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New Budget on the way, should we hold off?

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  • 07-09-2008 11:06am
    #1
    thesteve
    Registered Users Posts: 902 ✭✭✭


    So the story is the wife and I have gone sale agreed on a house, paid the booking deposit and have full intentions of completing the sale. Now we hear about the new budget being pushed forward. We are first time buyers already (so no stamp duty), what else could possibly be changed that would be worth holding on for?

    If it was more tax relief for example would we still be eligible even though the sale of the house will have gone through 2/3 weeks before the budget is announced?

    Thanks,
    S


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    #2
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    just prospone closing the deal till the day after the new budget is announced ;)


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    #3
    thesteve
    Registered Users Posts: 902 ✭✭✭thesteve


    If it was that easy we would ;)

    There's other factors like having to be out of our rental place, vendor's just going with someone else (we've looked for houses for 6 months and this one is the best of the lot), etc etc


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    #4
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    Might be of interested to you...

    http://www.boards.ie/vbulletin/showthread.php?p=57175385#post57175385


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    #5
    thesteve
    Registered Users Posts: 902 ✭✭✭thesteve


    That's what I was looking for :) Thanks


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    #6
    Supercell
    Registered Users Posts: 15,322 ✭✭✭✭Supercell


    This is FF we are talking about here, the builders party.
    I wouldn't put it past them to utterly bankrupt the entire country if they can put a few more euro's in their grubby builder buddies paws.

    I'd wait, they are 100% not going to make things any worse for the FTB market.
    https://www.loughlinstown.ie

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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    #7
    Victor
    Registered Users Posts: 78,247 ✭✭✭✭Victor


    jetski wrote: »
    just prospone closing the deal till the day after the new budget is announced ;)
    And he risks the seller going with someone else.

    All the budget will do is push up what other people can afford.


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    #8
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    Victor wrote: »
    And he risks the seller going with someone else.

    But if he already paid a booking deposite the deal is more or less done...


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    #9
    Supercell
    Registered Users Posts: 15,322 ✭✭✭✭Supercell


    jetski wrote: »
    But if he already paid a booking deposite the deal is more or less done...

    He hasn't signed contracts so the deal is not done.
    Bugger all is selling at the moment, I would definitely stall until after the budget. Maybe even be honest with the vendor about it, after all they are still going to get their money either way and in the grand scheme of things its not a long time until budget day when houses are taking over a year in many cases to sell.
    https://www.loughlinstown.ie

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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    #10
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    I totally agree...


    and the fact that "Bugger all is selling at the moment" the risk of the seller going with someone else it tiny specially since a booking deposite has been given...


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    #11
    ZYX
    Registered Users Posts: 882 ✭✭✭ZYX


    jetski wrote: »
    I totally agree...


    and the fact that "Bugger all is selling at the moment" the risk of the seller going with someone else it tiny specially since a booking deposite has been given...

    However vendor will obviously leave house on market. He may well get a new buyer. I would put the risk of this as well above "tiny". It really depends how much OP wants house.


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    #12
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    ZYX wrote: »
    However vendor will obviously leave house on market. He may well get a new buyer. I would put the risk of this as well above "tiny". It really depends how much OP wants house.

    A. The vendor might not leave the house on the market, that could well have been a condition of the booking deposite.

    B. According to the report released on irishpropertywatch.com today, The average time property stays on the market has increased to 7.2 months... so in my opinion i would say there is a tiny risk that he sells it to someone else

    It really depends how careful the OP is with the money he will work long and hard to pay back


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    #13
    ZYX
    Registered Users Posts: 882 ✭✭✭ZYX


    jetski wrote: »
    A. The vendor might not leave the house on the market, that could well have been a condition of the booking deposite.

    B. According to the report released on irishpropertywatch.com today, The average time property stays on the market has increased to 7.2 months... so in my opinion i would say there is a tiny risk that he sells it to someone else

    It really depends how careful the OP is with the money he will work long and hard to pay back
    Of course you are forgetting OP said it took him 6 months to find this house. You would have to assume it is more likely to sell than a 1 bedroomed apartment in Roscommon for example, so is likely to sell way faster than "average". Best thing to do is discuss with seller. Give full details of reason for delay and perhaps a written commitment to complete after budget.


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    #14
    Supercell
    Registered Users Posts: 15,322 ✭✭✭✭Supercell


    ZYX wrote: »
    Of course you are forgetting OP said it took him 6 months to find this house. You would have to assume it is more likely to sell than a 1 bedroomed apartment in Roscommon for example, so is likely to sell way faster than "average". Best thing to do is discuss with seller. Give full details of reason for delay and perhaps a written commitment to complete after budget.

    Good idea, no reason for the vendor not to accept the written commitment, it is completely understandable in the circumstances in my opinion.

    OP remember every euro saved now is two euros paid back over the life of the mortgage roughly and thats after income tax at 41% ..do the math, its worth haggling over every little saving possible imho.
    https://www.loughlinstown.ie

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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    #15
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    ZYX wrote: »
    Of course you are forgetting OP said it took him 6 months to find this house. You would have to assume it is more likely to sell than a 1 bedroomed apartment in Roscommon for example, so is likely to sell way faster than "average".


    well it could be the best house in terms of their personal needs.... not everyone elses


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    #16
    sunnydelight
    Closed Accounts Posts: 73 ✭✭sunnydelight


    I sorry dont mean to take over this thread, just in similar situation.
    I am buying through the DLRCOCO Affordable housing scheme & have
    signed over my deposit & acceptance form. Havent signed the offical
    contact, but should be in the near future, but afraid to delay the signing
    till after the budget in case the Council withdraw there offer, can they do that even if i have paid my deposit to them??? any advice would be much
    appreciated. thanks



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    #17
    Weyhey
    Registered Users Posts: 753 ✭✭✭Weyhey


    thesteve wrote: »
    So the story is the wife and I have gone sale agreed on a house, paid the booking deposit and have full intentions of completing the sale. Now we hear about the new budget being pushed forward. We are first time buyers already (so no stamp duty), what else could possibly be changed that would be worth holding on for?

    If it was more tax relief for example would we still be eligible even though the sale of the house will have gone through 2/3 weeks before the budget is announced?

    Thanks,
    S

    "Indications from government are there will be no cuts in stamp duty, no reintroduction of first-time buyers’ grants and no alteration to mortgage interest relief." - Sunday Times.

    Seems to me that the government may make it easier for FTB's to get on the property ladder without doing any of the above would be via the Affordable Housing or Shared Ownership Schemes or something similar does this apply to you TheSteve?

    Also even though they are not going to make any stamp duty cuts this time when they did the last time didn't they back date it by just over a month?


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    #18
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    I don't understand why the government couldn't come out and say, if there is Stamp changes or some such these will be backdated - just to appease the people like the OP who are in the current predicament.

    My guess as Weyhey said below;

    "Indications from government are there will be no cuts in stamp duty, no reintroduction of first-time buyers’ grants and no alteration to mortgage interest relief." - Sunday Times.

    Seems to me that the government may make it easier for FTB's to get on the property ladder without doing any of the above would be via the Affordable Housing or Shared Ownership Schemes or something similar does this apply to you TheSteve?

    Also even though they are not going to make any stamp duty cuts this time when they did the last time didn't they back date it by just over a month?

    My guess would be something similar and 'innovative' that is a de facto bail out.


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    #19
    Glenbhoy
    Registered Users Posts: 1,852 ✭✭✭Glenbhoy


    My advice to the OP would be to hold off, it makes little sense to do otherwise imo.


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    #20
    Victor
    Registered Users Posts: 78,247 ✭✭✭✭Victor


    sunnydelight wrote: »
    I am buying through the DLRCOCO Affordable housing scheme & have signed over my deposit & acceptance form. Havent signed the offical
    contact, but should be in the near future, but afraid to delay the signing till after the budget in case the Council withdraw there offer, can they do that even if i have paid my deposit to them???
    I don't think they would withdraw the offer because of hte budget. The offer may have a time limit of X weeks though - read it carefully.


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    #21
    thesteve
    Registered Users Posts: 902 ✭✭✭thesteve


    Thanks for all the replies guys (for some reason I never got email notification...). Affordable Housing or Shared Ownership Schemes aren't something we're eligible for / interested in so I guess there's nothing to worry about. At the rate it's taking for the house to finalise the fecking budget will be announced anyway ;)

    As I said it did take 6 months to find this house, being 3 bedrooms, on the train line, commutable distance to work (city centre) and with the prices dropping, it's the perfect starter home. As we were seeing the prices dropping, the houses were also being snapped up by people who suddenly had what they were after fall into their price range (which unfortunately was also what we were waiting for)

    I've been reading buy vs. don't buy threads / arguments / articles for about a year now. At the end of the day we'll be getting our own property, not paying that much more then the rent we are now (in a place you can't swing a cat in), in a decent area, commutable to work, etc, etc so we're going to go for it. Being married and not eligible for most government schemes cuts all out those possibilities :)

    Thanks for all the help / advice / info


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