Opinions - am i being over ambitious

empirix

Do you think apartments will drop down significantly especially around Glasnevin, Drumcondra, Phibsboro, Santry, Raheny, Fairview areas.

I am a first time buyer on my own and can get a €300k mortgage but it has to be at least a two bed. I am probably dreaming here but i want to get a 2 bed for around 250k and hold the rest in reserve in case i lose my job etc. Am i dreaming here?
I am a stubborn git and don't want to compromise, i want it in a nice area, good build quality and a north facing balcony? At the moment the only area(looking oline) with 2 beds is Santry amd they are all touching the €290 - €300k mark.

Will prices fall in these areas significantly if i waited another 6 months

Opinions appreciated

cheers

iguana

empirix wrote:

I am a first time buyer on my own and can get a €300k mortgage but it has to be at least a two bed. I am probably dreaming here but i want to get a 2 bed for around 250k and hold the rest in reserve in case i lose my job etc. Am i dreaming here?

What do you mean by "hold the rest in reserve" ? Do you mean you are hoping to take a mortgage of €300k on an apartment you are buying for €250k and keep €50k in a bank account? If you are then you are dreaming. The mortgage provider will only loan you the amount you are paying for the property, and they will only loan you as much as their valuation survey concludes they property is worth.

Personally I don't believe it is outside the realm of possibility that apartment will become available at the type of price you are hoping for. However you should also be aware that banks will tighten their lending criteria so you may qualify to borrow less than you do now. And they will be extremely unlikely to give 100% mortgages so you will need to have a deposit.

empirix

Thats marvellous, thanks for shattering my dream and on a friday night too
Damn you!

Tom123

Not at all.
These are just a few I've can see.

Dropped from €355k to €315k -€40k
Achill Court , Wellpark Avenue , Achill Road, Off Drumcondra Road , Drumcondra, Dublin.9
http://www.myhome.ie/search/property.asp?id=308185

Dropped from €450k to €395k to €345k -€105k
3 All Saints Close, Raheny, Dublin 5
http://www.myhome.ie/search/property.asp?id=299916

Dropped from €345k to €325k to €319k -€26k
51 Temple Court, Santry, Dublin 9
http://www.myhome.ie/search/property.asp?id=293387

I'm sure plenty of these places would be willing to accept offers below €300k

Check out http://www.irishpropertywatch.com/

And in particular the spreadsheet. You can filter by Area, Bedroom, price etc.
http://ipwanalysis.5gbfree.com/PROPERTIES_12_SEP.xls

Be patient and you'll get the apartment in those areas for less than €300k

SarahMc

Why on earth do you want a North facing balcony?

empirix

sorry i meant the apartment block and i'll have my balcony out back (south)

just looking at some of them properties listed - the prices are clearly madness, if i was a billionaire i wouldn't pay them, especially the first one

Tom123

empirix wrote:

sorry i meant the apartment block and i'll have my balcony out back (south)

just looking at some of them properties listed - the prices are clearly madness, if i was a billionaire i wouldn't pay them, especially the first one

And they thought they were going to get €355k

iguana

empirix wrote:

Thats marvellous, thanks for shattering my dream and on a friday night too
Damn you!

How did I shatter your dream?

The odds are in the next few years you will be able to buy the apartment you like. But the fact is you will need some savings. So start saving now and in a few years you will have a deposit and when prices drop to a level you can afford you will be ready and waiting.

antoinolachtnai

You can't get a mortgage for 300k and use it to buy a 250k property. That's just not how it works.

What is so good about a north facing balcony? Views of the airport?

There is no way to know what property prices will do in the future. Some will say they will go down, some will say they will hold steady or go stagnant. Personally I would try to find a great deal somewhere in your target areas or slightly outside. For example, ballymun isn't santry, but parts of it are only 200 yards away from what is called 'Santry' but have the ballymun discount (and some of the short-term social issues too).

If you want to buy a home, you should buy a home and get the best deal you can. If you want to be sure that the price of the property will go up, you'd be better leaving your money in the bank. It's a confusing time to have to buy a home.

Victor

antoinolachtnai wrote:

You can't get a mortgage for 300k and use it to buy a 250k property. That's just not how it works.

In limited circumstances you can, for example improving the property, but that will be judged by the bank on an individual basis and subject to the improvements being costed and permanent (new bathroom yes, new HDTV no).

Of course, if you want to go back in a few years you can ask for a bigger mortgage.