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14-01-2020, 22:55   #226
all about the mane
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A question for a collegue of mine who just went S.A on a house and paid the deposit.



She said the Q.S is going there in a few days, what should she particularly ask the QS...e.g. roofing, possible leakage etc



Would a QS comment on the structural integrity of the house. From looking at the pictures, its quite evident that the previous owners tried making it open plan.. its a bit weird tbh.. fridge next to the fireplace....


Also would a Q.S report contain costs to fix certain issues such as lack of wardrobes in some bedrooms... like would this even be in the QS report?



She is quite understandably nervous at the moment, so am I for some reason
She needs an engineer to do a structural report
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15-01-2020, 00:14   #227
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My opinion is that FF are favourites to get back in and they will likely try and grease the market much more than FG.
This will entail putting preasure on the Central Bank to relax their rules, so that people can more easily get their mortgages approved, thus driving up house prices again.

That is my prediction anyway. House prices can always go up, if the credit is available to them.
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15-01-2020, 09:10   #228
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Will be interesting to see. Brendan howlin on the radio saying they will build 80,000 houses if they get in. Although they wont get in but yea i think if FF get in they will do far more building than FG and hopefully keep the central bank rules.

Imagine that, reasonable lending rules and a steady supply of social and affordable houses *shock, horror*
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15-01-2020, 11:31   #229
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This is why I would never even consider buying in an estate, one off housing is the way to go. Even with new estates , theres one in kildare that had their 10% social obligation, were selling on the private market with people paying 370k+ for houses, cluid bought 20% of the estate and then the estate agent struggled to sell any more of them once word got out so now cluid have agreed to buy more than half the remaining stock at cost from the developer. So you've 15-20 couples are after spending the guts of half a million quid to live in what is essentially now a council estate.
Was in a similar situation myself with a new property. Alarming number of new properties bought up by council and possibly other organisations for social obligations. Our house was attached to 3 social houses, backed onto another 7 social houses. We got wedged in the middle with a family of 'howiya boss''s next door. With a 35 year mortgage and already potentially facing negative equity I was lucky enough (IMO) to sell it for just over what we paid originally to a buyer who wasn't prepared to wait until the next phase was being released. I would never buy in a new estate again after that experience.
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15-01-2020, 12:33   #230
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Was in a similar situation myself with a new property. Alarming number of new properties bought up by council and possibly other organisations for social obligations. Our house was attached to 3 social houses, backed onto another 7 social houses. We got wedged in the middle with a family of 'howiya boss''s next door. With a 35 year mortgage and already potentially facing negative equity I was lucky enough (IMO) to sell it for just over what we paid originally to a buyer who wasn't prepared to wait until the next phase was being released. I would never buy in a new estate again after that experience.
What awful Governance.
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15-01-2020, 12:44   #231
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We have phones too.
No I mean who pays for the local guards or further distances to maintain services to these isolated houses?
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15-01-2020, 13:00   #232
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Originally Posted by Bargain_Hound View Post
Was in a similar situation myself with a new property. Alarming number of new properties bought up by council and possibly other organisations for social obligations. Our house was attached to 3 social houses, backed onto another 7 social houses. We got wedged in the middle with a family of 'howiya boss''s next door. With a 35 year mortgage and already potentially facing negative equity I was lucky enough (IMO) to sell it for just over what we paid originally to a buyer who wasn't prepared to wait until the next phase was being released. I would never buy in a new estate again after that experience.

Ireland in 2020.
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15-01-2020, 13:55   #233
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https://www.irishtimes.com/business/...rket-1.4140499

Odd heading (and the article does not even mention affordability) but it shows the vested interest by the IT.

The "supply" the IT is talking about which is "cooling the market" is a mere 15,000 houses completed in the first 9 months of 2019. With conservative estimates indicating we need at least 30,000 homes built per year for the next ten years, the logical projection is for prices to continue to decline (assuming the government gets its act in gear and stops relying on the market to deliver).
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15-01-2020, 14:10   #234
Brianboru39
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Originally Posted by Bargain_Hound View Post
Was in a similar situation myself with a new property. Alarming number of new properties bought up by council and possibly other organisations for social obligations. Our house was attached to 3 social houses, backed onto another 7 social houses. We got wedged in the middle with a family of 'howiya boss''s next door. With a 35 year mortgage and already potentially facing negative equity I was lucky enough (IMO) to sell it for just over what we paid originally to a buyer who wasn't prepared to wait until the next phase was being released. I would never buy in a new estate again after that experience.
Do you mind me asking what the development was ? I am currently viewing 3 developments , 2 in Leixlip and one just outside NAAS .
With a view to buying
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15-01-2020, 15:23   #235
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Originally Posted by Bargain_Hound View Post
Was in a similar situation myself with a new property. Alarming number of new properties bought up by council and possibly other organisations for social obligations. Our house was attached to 3 social houses, backed onto another 7 social houses. We got wedged in the middle with a family of 'howiya boss''s next door. With a 35 year mortgage and already potentially facing negative equity I was lucky enough (IMO) to sell it for just over what we paid originally to a buyer who wasn't prepared to wait until the next phase was being released. I would never buy in a new estate again after that experience.
Similar experience to you a few years ago with a new housing development in Ongar. Had only paid booking deposit at time so it was easy to withdraw. Our friends went ahead with the purchase and regret it now. The trouble/antisocial behavior was very quick to start and is only getting worse now. Be very cautious buying a new build, do as much research beforehand. That A rating will quickly become irrelevant to your life when trouble moves in next door. My advice would be to buy privately (a property not requiring too much work) in more settled areas (20+ years) where the identity/character and antisocial element of the estate is well known by now. The government's climate action plan will be shortly introducing new measures and grants to bring pre-2006 properties up to B standard so I wouldn't be overly concerned about a poor BER rating buying 2nd hand. Especially if I like the area. The scary part is, the main political parties, FF, FG, Labour all plan to increase social housing output if elected so this problem will only get worse. The 10% social/90% private figures are slowly becoming fantasy. Shame because it was a policy with good intentions, to avoid recreating another Ballyfermot/Ballymun. It won't work though if they keep increasing the social % of new developments.

Last edited by OovyGroovyMan; 15-01-2020 at 15:31.
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15-01-2020, 16:53   #236
Bargain_Hound
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Originally Posted by Brianboru39 View Post
Do you mind me asking what the development was ? I am currently viewing 3 developments , 2 in Leixlip and one just outside NAAS .
With a view to buying
None of the above. Was a glen****h development in Navan.

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Originally Posted by OovyGroovyMan View Post
Similar experience to you a few years ago with a new housing development in Ongar. Had only paid booking deposit at time so it was easy to withdraw. Our friends went ahead with the purchase and regret it now. The trouble/antisocial behavior was very quick to start and is only getting worse now. Be very cautious buying a new build, do as much research beforehand. That A rating will quickly become irrelevant to your life when trouble moves in next door. My advice would be to buy privately (a property not requiring too much work) in more settled areas (20+ years) where the identity/character and antisocial element of the estate is well known by now. The government's climate action plan will be shortly introducing new measures and grants to bring pre-2006 properties up to B standard so I wouldn't be overly concerned about a poor BER rating buying 2nd hand. Especially if I like the area. The scary part is, the main political parties, FF, FG, Labour all plan to increase social housing output if elected so this problem will only get worse. The 10% social/90% private figures are slowly becoming fantasy. Shame because it was a policy with good intentions, to avoid recreating another Ballyfermot/Ballymun. It won't work though if they keep increasing the social % of new developments.
Interesting. We were looking at Ongar recently. Maybe will reconsider.
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15-01-2020, 17:18   #237
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Originally Posted by Assetbacked View Post
https://www.irishtimes.com/business/...rket-1.4140499

Odd heading (and the article does not even mention affordability) but it shows the vested interest by the IT.

The "supply" the IT is talking about which is "cooling the market" is a mere 15,000 houses completed in the first 9 months of 2019. With conservative estimates indicating we need at least 30,000 homes built per year for the next ten years, the logical projection is for prices to continue to decline (assuming the government gets its act in gear and stops relying on the market to deliver).
There will be further "cooling" of the market IMO. There is an election looming with housing one of the main issues. Also, Brexit is hardly sewn up - and the fallout at home, in the EU and UK has yet to be seen...we are not out of the woods. Dublin prices are falling as well, there can be no denying that.
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15-01-2020, 18:38   #238
Assetbacked
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There will be further "cooling" of the market IMO. There is an election looming with housing one of the main issues. Also, Brexit is hardly sewn up - and the fallout at home, in the EU and UK has yet to be seen...we are not out of the woods. Dublin prices are falling as well, there can be no denying that.
Not to veer too far off topic into economic speculation, but you have raised a key point on Brexit and the impact the wider economic and political climate will have on the market. The asset management sector appears to be in bubble territory which is particularly evidenced by the hyper valuations of tech companies (Google, Facebook, Microsoft etc.) - the bubble arises from the demand for investment products which reference the performance of the equities of these companies (regulators cannot even measure how deep the rabbit hole goes), meaning an increase in the share price of these tech companies results in an increase in the value of an investment which directly or indirectly takes exposure to such companies. The concerns that there is a bubble is seen in regulatory publications being issued at the moment (calling for greater scrutiny into the shadow banking industry).

Of course, while the going is good, everyone has FOMO and wants a piece of the pie so no one knows when to press stop with their appetite for investment products which reference the performance of these big tech companies. The nature of the bubble is that no one knows what will cause it to go pop, when it will go pop and whether they would be impacted (their managers would tell them that they are satisfied with the liquidity of the investments).

Notwithstanding all of this, to take it back to Irish property - the institutional investors are building offices which are then being sold or let to the likes of Facebook, Google etc. and the institutional investors are also building apartment blocks to rent to the employees of these companies.

Therefore, if the asset management bubble pops, the hyper valuations of these tech companies could potentially take a hit meaning, at the very least, a freeze on expansion and in worst case scenarios, large job losses (most of these workers are non-Irish and likely are renting so would have no stake in Irish property). The institutional investors would be left with apartment blocks which cannot be rented out or at least not rented out without significant drops in asking prices for rent and a lot of the shiny offices will sit idle. They would be the big losers in the property market in such a scenario. Meanwhile, Irish people are only limited to borrowing 3 1/2 times their salaries so have not lost the run of themselves and over-leveraged beyond their means (most likely). Accordingly, the impact of this potential bubble popping would likely not cause seismic shocks to Irish property prices.

Last edited by Assetbacked; 15-01-2020 at 18:45.
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15-01-2020, 19:31   #239
JamesMason
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Not to veer too far off topic into economic speculation, but you have raised a key point on Brexit and the impact the wider economic and political climate will have on the market. The asset management sector appears to be in bubble territory which is particularly evidenced by the hyper valuations of tech companies (Google, Facebook, Microsoft etc.) - the bubble arises from the demand for investment products which reference the performance of the equities of these companies (regulators cannot even measure how deep the rabbit hole goes), meaning an increase in the share price of these tech companies results in an increase in the value of an investment which directly or indirectly takes exposure to such companies. The concerns that there is a bubble is seen in regulatory publications being issued at the moment (calling for greater scrutiny into the shadow banking industry).

Of course, while the going is good, everyone has FOMO and wants a piece of the pie so no one knows when to press stop with their appetite for investment products which reference the performance of these big tech companies. The nature of the bubble is that no one knows what will cause it to go pop, when it will go pop and whether they would be impacted (their managers would tell them that they are satisfied with the liquidity of the investments).

Notwithstanding all of this, to take it back to Irish property - the institutional investors are building offices which are then being sold or let to the likes of Facebook, Google etc. and the institutional investors are also building apartment blocks to rent to the employees of these companies.

Therefore, if the asset management bubble pops, the hyper valuations of these tech companies could potentially take a hit meaning, at the very least, a freeze on expansion and in worst case scenarios, large job losses (most of these workers are non-Irish and likely are renting so would have no stake in Irish property). The institutional investors would be left with apartment blocks which cannot be rented out or at least not rented out without significant drops in asking prices for rent and a lot of the shiny offices will sit idle. They would be the big losers in the property market in such a scenario. Meanwhile, Irish people are only limited to borrowing 3 1/2 times their salaries so have not lost the run of themselves and over-leveraged beyond their means (most likely). Accordingly, the impact of this potential bubble popping would likely not cause seismic shocks to Irish property prices.
Perhaps not a seismic shock but a significant one nonetheless. If the global tech sector takes a hit coupled with the increasingly apparent risk of recession to the US and Germany etc foreign investors in Irish property will bail. They do not care about us.
What happens to all those apartment blocks and estates waiting for the influx of post-Brexit/tech boom workers (some of which are already lying unoccupied) ?
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15-01-2020, 19:57   #240
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The commercial letting market in Dublin continues to go very strong the vast majority of developments being fully leased off plans.

Tech share prices might go down. IMHO those most exposed are those with pensions with vast sums of cash invested in EFTs. There's going to be some rush for the exit when the silly stock market valuation bubble bursts. For the big companies they will still make squillions of bucks just have a smaller market cap. Can't seeing it overly affecting profitability or creating job losses.
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