Things to ask when viewing a house for sale?

clint_eastman

I'm viewing a detached house in the countryside tomorrow and on first impressions of the outside I think I'll definately be interested in pursuing the sale (dependant on the inside of course).
I'm just wondering has anybody got any practical suggestions for questions that I should ask the auctioneer.
The house was built in 2000 and has an asking price of €350k for 2600 sq feet, the finishes seem pretty high from the ad and the site is elevated and around 0.8 acres. I'm obviously not going to make an immediate offer but what level under the asking price should I start if going for it?

Victor

What is the water supply? Private pump, community water scheme, council supply?

Sewage - mains, septic tank, Biocycle?

Where are the electrical and telephone connections? Have there been any problems with them?

Has the house had any problems with damp or the structure?

Along with all the usual questions.

Price is up to you.

whizzbang

Is the house on a flood plain?
Check here as well to see if they are lying http://www.floodmaps.ie/

Are there any developments planed nearby (again, they may lie)

Ask to see the Building Energy Rating Cert. (BER cert)

Eglinton

Viewing checklist on MyHome

http://www.myhome.ie/residential/advice-centre/article.asp?sTagType=residential&ptagid=1137&tagid=1139&newsid=1557

barbie_j

hi All! I m going to view a house in Co.Kildare tomorrow, it a 3 bed semi-detached house. The original asking price was €275k, when I contacted the auctioneer, they told me the landlord has reduced the price to €250k. Do you think I can get it @ 220k? should I tell them @200k tomo ? then I can add a bit up everytime..

Cathmandooo

What do you mean by 'should I tell them @200k tomo ? then I can add a bit up everytime?'

Is this the first time you're viewing the house?

Are you ready to put an offer in for it?

barbie_j

Cathmandooo wrote: »

What do you mean by 'should I tell them @200k tomo ? then I can add a bit up everytime?'

Is this the first time you're viewing the house?

Are you ready to put an offer in for it?

Yes. I m first-time buyer and tomorrow will be my first time viewing the house as well.

After Viewing the house, do I meant to say ' I m going to pay € 200 k for this house' ?

I expect the conversation like this:

tell them €200 k at first, and they will probably say ' No, that's ridiculous! €230 k.'

Then I will say' No, € 225 k'.


I m going to buy the house @ € 220 k if it suits me..

hobochris

barbie_j wrote: »

Yes. I m first-time buyer and tomorrow will be my first time viewing the house as well.

After Viewing the house, do I meant to say ' I m going to pay € 200 k for this house' ?

I expect the conversation like this:

tell them €200 k at first, and they will probably say ' No, that's ridiculous! €230 k.'

Then I will say' No, € 225 k'.


I m going to buy the house @ € 220 k if it suits me..

If you like the house then offer them 190k, see how they react.

Cathmandooo

I can't see it working that quickly at all. Personally I wouldn't offer anything at the viewing, check the house out and go home and think about it. Houses aren't being snapped up like they used to.

Give it a couple of days after the viewing, ring up the seller / agent and put in your offer, but stick to it. The Agent is not going to suddenly drop the asking price to 230k. Give a length of time that your offer is on the table, I'd give 2 weeks.

Aside from that, a 3bed semi-d in Kildare for €250k sounds very over priced.

barbie_j

hobochris wrote: »

If you like the house then offer them 190k, see how they react.

:o I assume they would say' feck off'!!

anyway.. my dad told me try to make it @ € 190 k...

I m very scared to tell them €190 k or anything below € 230k.

do you think that will make me like an idiot??:o:o

barbie_j

Cathmandooo wrote: »

I can't see it working that quickly at all. Personally I wouldn't offer anything at the viewing, check the house out and go home and think about it. Houses aren't being snapped up like they used to.

Give it a couple of days after the viewing, ring up the seller / agent and put in your offer, but stick to it. The Agent is not going to suddenly drop the asking price to 230k. Give a length of time that your offer is on the table, I'd give 2 weeks.

Aside from that, a 3bed semi-d in Kildare for €250k sounds very over priced.

you think?! so does my dad!!

He said € 190 k is acceptable!!! its in Maynooth:o

I think the property market probably haven't reach the bottom, but I m thinking when it reached the bottom, the market would be sellers' , wouldn't?? They can hold that until the mkt pick up..

I may wrong.. but how much do you think I should pay??

Cathmandooo

Absolutely not

You really have to put feeling like an idiot and being embarrassed aside when it comes to housebuying. You're buying your biggest purchase of your life, you'll probably be paying for it for a large portion of your adult life too, it's a huge thing to do so you have to be the one in control and in the driving seat of your money and your future. The agent is just doing his/her job, he wants to get the best deal for his client, so he is going to push the boundaries.

Make your decisions and stick to them, don't rush into anything.

Best of luck with it all though

ellejay

barbie_j wrote: »

hi All! I m going to view a house in Co.Kildare tomorrow, it a 3 bed semi-detached house. The original asking price was €275k, when I contacted the auctioneer, they told me the landlord has reduced the price to €250k. Do you think I can get it @ 220k? should I tell them @200k tomo ? then I can add a bit up everytime..

Hi Barbiej

Some things that I take into consideration when looking at a house are as follows:

heating system - is it cost effective.
type of build, eg timberframe or brickbuilt(don't want to hear nextdoor talking)
are the windows double glazed
what is ber cert, ie, is house well insulted to keep heating bills down
how is water pressure.
do toilets flush ok
is a new kitchen required
is new flooring required
is there a downstairs toilet
is there an ensuite showerroom
is there mould, damp.
can you convert attic, is there room to extend
go out to back garden and look at neighbours roofs, have they converted their attic? are there extensions? good to know if prescendent has been set.
go to the area on on a fri/sat night and see if it's safe, kids hanging about.

If everything meets your criteria, wait about two weeks.
Go for a second viewing with someone that's very objective.

If you still like it, get a survey done.
When you get the results, then look at making an offer.

You should make a very very low offer.
It's a buyers market, so bargain very very hard.
I've said it before, if you're not embarrassed by your offer, it's too high.

Forget what the previous asking prices were, doesn't matter now.
A house is only worth what a buyer is willing to pay.

FYI most banks require that you're in the same employment for min two years as part of criteria to apply for a mortgage.

Best of Luck and happy house hunting.
Lj.

Cathmandooo

barbie_j wrote: »

you think?! so does my dad!!

He said € 190 k is acceptable!!! its in Maynooth:o

I think the property market probably haven't reach the bottom, but I m thinking when it reached the bottom, the market would be sellers' , wouldn't?? They can hold that until the mkt pick up..

I may wrong.. but how much do you think I should pay??

Have a read of this post relating to the market bottoming. It might not be true but it made a lot of sense to me anyway!

I just wouldn't jump into anything now, house prices are still going down. But it depends on your situation, people do need homes to live in but there's always the option of renting for a while.

barbie_j

ellejay wrote: »

Hi Barbiej

Some things that I take into consideration when looking at a house are as follows:

heating system - is it cost effective.
type of build, eg timberframe or brickbuilt(don't want to hear nextdoor talking)
are the windows double glazed
what is ber cert, ie, is house well insulted to keep heating bills down
how is water pressure.
do toilets flush ok
is a new kitchen required
is new flooring required
is there a downstairs toilet
is there an ensuite showerroom
is there mould, damp.
can you convert attic, is there room to extend
go out to back garden and look at neighbours roofs, have they converted their attic? are there extensions? good to know if prescendent has been set.
go to the area on on a fri/sat night and see if it's safe, kids hanging about.

If everything meets your criteria, wait about two weeks.
Go for a second viewing with someone that's very objective.

If you still like it, get a survey done.
When you get the results, then look at making an offer.

You should make a very very low offer.
It's a buyers market, so bargain very very hard.
I've said it before, if you're not embarrassed by your offer, it's too high.

Forget what the previous asking prices were, doesn't matter now.
A house is only worth what a buyer is willing to pay.

FYI most banks require that you're in the same employment for min two years as part of criteria to apply for a mortgage.

Best of Luck and happy house hunting.
Lj.

Many Thanks Lj !
My parents will pay for this house, so I don't have to put myself into the mortgage confusion.

You are right, I m going to print off your suggestions with me tomorrow! I hope I can be ok with all the potential ' Feck off'

thanks again for your reply !

ellejay

barbie_j wrote: »

Many Thanks Lj !
My parents will pay for this house, so I don't have to put myself into the mortgage confusion.

You are right, I m going to print off your suggestions with me tomorrow! I hope I can be ok with all the potential ' Feck off'

thanks again for your reply !

I don't think you should fall into the trap of thinking of a price before you've viewed it!
I know it's hard but you need to think with your head, not your heart.
Then you can make a realistic offer.
If they they tell you to feck off, that's fine!!!
Plenty more houses out there, trust me I know.

If you think with your heart, you'll just agree any price
Nothing worse than paying more for something than you should have.

By the way, I've been looking at the Leixlip/Maynooth area myself.
I think 250k is very high for a 3bed semi in maynooth.

barbie_j

Cathmandooo wrote: »

Have a read of this post relating to the market bottoming. It might not be true but it made a lot of sense to me anyway!

I just wouldn't jump into anything now, house prices are still going down. But it depends on your situation, people do need homes to live in but there's always the option of renting for a while.

Many thanks for your reply!
I have read that post.

I got a quick calculation here, which I managed to use management accounting...:p:p

for the next 3 years , ignore inflation ( cause I forgot to bring the inflation table:mad:), assume my rent wont go up/down ( still €1000 p month) , assume I get the house @ €250k

saved rent €1,000 *12 * 3= € 36,000

price falling 4% @ 250,000=€ 10,000 ( first year)
4% @ (250,000-10,000) =9,960 ( Second year)
4% @ (250,000-10,000-9,960)= 9,202 ( Third year )
total falling (€29,162)

gross loss (6,838)

after 3 years, based on his prediction, the price would be pick up.

not a bad investment, isn't it??:D:D

barbie_j

ellejay wrote: »

I don't think you should fall into the trap of thinking of a price before you've viewed it!
I know it's hard but you need to think with your head, not your heart.
Then you can make a realistic offer.
If they they tell you to feck off, that's fine!!!
Plenty more houses out there, trust me I know.

If you think with your heart, you'll just agree any price
Nothing worse than paying more for something than you should have.

By the way, I've been looking at the Leixlip/Maynooth area myself.
I think 250k is very high for a 3bed semi in maynooth.

yes . I am following my heart totally..... where is my head??? headless girl when I m jumping into property mkt..!!:eek::eek::eek:

beeno67

barbie_j wrote: »

Many thanks for your reply!
I have read that post.

I got a quick calculation here, which I managed to use management accounting...:p:p

for the next 3 years , ignore inflation ( cause I forgot to bring the inflation table:mad:), assume my rent wont go up/down ( still €1000 p month) , assume I get the house @ €250k

saved rent €1,000 *12 * 3= € 36,000

price falling 4% @ 250,000=€ 10,000 ( first year)
4% @ (250,000-10,000) =9,960 ( Second year)
4% @ (250,000-10,000-9,960)= 9,202 ( Third year )
total falling (€29,162)

gross loss (6,838)

after 3 years, based on his prediction, the price would be pick up.

not a bad investment, isn't it??:D:D

Of course your parents are loosing either the interest on the mortgage (if any) or else the lost intrest on their savings. Either way it adds up to an extra €30,000 loss or so over 3 years. Also add in an extra €2500 stamp duty and about €1500 fees etc. So after 3 years (based on 4% price fall a year) you/your parents are down about €63,000 which works out about €25,000 more of a loss than just renting. Obviously if you bid badly and house prices in Maynooth fall more than 4% a year then the loss will be nearer €100,000.

You need to think carefully. Unless you can do some serious negotiating on the price you/your parents are facing crippling losses.

barbie_j

beeno67 wrote: »

Of course your parents are loosing either the interest on the mortgage (if any) or else the lost intrest on their savings. Either way it adds up to an extra €30,000 loss or so over 3 years. Also add in an extra €2500 stamp duty and about €1500 fees etc. So after 3 years (based on 4% price fall a year) you/your parents are down about €63,000 which works out about €25,000 more of a loss than just renting. Obviously if you bid badly and house prices in Maynooth fall more than 4% a year then the loss will be nearer €100,000.

You need to think carefully. Unless you can do some serious negotiating on the price you/your parents are facing crippling losses.

Many thanks!! I didn't add up the interest loss....May I ask a naive question: do you think there wont be enough good properties left when the mkt reaches the bottom...

ellejay

barbie_j wrote: »

Many thanks!! I didn't add up the interest loss....May I ask a naive question: do you think there wont be enough good properties left when the mkt reaches the bottom...

Well firstly, "the bottom" isn't due to hit for another 3/4 years minimum!!
When prices do ever start to increase it'll be slowly, so no big deal.

Secondly, you'll get even better properties, as they will lower their prices also.

Thirdly, there's such an over supply of homes, some will have to be knocked, obviously not all in preferred locations.

So to answer your question, there will be loads of houses available

Here are a number of reasons why I personally think this.
(I have copied and pasted from a differant poster.)

A) Income taxes will rise substantially for everybody tick
Significant Property taxes will be introduced for owners
C) Significant Indirect tax increases- VAT/Excise tick
D) Interest relief for investors will be further reduced from current 75% don't know not an investor
E) Rent Allowance will be decreased by some material percentage tick
F) Personal Insolvencies will increase when the law is changed in their favour
G) Continued downward wage pressures-or no pay increases at least till 2013 tick
H) As competition in Banking is reduced then mortgage margins will rise tick
I) Emigration will continue by current and future potential homeowners tick
J) NAMA releasing finished properties onto the market mopping up demand tick
K) ECB raising interest rates to normal levels, ie by 1.5%-2.5% enroute
L) Property owners/investors in tight financial straits will be forced to sell tick tick tick
M) People realise that property in Ireland is still expensive vs other countries tick
N) More builders are put into receivership and properties are sold at large discounts to current prices as has happened recently where €120k properties had queues wanting to buy them (North west region I think) tick
O) Rising fuel prices decrease disposable income and discourage commuting tick tick
P) The Croke Park aggreement falls apart and public sector pay falls not yet
Q) Unemployment rises and tick
R) The 12.5% Corporate tax rate rises and ECB/IMF step in when the government falls after the 3 byelections and Bonds become too expensive for Ireland to issue. Already partially happened (IMF in)
T) Deflation or very low inflation causes debt to have to be repaid in full rather than inflated away at lenders expense.
U) Stiffer regulation forces banks to provide mortgages with more caution tick
V) Interbank lending to Irish Banks does not return to precrisis levels and the Banks have to price margins very conservatively-A given tick tick
W) Building costs decline further as NERA is disbanded and new build houses can be profitably sold for less. tick
X) Development land has plummeted so land costs can lead to further downward pressure on prices of future developments. tick
Y) Commercial rents continue to decline and contagion negative pressures apply to residential rents leading to lower property asking prices tick
Z) Contrarily the current booming birth rate will provide demand in 25 years time-for subsidised housing at the least don't know

beeno67

barbie_j wrote: »

Many thanks!! I didn't add up the interest loss....May I ask a naive question: do you think there wont be enough good properties left when the mkt reaches the bottom...

Property prices are based on supply and demand. No one can tell when the market will bottom out despite many trying to predict a time. The greater the supply and the lower the demand the lower the price. The bottom of the market will be when supply is at its greatest relative to demand. So in theory the bottom is when your greatest choice of "good properties" will occur. That being said deciding when the exact bottom occurs is only possible in hindsight.

I don't know Maynooth too well but I cannot see any major reason why there should be a sudden upsurge in demand for properties there.