Painting, replacing/repairing stuff like washing machines, cookers etc every few years. Unexpected stuff that you find out isn't covered by your home insurance, lots of stuff. Have you stress tested your income vs repayments so that if interest rates go up (as they probably will at some stage) you'll still be able to afford the higher payments. Property tax, water rates etc are low now but are almost certain to rise going forward. After all that buying the property may well make financial sense but it's far from certain so you need to do your homework & make sure you're prepared for worst case scenarios.

Stavros Murphy · 27-04-2014 08:52PM

anncoates wrote: »

Is that carpenterstown or Castkeknock?

Would have anything decent in Castkeknock proper would be more pricey but I'm up to date with current market, to be fair.

Just me, but I wouldn't buy that townhouse regardless, as it is gated - and gated means there's a management company, generally, and I'd rather live in a tent. I'd want a front and back and some road, that way, in as far as is possible, you own it, and decide what you want to do with it. Gated means some other fcuker calls the shots, usually the snotty old gimp in Number 6 who runs the residents association and makes "de rules". Same goes for apartments, but I'm odd like that.

anncoates · 27-04-2014 08:52PM

Chucken wrote: »

I haven't a clue. I don't know Dublin at all

I heard of somebody back in the boom that was told by an agent about a house in Kimmage West (Crumlin).

The Backwards Man · 27-04-2014 08:53PM

jbt90 wrote: »

I have 70k deposit will that do ?

Done.

and you have been!!

Stavros Murphy · 27-04-2014 08:55PM

Fred Swanson wrote: »

This post has been deleted.

Too late, as it happens. That was last year. Houses in Kildare, in good locations, are now being fought over again.

The wheel turns... as always. Don't believe me? Go try buy one.

Fred Swanson · 27-04-2014 08:55PM

This post has been deleted.

jbt90 · 27-04-2014 08:58PM

Custardpi wrote: »

Painting, replacing/repairing stuff like washing machines, cookers etc every few years. Unexpected stuff that you find out isn't covered by your home insurance, lots of stuff. Have you stress tested your income vs repayments so that if interest rates go up (as they probably will at some stage) you'll still be able to afford the higher payments. Property tax, water rates etc are low now but are almost certain to rise going forward. After all that buying the property may well make financial sense but it's far from certain so you need to do your homework & make sure you're prepared for worst case scenarios.

I understand that but at most i will be borrowing 130k, at the very most so shouldn't be too bad and will be on around 2300 per month in 2016

Stavros Murphy · 27-04-2014 08:59PM

jbt90 wrote: »

I understand that but at most i will be borrowing 130k, at the very most so shouldn't be too bad and will be on around 2300 per month in 2016

You'll be borrowing close to 300k, but whatever. If I was you, I'd fire ahead. A roof over your head is nice, keeps the rain off and makes a good place to keep your tv and sh1t.

jbt90 · 27-04-2014 09:01PM

Fred Swanson wrote: »

This post has been deleted.

I Was waiting for a good while and tbh can't see any repos happening in the areas I'm looking at.I could be wrong but i think most the repos if any will be down the country or in areas like Balbriggan.

I hope I'm wrong but can't see any price drops happening,they're only going to get higher

jbt90 · 27-04-2014 09:01PM

Keep in mind guys I'm buying a 2 bed

Custardpi · 27-04-2014 09:02PM

jbt90 wrote: »

I understand that but at most i will be borrowing 130k, at the very most so shouldn't be too bad and will be on around 2300 per month in 2016

Don't rely on that income, nothing's guaranteed in life. I have friends who based house buying decisions on their having x amount of income in a future year & ended up badly miscalculating. That said, the fact you have a decent deposit (rather than a 110% mortgage) probably means you're not in as much risk as many others.

Stavros Murphy · 27-04-2014 09:04PM

Houses are funny. Location is all, obviously, but the crash/regain/boom/crash/regain/boom cycle is a constant. You need to hit the right point on the cycle. The same muppets who didn't see the crash coming never see the recovery either, nor the upswing, nor the boom. It's cyclical, yet the cycle always seems to come as a massive surprise to people.

jbt90 · 27-04-2014 09:06PM

I agree but i should get a 2 bed for a decent price(Hopefully)

Some the 3 beds are going for stupid money even the ones in sh!tholes

27-04-2014 09:13PM

jbt90 wrote: »

Did you go to a special school?

Why move if your job is local or you've inherited the family farm and 5000 acres, if your wife/husband is a descendent of a local wealthy landowner and several other reasons to remain in the same area you grew up in.

jbt90 · 27-04-2014 09:14PM

Stavros Murphy wrote: »

You'll be borrowing close to 300k, but whatever. If I was you, I'd fire ahead. A roof over your head is nice, keeps the rain off and makes a good place to keep your tv and sh1t.

How will i be borrowing over 300k Einstein ??

I have 70k, ideally i will purchase somewhere for 170k but willing to go above that

Balmed Out · 27-04-2014 09:16PM

Stavros Murphy wrote: »

The same muppets who didn't see the crash coming never see the recovery either

anecdotally i think everyone i knew who denied the coming crash are all the earliest and firmest believers in a recovery

Custardpi · 27-04-2014 09:16PM

jbt90 wrote: »

How will i be borrowing over 300k Einstein ??

I have 70k, ideally i will purchase somewhere for 170k but willing to go above that

Compound interest. Can really mount up when paying back a mortgage. Depending on the way interest rates go you'll end up paying between 2 & 3 times, possibly more the amount of the principal.

shopaholic01 · 27-04-2014 09:16PM

jbt90 wrote: »

How will i be borrowing over 300k Einstein ??

I have 70k, ideally i will purchase somewhere for 170k but willing to go above that

Calculate the interest you will pay over the term of your mortgage. It's eye watering.

jbt90 · 27-04-2014 09:19PM

shopaholic01 wrote: »

Calculate the interest you will pay over the term of your mortgage. It's eye watering.

I have two options rent or buy and noway am i renting can't justify the prices and paying someone elses mortgage

shopaholic01 · 27-04-2014 09:21PM

jbt90 wrote: »

I have two options rent or buy and noway am i renting can't justify the prices and paying someone elses mortgage

I'm not advising you not to buy, just be aware that if you borrow €170k, you will repay a hell of a lot more.

In the first couple of years the majority of your monthly payments will be interest.

Ann Landers · 27-04-2014 09:27PM

Chucken wrote: »

http://www.daft.ie/sales/riverwood-hall-castleknock-dublin/935543/

That's Coolmine.

jbt90 · 27-04-2014 09:29PM

shopaholic01 wrote: »

I'm not advising you not to buy, just be aware that if you borrow €170k, you will repay a hell of a lot more.

In the first couple of years the majority of your monthly payments will be interest.

Thanks for the advice guys but i need somewhere for 4 months time

2 bed,200k max has to be Castleknock or Clonsilla/Lucan

What do i need to get the ball rolling

rwg · 27-04-2014 09:32PM

Chucken wrote: »

http://www.daft.ie/sales/riverwood-hall-castleknock-dublin/935543/

looks like blanchardstown to me

Canis Lupus · 27-04-2014 09:37PM

jbt90 wrote: »

Thanks for the advice guys but i need somewhere for 4 months time

2 bed,200k max has to be Castleknock or Clonsilla/Lucan

What do i need to get the ball rolling

Put an ad out in a paper I think is how it works.

Hard working chap wltm 2 bedroom house for friendship, maybe more.

Buying a house 2014

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