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Property Ladder 2020, New Home Owners

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  • 28-07-2020 8:12pm
    #1
    Astro127
    Banned (with Prison Access) Posts: 32 ✭


    Hi so just thought I would make a post, on what everybodys going through at the moment or plan to do
    About getting on the property ladder in the near future.

    How are you finding it?

    What are your pros and cons?

    Is anyone doing the following, if so how are you getting on, would you prefer to
    1 buy a new build
    2 buy old and renovate
    3 build your own home


«1

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    #2
    hi!
    Registered Users Posts: 130 ✭✭hi!


    Astro127 wrote: »
    Hi so just thought I would make a post, on what everybodys going through at the moment or plan to do
    About getting on the property ladder in the near future.

    How are you finding it?

    What are your pros and cons?

    Is anyone doing the following, if so how are you getting on, would you prefer to
    1 buy a new build
    2 buy old and renovate
    3 build your own home

    Finding it depressing really. Plan is to either
    1) wait things out and see if the market changes
    2) buy a old and renovate but even that is out of our price range
    3) buy an new build further out- have a longer commute to work and be further from friends and family

    Leaning towards 1.


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    #3
    DubLad69
    Registered Users Posts: 479 ✭✭DubLad69


    hi! wrote: »
    Finding it depressing really. Plan is to either
    1) wait things out and see if the market changes
    2) buy a old and renovate but even that is out of our price range
    3) buy an new build further out- have a longer commute to work and be further from friends and family

    Leaning towards 1.

    I'm leaning more towards number 1 myself. I want a new build but at the moment the ones within my area in Dublin are somewhat outside of my price range.

    My plan is to keep saving until I find the right house. I dont want a 'starter house that I will have to change in 5-10 years time. I'm lucky that my pay and ability to save far outgrows any potential price increases and I'm not paying rent.

    The alternative is to move about 20 minutes outside of my search zone. Which would put me 45 minutes from both work and friends/family.


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    #4
    Shelga
    Registered Users Posts: 3,002 ✭✭✭Shelga


    I’m finding it sh*te.

    Plan is to find a rich husband. Hell, any husband. It is the only way to buy a half-decent place in Dublin.


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    #5
    hi!
    Registered Users Posts: 130 ✭✭hi!


    DubLad69 wrote: »
    I'm leaning more towards number 1 myself. I want a new build but at the moment the ones within my area in Dublin are somewhat outside of my price range.

    My plan is to keep saving until I find the right house. I dont want a 'starter house that I will have to change in 5-10 years time. I'm lucky that my pay and ability to save far outgrows any potential price increases and I'm not paying rent.

    The alternative is to move about 20 minutes outside of my search zone. Which would put me 45 minutes from both work and friends/family.

    Pretty much identical situation. Anything we could afford now are small 3 beds which need a lot of work. Means most savings are gone and will quickly outgrow a 3 bed if we have kids.
    Depressing really.


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    #6
    Yellow_Fern
    Registered Users Posts: 2,576 ✭✭✭Yellow_Fern


    hi! wrote: »
    Pretty much identical situation. Anything we could afford now are small 3 beds which need a lot of work. Means most savings are gone and will quickly outgrow a 3 bed if we have kids.
    Depressing really.

    If you occupy the run down property you can claim the costs against your taxes. If it is a three bed and if you have have more than two kids what is the issue? Two kids of the same gender can share a room?


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    #7
    lawrencesummers
    Registered Users Posts: 8,481 ✭✭✭lawrencesummers


    Shelga wrote: »
    I’m finding it sh*te.

    Plan is to find a rich husband. Hell, any husband. It is the only way to buy a half-decent place in Dublin.



    So it appears women have to delete their internet history from time to time as well.


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    #8
    Ticking and Bashing
    Registered Users Posts: 107 ✭✭Ticking and Bashing


    I'm constantly looking at the accommodation and property threads here! My obsession has gotten out of control since covid19! For a single buyer it's incredibly difficult to own your own home in a relatively nice location. I'm getting tired of paying almost 1000eur each month on house share rent. For me the dream is a small bungalow, Dublin / Kildare, with side entrance, a garden and a clear boundary with the neighbours, ideally close to a nice park / walking route! The kitchen and living areas having good amount of sunlight would be perfect. I've been tracking some properties on homebid.ie and watching bids going 40k over asking price. It's absolutely insane. I'm new to the property search so still researching areas, house buying process, mortgages etc. It's a lot to take in!


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    #9
    DubLad69
    Registered Users Posts: 479 ✭✭DubLad69


    Yellow_Fern wrote: »
    If you occupy the run down property you can claim the costs against your taxes. If it is a three bed and if you have have more than two kids what is the issue? Two kids of the same gender can share a room?

    These 3 bed houses also tend to have small living rooms or kitchens. And while sharing a room might be find for children it wouldn't be ideal for teenagers. You are also then left for zero room for an office or home gym.


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    #10
    The_Brood
    Closed Accounts Posts: 838 ✭✭✭The_Brood


    Complete and utter nightmare in Dublin at least. We can only afford to buy old, but have been outbid for almost 10 houses now that have gone heavily above the asking price. Demand seems to be through the roof, hasnt been affected one bit.


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    #11
    The_Brood
    Closed Accounts Posts: 838 ✭✭✭The_Brood


    Ticking and Bashing wrote: »
    I'm constantly looking at the accommodation and property threads here! My obsession has gotten out of control since covid19! For a single buyer it's incredibly difficult to own your own home in a relatively nice location. I'm getting tired of paying almost 1000eur each month on house share rent. For me the dream is a small bungalow, Dublin / Kildare, with side entrance, a garden and a clear boundary with the neighbours, ideally close to a nice park / walking route! The kitchen and living areas having good amount of sunlight would be perfect. I've been tracking some properties on homebid.ie and watching bids going 40k over asking price. It's absolutely insane. I'm new to the property search so still researching areas, house buying process, mortgages etc. It's a lot to take in!

    Exactly. Any predictions of a decline in demand because of the virus seem to be severely underestimating how many people are looking to buy in and around the Dublin area. It leads me to believe that for whatever reason residential statistics are far from painting an accurate picture.


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    #12
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Yellow_Fern wrote: »
    If you occupy the run down property you can claim the costs against your taxes.

    Is this a new thing?


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    #13
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Absolutely hate the phrase "property ladder" it makes me feel ill.


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    #14
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Why? Property ladder used to be a generic term for buying a small/lower priced house apartment as a 'starter home', trading up as a household grew and income/resources/capital-appreciation allowed.


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    #15
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    Why? Property ladder used to be a generic term for buying a small/lower priced house apartment as a 'starter home', trading up as a household grew and income/resources/capital-appreciation allowed.

    Starter home also makes me feel ill. The thoughts of having to buy a house, hoping for capital appreciation, then buying another house. Then maybe doing the same again.


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    #16
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    Starter home also makes me feel ill. The thoughts of having to buy a house, hoping for capital appreciation, then buying another house. Then maybe doing the same again.

    Buying something more affordable until careers progress and some of the mortgage has been paid down and equity built up before moving on to something larger/higher priced. Sounds quite traumatic.


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    #17
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    We are completing in the next 2 weeks.

    I'd be more concerned about it however we got a good price so we have a buffer if the market dips.


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    #18
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    Buying something more affordable until careers progress and some of the mortgage has been paid down and equity built up before moving on to something larger/higher priced. Sounds quite traumatic.

    It does when you factor in what happened to people in the recent past. Bought houses in the middle of nowhere which ended up worth a fraction of what they paid for them. Bought apartments and were stuck in them with families and couldn’t sell due to negative equity.


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    #19
    Yellow_Fern
    Registered Users Posts: 2,576 ✭✭✭Yellow_Fern


    Graham wrote: »
    Is this a new thing?

    Renovation costs are commonly deductible in many countries and these schemes tend to be mos generous if you live in the house


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    #20
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Yellow_Fern wrote: »
    Renovation costs are commonly deductible in many countries and these schemes tend to be mos generous if you live in the house

    Here?


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    #21
    Yellow_Fern
    Registered Users Posts: 2,576 ✭✭✭Yellow_Fern


    Graham wrote: »
    Here?

    Yes as understand there is a tax allowerence for in the RoI


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    #22
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    It does when you factor in what happened to people in the recent past. Bought houses in the middle of nowhere which ended up worth a fraction of what they paid for them. Bought apartments and were stuck in them with families and couldn’t sell due to negative equity.

    There was no suggestion of buying a house in an area with low demand.

    Property markets have always been cyclical, negative equity has always come/gone. A bigger/more expensive property is just as likely to experience these shifts, with a larger mortgage to boot.


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    #23
    Sarn
    Registered Users Posts: 3,060 ✭✭✭Sarn


    Yellow_Fern wrote: »
    Renovation costs are commonly deductible in many countries and these schemes tend to be mos generous if you live in the house

    Apart from the SEAI grants, I’m not aware of any tax deductions for renovations as an owner occupier here.


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    #24
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    There was no suggestion of buying a house in an area with low demand.

    Property markets have always been cyclical, negative equity has always come/gone. A bigger/more expensive property is just as likely to experience these shifts, with a larger mortgage to boot.

    If you bought a house and weren’t planning on using it as a step on the "property ladder" you wouldn’t be at the mercy of the cyclical property market.


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    #25
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    We started looking in 2018. We were not under pressure to buy at the start and the market really seemed to take off then. We are outbidded on everything so decided to keep saving and work towards a pay increase in work and to avail of an exemption. 2020 was going to be the year. Our position before covid was mortgage approved with exemptions. Had a budget of 380k. Stock wasn’t great but we were optimistic that prices seemed to have stabilised and we had nice budget to try. Then covid hit.

    Our exemption is now gone which was worth a fair amount. We were told to expect no exemptions until January. Now we are under pressure to buy now as our rental situation isn’t stable.

    I would ideally like to wait the year out but we don’t have that option now. We have had to change what we are looking for due to having a lower budget and go further out.

    Cork isn’t any better. Seems properties are getting bids in on first viewing and going sale agreed quickly. Granted people seem to underbid at the start but seems to quickly get over asking and then out of our range.

    Auctioneers I spoke to (I come across them for work so they can be more honest) were surprised at how busy it is since covid and expected a slow down. Some said they expect the drop to hit by Xmas/New Year with Brexit and a potential second wave are telling clients to sell now. But the stock is crap.

    HTB increase won’t help us as we wouldn’t have paid 30k in taxes to claim back.


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    #26
    Yellow_Fern
    Registered Users Posts: 2,576 ✭✭✭Yellow_Fern


    Sarn wrote: »
    Apart from the SEAI grants, I’m not aware of any tax deductions for renovations as an owner occupier here.

    It looks they rescinded it. That is extraordinary backward of the gov. The SEAI grant are often terrible. with solar panels, you are far better off installing it yourself and getting and electrician to connect it.


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    #27
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    Sarn wrote: »
    Apart from the SEAI grants, I’m not aware of any tax deductions for renovations as an owner occupier here.

    Correct. Home Renovation Incentive was scrapped so having the Greens in government is currently the only hope of grant increases or introduction of new grants at the moment. I'm open to correction if there are any other form of renovation grants available though as I haven't researched it lately.


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    #28
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    If you bought a house and weren’t planning on using it as a step on the "property ladder" you wouldn’t be at the mercy of the cyclical property market.

    No but the risk there is developers would only ever build 3 and 4 bed semis in the suburbs and those first time buyers wouldn't actually be able to buy.

    Now I think about it, that sounds quite familiar.


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    #29
    hurikane
    Registered Users Posts: 688 ✭✭✭hurikane


    Graham wrote: »
    No but the risk there is developers would only ever build 3 and 4 bed semis in the suburbs and those first time buyers wouldn't actually be able to buy.

    Now I think about it, that sounds quite familiar.

    So the solution is to gamble on a a starter home, on the the property ladder?

    Now that I think about it, it sounds very familiar.


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    #30
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hurikane wrote: »
    So the solution is to gamble on a a starter home, on the the property ladder?

    Now that I think about it, it sounds very familiar.

    Not at all, much better to continue renting and complain that your constitutional rights to a 4 bed semi-detached forever home in the burbs is being denied and it's all really rather unfair.

    We could of course continue as we are and just blame multiple successive governments for their inability to build half a million affordable semis inside the M50. That plan has worked out well so far.


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    #31
    SteelyDanJalapeno
    Registered Users Posts: 14,240 ✭✭✭✭SteelyDanJalapeno


    Ticking and Bashing wrote: »
    I'm constantly looking at the accommodation and property threads here! My obsession has gotten out of control since covid19! For a single buyer it's incredibly difficult to own your own home in a relatively nice location. I'm getting tired of paying almost 1000eur each month on house share rent. For me the dream is a small bungalow, Dublin / Kildare, with side entrance, a garden and a clear boundary with the neighbours, ideally close to a nice park / walking route! The kitchen and living areas having good amount of sunlight would be perfect. I've been tracking some properties on homebid.ie and watching bids going 40k over asking price. It's absolutely insane. I'm new to the property search so still researching areas, house buying process, mortgages etc. It's a lot to take in!

    Never heard of homebid.ie
    Just had a look there, incredibly infuriating website!
    Search function does not work at all once you go past the home page


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