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Affordable Housing

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    #272
    walshy123
    Registered Users Posts: 463 ✭✭walshy123


    or is the poster saying that the council dropped there AH price from 272k to 258k?


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    #273
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    walshy123 wrote: »
    or is the posted saying that the council dropped there AH price from 272k to 258k?

    The way he phrased it- I read it to be that 272k was the current market valuation- and he had been offered the property under the AH scheme at 258....... perhaps I'm wrong?


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    #274
    walshy123
    Registered Users Posts: 463 ✭✭walshy123


    smccarrick wrote: »
    The way he phrased it- I read it to be that 272k was the current market valuation- and he had been offered the property under the AH scheme at 258....... perhaps I'm wrong?

    me too, then i re read it and thought the other! its a bit vague i think!


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    #275
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    The current market valuation is €272,000 and I’m being offered the apartment at €258,000. So this is essentially a 5% discount

    I’m not sure about my Insurance protection just yet! but I'll wait and see what documentation that they send out to me in regards to Clawback and anything else and keep everyone posted and I'm sure there are a lot of people in my situation

    I would definitely rent one of the rooms eventually to help with the mortgage payments once my better half has her folks stay over one or twice

    If I can get them down from €258,000 to something like €240,000 I would be in a better position considering the drop in house prices around Ireland. If I paid rent privately for the next 2 years I would pay minimum €24,000 and if I rented out one of rooms I would receive at least €12,000 over 2 years excluding factors such as helping out with the bills

    I would also benefit with Mortgage relief and having something more permanent than renting out! At the moment considering all factors I'm 80% sure I will go ahead with it but I still need to be cautious


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    #276
    smooth operater
    Closed Accounts Posts: 209 ✭✭smooth operater


    BrightonRoad200 wrote: »
    Affordable Housing, Share Ownership, Decision Time - Thoughts
    I put down a deposit of €3,000 and this will start the ball rolling. I’m getting the property with Dublin City Council. I have being given the apartment for €258,000 down from €272,000 at a current market valuation.
    My main concerns are:
    None of the apartments are owned yet but the developer through a management company is renting them out, there are about 200 of them. The developer has not sold any of them yet.
    House’s/Apartments are dropping in the current market so the properties could be 20% cheaper this time next year.
    Yes or no, will I go for it and what would your thoughts be?

    Surely if you put an offer in at this 258k price you'd get it without going affordable? :confused:


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    #277
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    smooth operater wrote: »
    Surely if you put an offer in at this 258k price you'd get it without going affordable? :confused:

    I'd be very tempted to go in even lower. I'd offer at very least 10% less than list- and I'd be most surprised if they didn't accept it.

    Also- if you go with AH- you are limited with your mortgage options. First Active are not competitive at the moment- explore your options......


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    #278
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    As I said The Developer would of done a deal with DCC and they won't take any offers so as not to annoy DCC. If DCC are taking 25% of the Developers properties off him I'm sure they won't do a separate deal me little old me

    DCC can turn around and say "NO" and offer the apartment to someone else. As far as I know the women whom was dealing with this complex is a Alpha female so I would expect her to say "Sorry No, we're not lowering the price" I will give haggle with her when the time comes!

    I will explore my options although I didn't realise that I mentioned that my main provider will be frist Active, I will shop around when the time comes


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    #279
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    BrightonRoad200 wrote: »
    I will explore my options although I didn't realise that I mentioned that my main provider will be frist Active, I will shop around when the time comes

    I made an educated guess..... :)


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    #280
    empirix
    Closed Accounts Posts: 1,723 ✭✭✭empirix


    this scheme is b****x, offered two places one was terrible and one looked like a building site unsure that it was going to be finished, developers are taking advantage of this scheme now, passing on the crappy units, bittterly disappointed


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    #281
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    Its by no means a perfect scheme but it has worked out for some people and may work out for me. Hang in there as you have nothing to loose as you have already paid your €50 sign up fee so something might come your way


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    #282
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    BrightonRoad200 wrote: »
    As I said The Developer would of done a deal with DCC and they won't take any offers so as not to annoy DCC. If DCC are taking 25% of the Developers properties off him I'm sure they won't do a separate deal me little old me
    This is how these schemes actually work against affordability. They encourage builders to hold back properties until they are ready to be subsidised by the council. People are fooled into thinking they are getting a good deal since they are not paying the inflated price invented by the builder.


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    #283
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    I'm still waiting on getting the specifics from the DCC but there are flaws with the system and I will keep my eye open within this development and other developments


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    #284
    browbrow
    Closed Accounts Posts: 30 ✭browbrow


    Sorry for the Thread Hijacking, just wondered if anybody had any advice.
    Last Monday i received a letter from my council stating i was 400-odd on the list.
    I had sent in P60, AIP and 4 recent payslips following a request from them, i havent been down for the interview yet.
    Wednesday i received a call asking me to view a place on Saturday.
    Viewed it and loved it.. It will more than meet my needs.
    Put down booking deposit yesterday, now agent is asking me to engage solicitor.
    Seems to me like agent is moving quite fast on this. Im a bit weary of losing my deposit if i do, considering how i havent been for the interview yet and the guy from the council has asked me to complete these HPCL forms.
    I have a meeting with them on Friday. In the meantime do i go ahead and get a solicitor and keep that ball rolling or am i better off waiting untill the meeting?
    Any advice?

    Cheers.


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    #285
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    I turned down my affordable housing on Monday after engaging some advice from various people but I was shocked in how fast the whole thing went. One week I was sent out the letter, the next week I went to see the apartment complex. put down a booking deposit, the next week I was being pushed to give my solicitor details. These guys did not have my interests as their priority but rather to shift over priced apartments


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    #286
    browbrow
    Closed Accounts Posts: 30 ✭browbrow


    Yeah im getting that feeling too. Oh what to do what to do! :o
    Ive thought of nothing else the last couple of days!


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    #287
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    I opted out as the the apartment was overpriced and it will be €50,000 cheaper this time next year. Why buy anything now when rents are coming down and house prices are still at crazy prices. Unemployment is going up and will continue to do so for the forseeable future. Do you really need to buy now or can you not wait.


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    #288
    branne2003
    Registered Users Posts: 22 ✭branne2003


    Hi guys,

    Im hoping some of you can help me out with some sound advice here. I applied for the Affordable Housing Scheme back in 2006/7 and FINALLY, today, I got a 'call'. I am being offered a 2-bed apartment in Stocking Lane, Rathfarnham.

    Just as this GREAT news came through, I listen to RTE news.......about how people are as much/more for an Affordable House. I realise that if I turn this apartment down, I'll be out to the end of the list and Im stuck between a rock and a hard place!

    Can anyone give me advice re buying an affordable house nowadays, as well as the area this apartment is located in.

    Im 24, looking to move out yet stay close to home, which suggests this opportunity is ideal. However, I dont want to put all my chickens in one basket and realise in 5 years time that this was a really bad idea.

    Many thanks!!!!!!


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    #289
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    Its a hard one but I suggest you check out www.thepropertypin.com and it will set you straight on the path of not buying. I don't know that particular area but I know there is a great temptation but I turned my offer down last November after paying the deposit. I thank God that I asked for my deposit back every day now considering how the economy is going.


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    #290
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    branne2003 wrote: »
    Hi guys,

    Im hoping some of you can help me out with some sound advice here. I applied for the Affordable Housing Scheme back in 2006/7 and FINALLY, today, I got a 'call'. I am being offered a 2-bed apartment in Stocking Lane, Rathfarnham.

    Just as this GREAT news came through, I listen to RTE news.......about how people are as much/more for an Affordable House. I realise that if I turn this apartment down, I'll be out to the end of the list and Im stuck between a rock and a hard place!

    Can anyone give me advice re buying an affordable house nowadays, as well as the area this apartment is located in.

    Im 24, looking to move out yet stay close to home, which suggests this opportunity is ideal. However, I dont want to put all my chickens in one basket and realise in 5 years time that this was a really bad idea.

    Many thanks!!!!!!

    First of all- its entirely possible that the open market selling price for these units may at this point in time- actually be considerably below the 'Affordable Price' which was set with the council almost 2 years ago (though in the case of SDCC I do believe they revised them- but its something I would still explore).

    Rathfarnham is a nice mature area- backing onto Marley Park with lots of family amenities- though the traffic can be a nightmare. Dundrum and its shopping emporium are just down the road, as is the M50 etc.

    What I would be seriously asking myself- though, is why do I want to buy an apartment? Of all the property prices these have lost a far higher percentage of their value, and continue to do so, than traditional housing stock. You will have difficulty reselling it- though if you are realistic about rental expectations- it should be possible to let it.

    So- yes, its a nice enough area- but don't be rushed into buying a 2 bed apartment that is at present pretty much unsaleable on the open market- and it looks like this is not going to change........


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    #291
    BrightonRoad200
    Closed Accounts Posts: 27 ✭BrightonRoad200


    Do your reasearch and ask people would they buy the apt


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    #292
    rikki2
    Registered Users Posts: 46 ✭rikki2


    Hi,
    You have 3 offers before you get knocked back, I rejected the 1st 2 and I'm glad I did now. I took the 3rd offer last april, and though I have some regrets I do believe it was the only way for me to get a place of my own. Age being a factor agoinst my mortgage ability; 40 yrs old and I was able to get a 100% mortgage through the scheme so I only had to put down a booking fee.
    Look into the maintenance fees and like the others said check out the open market price of the the other apts. If you can get a deposit together it would be worth buying away from the scheme in terms of and investment opportunity. Banks are looking for bigger deposits now and it is getting harder to get approval.


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    #293
    cjms
    Closed Accounts Posts: 1 ✭cjms


    I got offered Ringfort Balrothery, is the area nice? should i go for it? help?


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    #294
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    cjms wrote: »
    I got offered Ringfort Balrothery, is the area nice? should i go for it? help?

    You are aware its almost in Balbriggan? Its a nice area- but you are reliant on Balbriggan / Malahide for any facilities or amenities- its a long way from Dublin- personally I wouldn't consider it unless I had access to private transport. Its a traditional farming area- not far from St. Margarets. Nice area- but it really depends on what you're looking for.


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    #295
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    With all due respect- they are not in actual fact being dishonest.

    Banks are rapidly writing down the valuations they are willing to accept on property- councils are not. It is far from unusual for the bank to have reduced their valuation to below the current AH price- or indeed for the developer to be selling properties at below the AH price.

    This is not dishonest- a house purchase is one of the biggest financial decisions in anyone's life- it is a reasonable assumption that relevant due dilligence will be done on the part of the purchaser.

    The council will have purchased the property from the developer at some point in the past (possibly as long ago as 2-3 years ago). Certainly there is an issue with tardiness on the part of councils to write down the book value of these properties. Everything is worth what a purchaser is willing to pay for it- and as long as they have takers at the EUR150k- there is absolutely no reason that they won't sell at this price. Originally this could have been a 50% discount to the OMSP. The big benefit they have is they can offer a 100% mortgage. This is sufficient impetus for many buyers to stick with this scheme.

    Banks are not willing to accept the risk associated with 100% mortgages any longer. Even those in the most rock solid employment can now normally access a maximum of 92% mortgages- 80% being the norm. This is normal lending practice- the idea of 100% mortgages are one of the major contributary factors to the property bubble.

    It may be annoying as hell- but it really is a case of caveat emptor. I don't condone councils who aren't willing to write down the value of their portfolios in what people consider to be a reasonable manner- but I am scathing of people who purchase without educating themselves in a major financial decision......

    S.


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    #296
    punchestown
    Registered Users Posts: 660 ✭✭✭punchestown


    smccarrick wrote: »
    You are aware its almost in Balbriggan? Its a nice area- but you are reliant on Balbriggan / Malahide for any facilities or amenities- its a long way from Dublin- personally I wouldn't consider it unless I had access to private transport. Its a traditional farming area- not far from St. Margarets. Nice area- but it really depends on what you're looking for.

    Good lord no, not a chance. Give this one a wide berth. How much were they looking for? My sister was offered one about 16 months ago for €250,000. They wouldnt even make close to that on the open market these days. Can I ask how much they want from you? I said it at the time to her to tell them where to go and thankfully she politely declined. It is in the middle of no mans land. Balbriggan is driving distance away and youd need the car for getting on the motorway. Estate had a fair mix of social housing aswell. I wouldnt be averse to sharing an estate with people in the same boat as myself but this had all the hallmarks of an estate with problems galore down the line. There is a thread on askaboutmoney on there. Log on and see it cos there were a few people that did buy on that and they might help


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    #297
    Terri26
    Registered Users Posts: 647 ✭✭✭Terri26


    mullingar affordable housing is also seeling with no claw back which is amazing. i would go for affordable in dublin if it was not for the clawback. am from mullingar but working in dublin so trying to come to a decison on where to settle now. the no clawback might get me home!


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    #298
    rikki2
    Registered Users Posts: 46 ✭rikki2


    I read an article in the Irish examiner that the Dept of Environment were considering scrapping the Clawback rule, I assume this is owing to the poor takeup on the offers of Affordable housing. This is good news for me as if I sold my place now I wouldn't even get what I paid for it last year, and that was the AH price with a 20% discount. I contacted DCC and they said that the clawback wouldn't apply if I were to sell the property at the present market value.
    I saw on the AH website that the Docklands Developement are being advertised without clawback.


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    #299
    fredzer
    Closed Accounts Posts: 193 ✭✭fredzer


    rikki2 wrote: »
    I read an article in the Irish examiner that the Dept of Environment were considering scrapping the Clawback rule, I assume this is owing to the poor takeup on the offers of Affordable housing. This is good news for me as if I sold my place now I wouldn't even get what I paid for it last year, and that was the AH price with a 20% discount. I contacted DCC and they said that the clawback wouldn't apply if I were to sell the property at the present market value.
    I saw on the AH website that the Docklands Developement are being advertised without clawback.

    I heard about this aswell and gave the Dept of Enviroment a call, they said this leglislstion was finalised and needed to go through the Dail for approval. Get onto your local TD and put the skids under him/her to make sure its passed and quickly!


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    #300
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    BrightonRoad200 wrote: »
    Its a hard one but I suggest you check out www.thepropertypin.com and it will set you straight on the path of not buying. I don't know that particular area but I know there is a great temptation but I turned my offer down last November after paying the deposit. I thank God that I asked for my deposit back every day now considering how the economy is going.

    +1 to that.

    You should also check:

    www.treesdontgrowtothesky.com

    www.irishpropertywatch.com

    www.irishhometruths.com

    In order to get an even, balanced perspective on how the market is behaving, and, more importantly, how it will behave.


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    #301
    Dandelion6
    Registered Users Posts: 1,405 ✭✭✭Dandelion6


    fredzer wrote: »
    I heard about this aswell and gave the Dept of Enviroment a call, they said this leglislstion was finalised and needed to go through the Dail for approval. Get onto your local TD and put the skids under him/her to make sure its passed and quickly!

    I don't think that legislation applies to selling affordable houses, only remortgaging.


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