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04-11-2018, 12:29   #16
mickeyk
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OP if you are looking at an older house have a look at the Superhomes programme. 40-50% grants for the energy upgrade like windows, insulation heat pump etc. to bring it up to A rating it will bring the net cost of the refurb down and they look after the project management as well afaik. A colleague of mine got it done and the results are spectacular. It won’t pay for floors etc obviously but you are paying for those one way or another in a new house anyway.
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04-11-2018, 12:38   #17
Ursus Horribilis
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I don't know where you're planning to buy but I strongly suggest you get talking to locals. I know a housing estate that was built in a field that regularly flooded. Guess what has happened there since? I've also heard of estates built on old dumps and sandpits that had cracks appear in their walls.
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04-11-2018, 15:08   #18
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That particular area is on floodmaps.ie

I was tempted with this house, given one of the cheapest prices for a 5 bedrooms house. I knew something must be fishy with this property, as similar houses with poor interiors are going on higher prices. That house looks very near from inside and huge enough!

But then it will come at a cost that no insurance company is going to insure you!

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I think you've made a lot of assumptions there, has that house ever flooded? As for antisocial behaviour your looking at castletroy there was practically a riot there the other night, the area is packed with students, the last time I stayed in castletroy I was sleeping on a mates couch and some randomer jumped in the window. Also know of another chap who went into the wrong house one night, there was a baby upstairs and he tried to quiten it and get out of there before something went wrong, it didn't end well but nobody harmed.
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04-11-2018, 15:11   #19
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I wasn't aware of this energy grant. I am going to look at it now.

And I agree with others that old houses are structurally strong enough, it was just poor insulation + damp in older homes that made me run away from these homes.

I appreciate advice given by everyone. Please feel free to add any further thoughts on New vs Old homes!

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OP if you are looking at an older house have a look at the Superhomes programme. 40-50% grants for the energy upgrade like windows, insulation heat pump etc. to bring it up to A rating it will bring the net cost of the refurb down and they look after the project management as well afaik. A colleague of mine got it done and the results are spectacular. It won’t pay for floors etc obviously but you are paying for those one way or another in a new house anyway.
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04-11-2018, 15:18   #20
Franz Von Peppercorn
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Are your collages experienced economists or speculators, with a track record of predicting and profiting from market fluctuations?

If so, I would pay heed to their advice and take a short position as they no doubt have on the back of their own detailed analysis.

If not, I would consider just why it is that these great minds are not employed in investment or market regulatory roles
Yes these guys really got the last recession right.

Last edited by Franz Von Peppercorn; 04-11-2018 at 16:00.
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04-11-2018, 15:20   #21
Ursus Horribilis
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What age were the houses you rented that were damp and costly to heat?
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04-11-2018, 15:22   #22
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Are your collages experienced economists or speculators, with a track record of predicting and profiting from market fluctuations?

If so, I would pay heed to their advice and take a short position as they no doubt have on the back of their own detailed analysis.

If not, I would consider just why it is that these great minds are not employed in investment or market regulatory roles

being fair, find me twenty experts in the country that were telling people not to buy in early 2007

OP, if you are sure of meeting repayments and of staying in the house/area then that's the basis for a decision
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04-11-2018, 15:38   #23
Ursus Horribilis
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To be fair, would there ever be 20 economists with regular access to the airwaves/newspapers? Back in 2007, most of the people cheerleading the boom were working for the banks who were throwing money at people. Austin Hughes of KBC and Dan McLaughlin of Bank of Ireland being two who spring to mind. David McWilliams, Morgan Kelly, Alan Aherne and Richard Curran were dissenting voices but they were shouted down by the likes of Bertie Ahern who wanted the economy to become boomier.

You are right though. If you believe you can afford the house and can withstand pay cuts/one of you losing your job/having kids, go right ahead. I just think that some of your reasons for automatically discounting second-hand houses to be very odd.
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04-11-2018, 15:40   #24
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I wouldn't know the exact ages of those houses. But it costed us 180-200e in gas bill per month to heat 1 bedroom ovednight, living room for 4 hours/day.
That house developed mould too and owner said we need to open windows every day (in pure winters) for few minutes for proper ventilation to occur.

Didn't have a great experience plus health was effected.

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What age were the houses you rented that were damp and costly to heat?
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04-11-2018, 15:44   #25
Ursus Horribilis
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That sounds like a badly built house but not a benchmark for all non-brand new houses. I bought a house from the 1990s in a nice established area. I've never had bills like that, nor damp issues.
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04-11-2018, 15:59   #26
The_Conductor
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It seems like a lot of the 3 bed semi in Limerick suppose it all depends on the area but here's a 5 bed for 190k https://www.daft.ie/11939890
You do realise this is in the middle of O'Malley Park?
Regeneration, or no regeneration- there is a damn good reason its 190k- and its vastly overpriced at that..........
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04-11-2018, 16:05   #27
masterboy123
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If a 2 storey house says area size 103 sq. meters. Does that include living area size of both floor minus the garden area ?
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04-11-2018, 18:57   #28
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You do realise this is in the middle of O'Malley Park?
Regeneration, or no regeneration- there is a damn good reason its 190k- and its vastly overpriced at that..........
We've been on about this one https://www.daft.ie/11911316

I said I don't know wheres good or bad in Limerick...I don't think anywhere anywhere in Limerick can demand 280k for a 3 bed semi.
I know he's thinking we'll live there forever but things change I'd be looking at something that's easy rent if you decide your first home isn't your final home in a few years. They say you don't get the house your want until your 3rd one. Think OP is stretching himself too far at 280k + interest.
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04-11-2018, 19:21   #29
tvjunki
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I wouldn't know the exact ages of those houses. But it costed us 180-200e in gas bill per month to heat 1 bedroom ovednight, living room for 4 hours/day.
That house developed mould too and owner said we need to open windows every day (in pure winters) for few minutes for proper ventilation to occur.

Didn't have a great experience plus health was effected.

Houses do need to be aired. We like our houses really warm to the way they were years ago. We would layer clothes instead of putting the heating on or just having an open fire. Sounds to me you have little of no insulation. It depends on the house though.
My neighbour has oil heating and said the house was cold. She got the beads in the cavity walls and now she has mould in every room and vents in every room open.
If you get up in the morning you will see condensation on the windows. We omit moisture during the night. We put clothes to dry in houses,cooking with no door or window opening causes steam to go up stairs.
Think of it years ago we were having baths not showers 1 or 2times a day. Or we were having sink washes.

I had a tenant complain about mould. They did not put the heating on in the bedrooms, black mould appeared on the ceiling and corners of the room and windows. When they left I realised they never opened the windows. The windows were free moving when they moved in. I found out they never opened them. Vents were filled with tape. The moisture from cooking travelled upstairs.
When I lived ther my gas bill was 80 every 2months. When I put it back in my name it went to just over service charges. So no heating on and no windows open.
I am not saying you were the same but we do like homes to be warmer.
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04-11-2018, 19:38   #30
tvjunki
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Appreciate your in depth response.

We did consider looking at older houses with C3 energy rating. But cost of a good insulation, renewal of bathroom and kitchen are going to cost in the range of 25k-30k. Plus no structural warranty on older houses. These are the reasons we opted to consider a new built only. Maybe I am wrong.

Our jobs are not permanent ones but there is a stability in the health sector.
Interest rate are in the range of 2.95 to 3.15% variable, LTV 80%.

If you think the 'home bond 'will help you it will not. If the builder has not paid into the fund as was in many cases in the boom you will get no cover.
Pyrite is an example that was not covered.
We bought new many years ago as we could not get what we wanted second hand. We had to find the money for flooring tiling carpets etc.

Neighbour had an issue with the plumbing. Contacted the builder as they were still in the estate. Builder would do nothing and the home bond would not help. Had to pay out of pocket in the end.
Get a good survey done on the house and that should help you decide.

If you buy a second hand house and gut it you can pay someone to manage the refurbishment it for you. Just reduce the price by the cost to refurbish. The seller might go with it.
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