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Viewing affordable Housing Apt

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  • 12-11-2008 6:44pm
    #1
    theTinker
    Closed Accounts Posts: 638 ✭✭✭


    Hey Guys,

    I got my first call from AH today.
    I was asked to go to a viewing on Friday for a place in Tallaght. 4*1 bed apt. + 1*2 bed apt. Near captain America + library.

    1 beds are 130kish, 2 bed is 170k. Would anyone mind giving me their opinion on these prices? How much of a discount does it look like the AH are offering?
    1 beds are not that common as far as i know so i don't have much for a comparison. Also with the decline in house prices, I was wondering if i have to worry to about that so much giving the AH discount? i hope that makes sense.

    I'm desperate for an affordable place to have. I pay over 60% net on my rent at the moment and its killing me financially, my car + bills take nearly the other 30% leaving me with 10% for bare basics....

    Does anyone have any opinions from their experience about these specific apts. They are facing the Tallaght library. Is that area particularly rough?...well in comparison to the crowd that does be around the square sometimes...


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    #2
    jackal
    Registered Users Posts: 794 ✭✭✭jackal


    theTinker wrote: »
    Hey Guys,

    I got my first call from AH today.
    I was asked to go to a viewing on Friday for a place in Tallaght. 4*1 bed apt. + 1*2 bed apt. Near captain America + library.

    1 beds are 130kish, 2 bed is 170k. Would anyone mind giving me their opinion on these prices? How much of a discount does it look like the AH are offering?
    1 beds are not that common as far as i know so i don't have much for a comparison. Also with the decline in house prices, I was wondering if i have to worry to about that so much giving the AH discount? i hope that makes sense.

    I'm desperate for an affordable place to have. I pay over 60% net on my rent at the moment and its killing me financially, my car + bills take nearly the other 30% leaving me with 10% for bare basics....

    Does anyone have any opinions from their experience about these specific apts. They are facing the Tallaght library. Is that area particularly rough?...well in comparison to the crowd that does be around the square sometimes...

    Look, I dont know much about the area, and 170k for a 2 bed is ok at the moment. Is the place built, ready to go? As in, will it meet your overwhelming need to move immediately? If not then dont touch these places, as by the time the place is ready its quite likely that the market price will have come down to or below the current AH price.

    All in all I would advise avoiding the AH, moving somewhere cheaper to rent for a year or two (60% of your salary... really? why not share a house or something for a while and save) and buy under your own steam then, avoiding the restrictive AH terms and conditions.

    But you are desperate to buy by the sounds of it, so good luck if you do go for it.


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    #3
    theTinker
    Closed Accounts Posts: 638 ✭✭✭theTinker


    jackal wrote: »
    Look, I dont know much about the area, and 170k for a 2 bed is ok at the moment. Is the place built, ready to go? As in, will it meet your overwhelming need to move immediately? If not then dont touch these places, as by the time the place is ready its quite likely that the market price will have come down to or below the current AH price.

    All in all I would advise avoiding the AH, moving somewhere cheaper to rent for a year or two (60% of your salary... really? why not share a house or something for a while and save) and buy under your own steam then, avoiding the restrictive AH terms and conditions.

    But you are desperate to buy by the sounds of it, so good luck if you do go for it.

    Place i am in at the moment was shared with someone but they bailed and i'm stuck here unless i find another place but i find the location here great for me, and the apt is nice, and the complex is clean safe and friendly. i couldn't go back to sharing a room in a owner occupied place. did it for too long. Im looking into moving a friend in soon though.

    The place is built and ready. Just needs me :).
    I was looking into mortgages with BOI, its about 800 for 127k property.
    seems like a really manageable mortgage. I could rent for more time and go back to the end of the list i guess. I suppose it depends on the market flux which is anything but dependable.

    My company predicted another 9-11% drop in house prices by end of 2009 earlier, i suppose that would be something well worth waiting for if i can get another AH draw around that time...

    so many facets to think about..


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    #4
    vixie
    Closed Accounts Posts: 14 ✭vixie


    HI im guessing your offered broadfield hall... check out www.askaboutmoney.com you ll find a lot of people there who are buying in that complex.. me for one!!! you might get some questions answered there.


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    #5
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    theTinker wrote: »

    The place is built and ready. Just needs me :).
    I was looking into mortgages with BOI, its about 800 for 127k property.
    seems like a really manageable mortgage. I could rent for more time and go back to the end of the list i guess. I suppose it depends on the market flux which is anything but dependable.

    .

    800 for a mortgage that small sounds like an awful lot,remember you get tax relief on it so in reality it should be a good bit less.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Moonbeam wrote: »
    800 for a mortgage that small sounds like an awful lot,remember you get tax relief on it so in reality it should be a good bit less.

    Correct- for a First Time Buyer the first 10k of interest is deductable at the lower rate (i.e. 20%). On a mortgage of 128k, with repayments of roughly 800 a month- you are paying roughly EUR8,900 in interest- of which TRS is worth roughly EUR1,780 or just under EUR150 per month- reducing your outgoing to roughly EUR650 (at the outset). Note: the favourable TRS for first time buyers ends at year 7.


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    #7
    theTinker
    Closed Accounts Posts: 638 ✭✭✭theTinker


    Thanks very much for that link. The people there all seem to like the complex from the sounds of it.

    Ye and the 800+ mortgage was based on a 20-25 year duration which is short in comparison to most :).

    Thanks for your help guys.

    I'm actually getting excited about it now :):):) . My own little pad :)


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    #8
    gazzer
    Registered Users Posts: 4,049 ✭✭✭gazzer


    theTinker wrote: »
    Thanks very much for that link. The people there all seem to like the complex from the sounds of it.

    Ye and the 800+ mortgage was based on a 20-25 year duration which is short in comparison to most :).

    Thanks for your help guys.

    I'm actually getting excited about it now :):):) . My own little pad :)


    Dont forget to factor in management fees to your monthly payments as well as life insurance repayments that you will have to get in order to qualify for your mortgage. Best of luck with what you decide to do.


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    #9
    theTinker
    Closed Accounts Posts: 638 ✭✭✭theTinker


    gazzer wrote: »
    Dont forget to factor in management fees to your monthly payments as well as life insurance repayments that you will have to get in order to qualify for your mortgage. Best of luck with what you decide to do.

    lol, i forgot the life assurance one!

    I've no one around me with experience in this stuff, Never been around someone who took a mortgage, pretty much going solo reading everything i can.

    thanks for the advice


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