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New Houses-Excellent deals....

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    #32
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    TillyT wrote: »
    Im interested in everyones mixed opinions on whether we were right to buy now or wait.
    If you wanted a house now, you can afford the mortgage, have a reasonable secure job and you don't see yourself selling it for at least five, preferably ten years, then there was no reason not to buy now.

    However, if you've crippled yourself with debt or are planning to move in the short to medium term, you may be in trouble.

    There will always be naysayer who say that you're wrong to buy property, simple as. You might have saved €20k by waiting another year, but you may have not. Nobody has a crystal ball.


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    #33
    ZYX
    Registered Users Posts: 882 ✭✭✭ZYX


    seamus wrote: »
    If you wanted a house now, you can afford the mortgage, have a reasonable secure job and you don't see yourself selling it for at least five, preferably ten years, then there was no reason not to buy now.

    However, if you've crippled yourself with debt or are planning to move in the short to medium term, you may be in trouble.

    There will always be naysayer who say that you're wrong to buy property, simple as. You might have saved €20k by waiting another year, but you may have not. Nobody has a crystal ball.
    The problem is not the fact that the OP is buying. In many situations and many places it could be a very good time to buy. This place is not one of them. According to 2002 census Mullagh had a population of 940 which equates to about 300 houses. Today Daft has 112 properties for sale in Mullagh. There is no local base to buy these houses. Properties in places like Mullagh have only one way to go and that is down by a huge amount


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    #34
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    But money aside, maybe she wants to live in Mullagh? Maybe she thinks she could stay in this 3 bed for 20 years? What's the issue then? The money is largely irrelevant in that case.


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    #35
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    seamus wrote: »
    If you wanted a house now, you can afford the mortgage, have a reasonable secure job and you don't see yourself selling it for at least five, preferably ten years, then there was no reason not to buy now.

    However, if you've crippled yourself with debt or are planning to move in the short to medium term, you may be in trouble.

    There will always be naysayer who say that you're wrong to buy property, simple as. You might have saved €20k by waiting another year, but you may have not. Nobody has a crystal ball.

    do you need a crystal ball at the moment? would some research into the biggest purchase that could shape the rest of your life not be given some more consideration than gut feeling?

    a bit of research and looking at current trends should give you some sort of indication.

    buying a property because you think you're getting a bargain that's given you a 20 hour a week commute without any real research and basing the buy on a "hunch" that things won't get worse when everything seems to suggest it will is nothing short of madness.

    the empties are growing, unemployment is rising banks etc etc no one's nay saying for the sake of it.


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    #36
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    seamus wrote: »
    But money aside, maybe she wants to live in Mullagh? Maybe she thinks she could stay in this 3 bed for 20 years? What's the issue then? The money is largely irrelevant in that case.

    no one _wants_ a 20 hour a week commute, some put up with it.


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    #37
    carlowguy32
    Closed Accounts Posts: 110 ✭✭carlowguy32


    ntlbell wrote: »
    Time was running out for what?

    Why didn't you move and rent somewhere else?

    you're saying if the drops continued and the house dropped 32k you would of spent more than 32k+ interest to a bank in rent?

    what were you renting? a president sweet in the gresham?

    time is running out to get a mortgage, i dont want to still paying for one in my 70's


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    #38
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    carlowguy32 wrote: »
    time is running out to get a mortgage, i dont want to still paying for one in my 70's

    but wouldn't saving 30-40k on the price of the house reduce the time you spend paying it back?

    what's quicker to pay back? 180k from 2007

    or 142 from 2009?


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    #39
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    ntlbell wrote: »
    do you need a crystal ball at the moment? would some research into the biggest purchase that could shape the rest of your life not be given some more consideration than gut feeling?

    a bit of research and looking at current trends should give you some sort of indication.
    Well this is the thing. When the market was going up, everybody could say with reasonable confidence that prices were going up, and they'd still be up next week, and the week after that and next month too. But nobody could tell you where they'd be next year. Some people would be bullish and tell you that of course they'd be up again. Others wouldn't be so sure.

    Now replace the word "up" in my paragraph above with "down", and you have our current situation. I'm not saying that it's likely that we're going to be back in boom town this time next year, but I certainly wouldn't put any money on prices still spiralling down like they are now.

    You'd be surprised how much trading goes on based on hunches. Stockbrokers by and large know their market, but most of what goes on is educated guessing and leading from hunches. The very nature of these markets is that nobody can say for sure what's going to happen, they can only infer from experience and then put their guesses out there.

    The extreme volatility of the banks shares recently demonstrates that there are a lot of stockbrokers out there who are just making guesses and giving conflicting opinions all over the place. But then that's been going on since stocks were invented.

    There is only so much research one can do, and ultimately when the outcome is unknown, your primary decision will always be based on your gut feeling.


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    #40
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    seamus wrote: »
    Well this is the thing. When the market was going up, everybody could say with reasonable confidence that prices were going up, and they'd still be up next week, and the week after that and next month too. But nobody could tell you where they'd be next year. Some people would be bullish and tell you that of course they'd be up again. Others wouldn't be so sure.

    Now replace the word "up" in my paragraph above with "down", and you have our current situation. I'm not saying that it's likely that we're going to be back in boom town this time next year, but I certainly wouldn't put any money on prices still spiralling down like they are now.

    You'd be surprised how much trading goes on based on hunches. Stockbrokers by and large know their market, but most of what goes on is educated guessing and leading from hunches. The very nature of these markets is that nobody can say for sure what's going to happen, they can only infer from experience and then put their guesses out there.

    The extreme volatility of the banks shares recently demonstrates that there are a lot of stockbrokers out there who are just making guesses and giving conflicting opinions all over the place. But then that's been going on since stocks were invented.

    There is only so much research one can do, and ultimately when the outcome is unknown, your primary decision will always be based on your gut feeling.

    Of course, no one can be certain you can only go on the information you have today and the information we have today suggests the fall's are to continue this doesn't guarantee that they will but it's the only information we have is today's and today it looks like you should wait, tomorrow is of course unknown.

    I'm sure there's millions won and lost on hunches all the time I don;t think it's an argument for buying a house on one when that hunch is clearly going against every sod of evidence we have _today_

    when you're paid very high wages to sometimes take risks and hunches is one thing, average joe taken a risk on what could shape the rest of their life, kids life and quality of said life is a completley different ball game.


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    #41
    oceanclub
    Registered Users Posts: 3,411 ✭✭✭oceanclub


    The fact is that anyone buying a house in a rural area at the moment will likely never be able to trade it up. Never. Rural Ireland is full of ghost estates; a glut of 100,000 houses that are simply empty. If you'e buying a house you're happy to live in, fine, but having experienced a 21-hour a week commute for 5 years that ruined my health, I wouldn't recommend it.

    P.


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    #42
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Mullagh is in the middle of nowhere. If the OP even bought in a main town like Navan/Kells. there might be some comeback with facilities etc, but Mullagh, its like Ballivor!

    I'd buy one of them as a holiday home if they were 50k :D


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    #43
    mariaalice
    Registered Users Posts: 12,493 ✭✭✭✭mariaalice


    If your try hard enough you could probably buy a one bed apartment in Dublin for 200k ...you'd have no commuting costs...... nor the stress of commuting


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    #44
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    mariaalice wrote: »
    If your try hard enough you could probably buy a one bed apartment in Dublin for 200k ...you'd have no commuting costs...... nor the stress of commuting

    why when you can have a 3 bedroom apartment in ballymun for 130k?


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    #45
    staker
    Closed Accounts Posts: 5,677 ✭✭✭staker


    Congrats OP, all the best in your new home!
    I'll refrain from all the negativity.
    What you gonna do?
    Decide in the morning-"oh f***,they're right,i'm after being done. That's it for me!" and sling a rope over the nearest rafter??
    You should be applauded for getting on with it and f*** the begrudgers.
    Best of luck and many years of happiness!


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    #46
    oceanclub
    Registered Users Posts: 3,411 ✭✭✭oceanclub


    staker wrote: »
    Congrats OP, all the best in your new home!
    You should be applauded for getting on with it and f*** the begrudgers.

    Why would anyone begrudge a 20 hour a week commute?

    Sorry, but this obsession with buying a house over all other concerns including money, your health or the time left to spend with your children is why this country is now so ****ed up.

    P.


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    #47
    BobbyD10
    Registered Users Posts: 620 ✭✭✭BobbyD10


    staker wrote: »
    You should be applauded for getting on with it and f*** the begrudgers.
    Best of luck and many years of happiness!

    I wouldn't call it begrudging to be honest, now I haven't commented on said purchase above, I would think people are giving their opinion more than anything.

    A commute of 20 hours a week dosen't appeal to all/most and I would have to agree after a 9-5 day the last thing I could face would be two hours in the car.

    Anyway different people will make different decisions based on their own individual circumstance. And the OP has welcomed both positive and negative feedback which is great.

    Good luck with new home and I hope it works out for you. :)


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    #48
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    staker wrote: »
    Congrats OP, all the best in your new home!
    I'll refrain from all the negativity.
    What you gonna do?
    Decide in the morning-"oh f***,they're right,i'm after being done. That's it for me!" and sling a rope over the nearest rafter??
    You should be applauded for getting on with it and f*** the begrudgers.
    Best of luck and many years of happiness!

    can you quote one poster who begrudges her buying a house in the back end of no where with a 20 hour a week commute to dublin?

    it's not exactly something people would be envy of


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    #49
    staker
    Closed Accounts Posts: 5,677 ✭✭✭staker


    yeah sorry lads/lassies, the begrudgers bit was OTT.
    It's just this negativity is really beginning to rile me.Everywhere I turn these times it's "the downturn this" "the recession that".
    In hindsight most a lot of what i had misconstrued as "begrudgery" is in fact constructive in it's own right,I just wanted to congratulate the OP and wish him/her the very best.


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    #50
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    seamus wrote: »
    If you wanted a house now, you can afford the mortgage, have a reasonable secure job and you don't see yourself selling it for at least five, preferably ten years, then there was no reason not to buy now.

    However, if you've crippled yourself with debt or are planning to move in the short to medium term, you may be in trouble.

    There will always be naysayer who say that you're wrong to buy property, simple as. You might have saved €20k by waiting another year, but you may have not. Nobody has a crystal ball.

    I say nay.

    I don't have a crystal ball but I know when the next bus is due. I don't have a crystal ball but I know that Chelsea, Man U, Liverpool and Arsenal will finish in the top 5. I don't have a crystal ball but I know FF will suffer heavy losses in the next local election. None of these things I know for certain, but they seem to be so likely that I can work on the basis that they will happen. I don't have a crystal ball, but I know with reasonable certainty that property prices have yet more to fall, especially in small towns in Cavan.


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    #51
    DD
    Registered Users Posts: 327 ✭✭DD


    How much is the mortgage of 150 k?


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    #52
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    staker wrote: »
    yeah sorry lads/lassies, the begrudgers bit was OTT.
    It's just this negativity is really beginning to rile me.Everywhere I turn these times it's "the downturn this" "the recession that".
    In hindsight most a lot of what i had misconstrued as "begrudgery" is in fact constructive in it's own right,I just wanted to congratulate the OP and wish him/her the very best.

    Negativity is justified in this climate, a buyer has to know what they are getting into.
    The OP bought a house for commuting purposes in the middle of nowhere. I know people that commute from Navan town\Kells and its a nightmare. Now try that further afield in a village miles away and the house does not seem a bargain after all.
    Of course, fair play to OP to buying a house. Its the comments like the following that draw constructive criticism:
    'dont know if they can go too much lower as i suspect to build a house with all these extras couldnt cost much less?? '
    'Im of the idea that prices wont reduce by too much more? '

    Now, if the OP bought in a major town, there would be some fall back but the house is really in middle of nowhere where commuting costs might even far outweigh the benefit of the lower price.
    Remember, fuel will not always be 1 euro a litre, the long term trend is that $147 a barrel, give it a year imho.
    Just a hint for commuting OP, try the N2 for travelling(not N3/M1), this has been mentioned by colleagues in work as a better alternative before that tolled road M3 is built.
    DD wrote:
    How much is the mortgage of 150 k?

    I reckon without looking it up, about 750pm.


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    #53
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    gurramok wrote: »




    I reckon without looking it up, about 750pm.

    952.74 based on tsb's calculator over 25 years


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    #54
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    ntlbell wrote: »
    952.74 based on tsb's calculator over 25 years

    Oops, 25 yrs instead of 35 yrs :D:)

    Does that include trs?


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    #55
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    gurramok wrote: »
    Oops, 25 yrs instead of 35 yrs :D:)

    Does that include trs?

    I was going to quote 20 but people tell me 20 it's not realistic ;)

    I made no allowances for TRS.


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    #56
    iguana
    Moderators, Entertainment Moderators Posts: 12,916 Mod ✭✭✭✭iguana


    ntlbell wrote: »
    but wouldn't saving 30-40k on the price of the house reduce the time you spend paying it back?

    what's quicker to pay back? 180k from 2007

    or 142 from 2009?

    I have a rule on this. I'll be 30 on Sunday and would like my mortgage paid off before I'm 50. If I'd bought this year I would have been buying with a 20 year term, max. If I buy next next year I'll go for 19 years, max. If it takes 5 years for me to buy a place I'll take no more than a 15 year term.


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    #57
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    iguana wrote: »
    I have a rule on this. I'll be 30 on Sunday and would like my mortgage paid off before I'm 50. If I'd bought this year I would have been buying with a 20 year term, max. If I buy next next year I'll go for 19 years, max. If it takes 5 years for me to buy a place I'll take no more than a 15 year term.

    Overpayments can knock years off the term, so you don't need to be too rigid on that one.
    With interest rates the way there are now it's not too difficult to throw extra off the repayments.


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    #58
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    I'm househunting at the moment. Price is only one of the criterion I'm looking at. Convenience is a massive factor- as is "Can I see myself living there in 50 years time" etc. To be perfectly honest- and without any disrespect to the people of Mullagh, Co. Cavan- even if the houses were entirely free- I wouldn't live there. The idea of voluntarily subjecting myself to a daily 4 hour round-trip commute, is crazy. I value my freetime, my personal well being, and indeed my sleep and my sanity, far too much, to willingly subject myself to that torture.

    If you are working in the immediate area and have family and other connections to the area- brilliant. If not- I'd seriously advise keep looking.......


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    #59
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    iguana wrote: »
    I have a rule on this. I'll be 30 on Sunday and would like my mortgage paid off before I'm 50. If I'd bought this year I would have been buying with a 20 year term, max. If I buy next next year I'll go for 19 years, max. If it takes 5 years for me to buy a place I'll take no more than a 15 year term.

    Yeah, but you would'nt get a mortgage over 26 years anyways, because you're an iguana and iguana's only have a life span of 26 years:D:D. Even now at 30, you've outlived yourself. Banks are not going to look favourably on this.

    http://wiki.answers.com/Q/Iguana's_life_span


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    #60
    ZYX
    Registered Users Posts: 882 ✭✭✭ZYX


    smccarrick wrote: »
    I'm househunting at the moment. Price is only one of the criterion I'm looking at. Convenience is a massive factor- as is "Can I see myself living there in 50 years time" etc. To be perfectly honest- and without any disrespect to the people of Mullagh, Co. Cavan- even if the houses were entirely free- I wouldn't live there. The idea of voluntarily subjecting myself to a daily 4 hour round-trip commute, is crazy. I value my freetime, my personal well being, and indeed my sleep and my sanity, far too much, to willingly subject myself to that torture.

    If you are working in the immediate area and have family and other connections to the area- brilliant. If not- I'd seriously advise keep looking.......
    Have to agree with you there but there is more to it than just convenience. Assuming OP works 5 days a week that's a total of 500 miles a week commuting. Even if she has some super economical car and it only costs 20 cent a mile to travel that's an extra cost of €5000 a year which is enough to service an extra €100,000 mortgage. So at no extra cost the OP could have bought a €280,000 property much closer to work. When you add in the lost time of 20hrs a week and the extra income she could have earned by working those hours instead of commuting then it just gets crazy.
    http://www.aaireland.ie/toptips/costofmotoring2005.asp


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    #61
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    staker wrote: »
    You should be applauded for getting on with it and f*** the begrudgers.

    She asked for our opinion and we gave our opinion. I am far from being a begrudger - I wish we were all successful in life.

    I just think it makes no sense to spend a large percentage of your life commuting. We only have one life.


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