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Property Market 2020

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    #152
    landmarkjohn
    Registered Users Posts: 699 ✭✭✭landmarkjohn


    Padre_Pio wrote: »

    It's depressing driving through the country and seeing miles of one off housing up every hill and road.

    It's depressing living in a once very nice estate now gone downhill due to people who get their rent paid by other people. I'm off to the country!


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    #153
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    When can you back out during a house purchase?


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    #154
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    ebayissues wrote: »
    When can you back out during a house purchase?

    Anytime prior to the signing of contracts.
    After contracts are signed- you loose the deposit if you back out (in general).


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    #155
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    The_Conductor wrote: »
    Anytime prior to the signing of contracts.
    After contracts are signed- you loose the deposit if you back out (in general).

    thought the consequences were even more grave than that ?

    your effectively a sitting duck for being sued by the vendor if you dont complete ?


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    #156
    Padre_Pio
    Registered Users Posts: 4,898 ✭✭✭Padre_Pio


    Mad_maxx wrote: »
    thought it was more than that ?

    your effectively a sitting duck for being sued by the vendor if you dont complete ?

    Signing the contracts is the last step of the process, after engineers report, land survey etc.

    The seller has no recourse if a buyer pulls out 3 months after sale agreed.


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    #157
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Padre_Pio wrote: »
    Signing the contracts is the last step of the process, after engineers report, land survey etc.

    The seller has no recourse if a buyer pulls out 3 months after sale agreed.

    thought the seller had no recourse if contracts are not signed irrespective of how long the property is sale agreed ?


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    #158
    Padre_Pio
    Registered Users Posts: 4,898 ✭✭✭Padre_Pio


    Mad_maxx wrote: »
    thought the seller had no recourse if contracts are not signed irrespective of how long the property is sale agreed ?

    Sorry, the three months was just an example, it's not a limit.

    It's why agents annoyingly keep bumping ads on Daft weeks after sale agreed. They want to keep interest in case the buyer pulls out.


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    #159
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Mad_maxx wrote: »
    thought the consequences were even more grave than that ?

    your effectively a sitting duck for being sued by the vendor if you dont complete ?

    If the seller is nice the deposit is all your lose. They could sue you to complete the contract. However I doubt in reality any judge will uphold that. If the sellers sold the house at a lesser price than you had signed contracts for, they can sue you for the difference.

    However you can back out anytime prior to signed contracts being in place and would just incur your legal and engineers costs.


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    #160
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    I was waiting for phase 2 of a new build estate. Turns out there is a big increase in price for phase 2 due to the building regulations 2020. Phase 1 were A3 and phase 2 will be A2. Builder was still installing oil and stove (still) in phase 1 instead of heat pumps.

    So all the talk and of last year that it could increase costs seems to be correct.


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    #161
    Zenify
    Registered Users Posts: 861 ✭✭✭Zenify


    Dolbhad wrote: »
    I was waiting for phase 2 of a new build estate. Turns out there is a big increase in price for phase 2 due to the building regulations 2020. Phase 1 were A3 and phase 2 will be A2. Builder was still installing oil and stove (still) in phase 1 instead of heat pumps.

    So all the talk and of last year that it could increase costs seems to be correct.

    How much of an increase? Will be interesting to see if they will sell. What estate is it and what county?


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    #162
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Zenify wrote: »
    How much of an increase? Will be interesting to see if they will sell. What estate is it and what county?

    In Co. Cork. Looking at a 20k increase. Now part of that may be phase 2 increase also.

    Also part 2 of the Property Price Guide 2020 in Sunday Times is out today and that’s always an interesting read.


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    #163
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    landmarkjohn wrote: »
    It's depressing living in a once very nice estate now gone downhill due to people who get their rent paid by other people. I'm off to the country!




    I have to agree with this. I don't look at one-off country houses as a blight on the landscape, I look at them as lucky bastards that managed to get their own space. I'm definitely in the envious camp.


    If I had the money, I'd be gone out of my housing estate so fast, it'd be like a cartoon where you see the outline of me smashed through the wall and a cloud of dust where I once stood.


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    #164
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    Strange question. I'm trying to make sense of what home equity implies..are there any other measures used to value or gauge the value of property?



    If I bought a house 12yrs or so for 400k, paid 120k through deposit and mortagage payments, remaining mortgage left approximately 280k.


    Todays market, home valued at 300k at best.



    Is my equity 120 + (Market value -mortage left)20k= 140k


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    #165
    Dav010
    Registered Users Posts: 14,004 ✭✭✭✭Dav010


    Equity is the selling price of the house today less outstanding amount owed on it. In other words, if you sold it today, how much would you have in your pocket after you paid off all debts associated with it.

    So in reality, if house sells for 300k, you owe €280k to bank, after you pay solicitors fees, auctioneers fees etc, you effectively have no equity in your house. The decrease in the value of your house has wiped your equity unfortunately.


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    #166
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Deleted User wrote: »
    I have to agree with this. I don't look at one-off country houses as a blight on the landscape, I look at them as lucky bastards that managed to get their own space. I'm definitely in the envious camp.

    If I had the money, I'd be gone out of my housing estate so fast, it'd be like a cartoon where you see the outline of me smashed through the wall and a cloud of dust where I once stood.

    So do it.Sell up, you're house in an estate (assuming your in the capital or a larger city) is worth more based on the main criteria for property prices, location.

    Weather your in a semi-D or terrace, if its in any kind of reasonable area in Dublin, selling up will put you in a great position for a giant house down the country as its probably worth a lot more per square meter.

    Theres downsides to them too. maintenance, heating, less secure, bigger target, farther away from cities so longer commutes.

    Nowhere is perfect for everybody, so go for what is your perfect home (or close to it) and free up your estate home for someone who thinks its (close to) their perfect home.


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    #167
    Padre_Pio
    Registered Users Posts: 4,898 ✭✭✭Padre_Pio


    fret_wimp2 wrote: »
    Theres downsides to them too. maintenance, heating, less secure, bigger target, farther away from cities so longer commutes.

    Nowhere is perfect for everybody, so go for what is your perfect home (or close to it) and free up your estate home for someone who thinks its (close to) their perfect home.

    Plus your commute cost and time from your McMansion in Cavan to your job in Dublin.

    I always wonder how much people who move to Drogheda or Dundalk to save on a house, spend on commuting to Dublin over the next 5 or 10 years.


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    #168
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    landmarkjohn wrote: »
    It's depressing living in a once very nice estate now gone downhill due to people who get their rent paid by other people. I'm off to the country!

    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.


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    #169
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    Padre_Pio wrote: »
    Plus your commute cost and time from your McMansion in Cavan to your job in Dublin.

    I always wonder how much people who move to Drogheda or Dundalk to save on a house, spend on commuting to Dublin over the next 5 or 10 years.

    going that far out they definitely spend more, i think commuting to dublin and living in louth specifically is soulless and hate filled , there are some lovely options in kildare, wicklow and meath where youd get a 4 bed on half an acre with a detached garage for a little less than a soulless 3 bed semi in some dublin suburb.


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    #170
    old_house
    Registered Users Posts: 55 ✭✭old_house


    ebayissues wrote: »
    Strange question. I'm trying to make sense of what home equity implies..are there any other measures used to value or gauge the value of property?



    If I bought a house 12yrs or so for 400k, paid 120k through deposit and mortagage payments, remaining mortgage left approximately 280k.


    Todays market, home valued at 300k at best.



    Is my equity 120 + (Market value -mortage left)20k= 140k

    I'd say if you had to sell your house today for your estimated price of 300k and you still had to pay back 280k of outstanding mortgage than you would be left with 20k. So you effectively paid 100k (120k paid less 20k equity) for 12 years of living in the house. Depending on the area that's not even a bad deal compared to current rents...


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    #171
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    fret_wimp2 wrote: »
    So do it.Sell up, you're house in an estate (assuming your in the capital or a larger city) is worth more based on the main criteria for property prices, location.

    Weather your in a semi-D or terrace, if its in any kind of reasonable area in Dublin, selling up will put you in a great position for a giant house down the country as its probably worth a lot more per square meter.

    Theres downsides to them too. maintenance, heating, less secure, bigger target, farther away from cities so longer commutes.

    Nowhere is perfect for everybody, so go for what is your perfect home (or close to it) and free up your estate home for someone who thinks its (close to) their perfect home.


    I live in a ****ehole in Drogheda. I'd say I'd get about 175k for my house. But I still owe money on it (not a lot admittedly). And I make about 40k per year.



    Unfortunately, I'm tied to it at the moment, but hope to have it paid off in the next 3-4 years, and fingers crossed either the estate im in will become a lovely mature spot over the next decade, or i'll have enough saved to move to the middle of nowhere in Cavan or Leitrim or something.


    I definitely lost badly in the big 'postcode lottery' game. :rolleyes:


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    #172
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Eric Cartman wrote: »
    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.

    Frightening and depressing in equal measure.


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    #173
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    Deleted User wrote: »
    Frightening and depressing in equal measure.

    imagine being in negative equity in the height of a boom and your mortgage still has 34.5 years left on it.


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    #174
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    old_house wrote: »
    I'd say if you had to sell your house today for your estimated price of 300k and you still had to pay back 280k of outstanding mortgage than you would be left with 20k. So you effectively paid 100k (120k paid less 20k equity) for 12 years of living in the house. Depending on the area that's not even a bad deal compared to current rents...


    Yea I suppose its not a bad deal compared to current rents. My friends folks bought in the likes of tyrrelsown at the height of the boom. They'll never sell the house for what they bought it for.


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    #175
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Eric Cartman wrote: »
    going that far out they definitely spend more, i think commuting to dublin and living in louth specifically is soulless and hate filled , there are some lovely options in kildare, wicklow and meath where youd get a 4 bed on half an acre with a detached garage for a little less than a soulless 3 bed semi in some dublin suburb.

    Whats this "soulless" business? If its not for you, its not for you. It has plenty of "soul" for lots of people, otherwise the county would be empty.

    Half the posts here are about "soul" or giving out about estates looking the same.
    Soul is some difficult to define criteria you have, but doesnt apply to anyone else.
    Its like discussing musical tastes and pretending what you say is an objective fact.

    Estates will always look the same, thats how they get built, its easier and cheaper to build 100+ identical houses than 100 bespoke custom designed houses. Its what most people can afford. If you want a bespoke house, the cost goes up accordingly. If you can afford that and its what you want, then good for you, have at it.

    Half of this thread wants a detached 4 bed house on half an acre of land within 20 mins of an urban center, with no social housing within a dozen miles of them, and that social housing has to be barely habitable hovels because these people feel put out by what someone else might be getting over them. The same people are bitter because for whatever reason their non existent set of circumstances is unavailable to them.


    An estate house might not be for you, thats fine, but it suits plenty. A country house might be for you but it also might not be for everyone. you might like a new build, or you might rather an older house with a larger garden. good for you, do what suits you, but stop pissing on everything different from the specific scenario that you want.**



    **the You applies to anyone reading/posting in the thread.


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    #176
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    fret_wimp2 wrote: »
    Whats this "soulless" business? If its not for you, its not for you. It has plenty of "soul" for lots of people, otherwise the county would be empty.

    Half the posts here are about "soul" or giving out about estates looking the same.
    Soul is some difficult to define criteria you have, but doesnt apply to anyone else.
    Its like discussing musical tastes and pretending what you say is an objective fact.

    Estates will always look the same, thats how they get built, its easier and cheaper to build 100+ identical houses than 100 bespoke custom designed houses. Its what most people can afford. If you want a bespoke house, the cost goes up accordingly. If you can afford that and its what you want, then good for you, have at it.

    Half of this thread wants a detached 4 bed house on half an acre of land within 20 mins of an urban center, with no social housing within a dozen miles of them, and that social housing has to be barely habitable hovels because these people feel put out by what someone else might be getting over them. The same people are bitter because for whatever reason their non existent set of circumstances is unavailable to them.


    An estate house might not be for you, thats fine, but it suits plenty. A country house might be for you but it also might not be for everyone. you might like a new build, or you might rather an older house with a larger garden. good for you, do what suits you, but stop pissing on everything different from the specific scenario that you want.**



    **the You applies to anyone reading/posting in the thread.

    for clarification im saying the commute from louth to dublin every day slowling edging along in traffic down the M1 is the soulless part, there are great little communities in parts of louth. I just find estates in commuter towns are completely dead during the day and many people do not spend in the local economy creating hoardes of houses empty 7am-7pm monday to friday , no local culture or interesting places to eat and shop, areas where people still want to be dubs and do all their shopping and socialising in the city and just use drogheda/saggart/gorey etc... as a place to sleep in a pile of bricks.
    Half of this thread wants a detached 4 bed house on half an acre of land within 20 mins of an urban center, with no social housing within a dozen miles of them, and that social housing has to be barely habitable hovels because these people feel put out by what someone else might be getting over them st their expense

    finally, somebody gets it, are you an estate agent, youve summed up our needs perfectly.


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    #177
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Interesting perspective this last few pages as we were considering doing the reverse

    We live on an acre and a half in the countryside, five bedroom 1970,s bungalow which i paid 140 k for in 2012,i even got a flock number to graze ten sheep in the paddock surrounding the house as its too big for a lawn mower

    The other half longs to move to Limerick as she doesn't like being either ninety minutes from her mother or her friends, we live 25 km from Galway city but the commute is an hour during rush hour , apart from that we have complete privacy, oceans of space for the two kids and a big house which with external insulation could be made a fantastic home. She thinks when the kids hit their teens, they will hate the countryside, plus we are blow ins and clannishness is a strong feature of rural living

    Pros and cons but perhaps clannish locals are better than living next to dole merchants or even just noise

    I swing from wanting to move to thanking my lucky stars i only have to worry about being poisoned slowly by the neighbouring farmer out spraying his wheat


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    #178
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Deleted User wrote: »
    I live in a ****ehole in Drogheda. I'd say I'd get about 175k for my house. But I still owe money on it (not a lot admittedly). And I make about 40k per year.



    Unfortunately, I'm tied to it at the moment, but hope to have it paid off in the next 3-4 years, and fingers crossed either the estate im in will become a lovely mature spot over the next decade, or i'll have enough saved to move to the middle of nowhere in Cavan or Leitrim or something.


    I definitely lost badly in the big 'postcode lottery' game. :rolleyes:

    Postcode lottery is game few can win.
    The very narrow definition of good/bad postcodes on boards is usually down to the price of property there. Everyone would love to live in Terenure/Rathgar with a big old renovated house prob bought for 600k as a wreck and now worth 900k after renovation.
    If your job is in Droheda though, its pretty useless to you.

    A house thats livable within a reasonable commute to your work and (if required) has schools and facilities close by, is a good house. If your mortgage is well within your means, even better. The jackpot is if the house goes up a lot in value due to infrastructure such as a train stop being built close by or something.

    Have some pride in what you have achieved already and how well it suits your situation, and forget about how it compares to a post code far away with higher property prices.
    Theres always a more expensive/bigger/nicer looking house.
    Theres always a bigger willy in the room. The only way to win is not to play.


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    #179
    Jim Root
    Registered Users Posts: 487 ✭✭Jim Root


    In the market for an apartment in D6W, very little available at the moment.


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    #180
    mariaalice
    Registered Users Posts: 12,365 ✭✭✭✭mariaalice


    A bit specific to one area: I know the A rating is very attractive to buy, but why people choose a very high-density new development in one part of D18 when they could buy an older house in Stillorgan for say 450 to 500k and over the years do it up extend and modernise in the long run the older house is always going to become more valuable have more privacy and a bigger garden.


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    #181
    snotboogie
    Registered Users Posts: 3,557 ✭✭✭snotboogie


    [Deleted User] wrote: »
    I have to agree with this. I don't look at one-off country houses as a blight on the landscape, I look at them as lucky bastards that managed to get their own space. I'm definitely in the envious camp.


    If I had the money, I'd be gone out of my housing estate so fast, it'd be like a cartoon where you see the outline of me smashed through the wall and a cloud of dust where I once stood.

    There are massive drawbacks you are not mentioning. There is a guy in my office in Cork who moved out of the suburbs to a McMansion with big land and he is massively struggling. Kids school, wife's work and his work are all in different areas of the city, so not only are they commuting into the city, they are also commuting across the city. He commutes over an hour each way every day which is mental for a city the size of Cork. He can't go for a few drinks unless he prebooks a 50e taxi home. Kids want to meet their friends, 20 minutes each way in the car, kids have activities, 30 minutes each way in the car, want to go shopping, 20 minutes each way in the car. All on top of the 2 hour round trip commute every weekday. It's exhausting. McMansions may seem great in your 30's but if you have kids they become a lot less appealing. In old age they will also make services much harder to reach, especially if you have reduced mobility. On top of that you're locked in. It's going to be far easier to sell a house even in the worst estates of Dublin or Cork than it is going to be to sell your bespoke one off house in the middle of nowhere.

    I think in a broader sence Ireland is trending towards urbanisation and services and investment will increasingly reflect this. Rural broadband may be the last major investment in rural Ireland.


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