Rent-to-buy Scheme Dublin

Plastic Bari

Does anybody know off any Rent to buy developments coming online in the north dublin City area or North County Dublin??

Westwood

some in balbriggan on daft

jdivision

Mate, just so you know a lot of these schemes that I've looked at are already overpriced compared to the rest of the market. It's a gimmick to make people think they're getting a deal when the price falls further.

Plastic Bari

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!! I saw the ones in Balgriggan not sure if there is any left!!!

Lillylilly

Hi,

They definatly have loads left in Balbriggan. We were out viewing them on Sat. There was at least eight houses, both two and three bed, that we viewed (we're fussy!!), but there were more on offer and a fair few apartments. The estate agent lads seem fairly busy with the whole thing and there were a lot of people viewing, so go have a look.
We were fairly happy with what we saw... look them up on Daft!!!

Plastic Bari

Thanks Lillylilly were they the Bremore pastures ones?

Lillylilly

The very ones!!!!!

Victor

Plastic Bari wrote: »

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!!

If you can't save that much over X years, are you sure you can afford a mortgage? When that mortgage is at 8%?

ntlbell

Plastic Bari wrote: »

Its the thing i dont have 17,000 of a deposit to buy a 235,000 home!!! I saw the ones in Balgriggan not sure if there is any left!!!

That's fine just keep saving, you should really have about 45-50k for a 235k

if you can;t afford to save you can't afford to own.

:rolleyes:




...Just :rolleyes:

tesslab

The price of property in any "commuter" towns will go down a great deal over the next year or two. Might be worth your while hanging on and looking into buying when the markets in your favour. The purchase price tends to be more expensive than market price and all schemes are different. Some may only put by half your rent towards deposit whilst others are higher. Defo not something to go into without exploring all other options.
Perhaps shared ownership with Fingal might be worth having a look at. Make sure to read the fine print!!:D

sorrywhat

Victor wrote: »

If you can't save that much over X years, are you sure you can afford a mortgage? When that mortgage is at 8%?

Its very difficult to save when you a renting a house, paying bills. If your rent is X amount and you also need to save nealry 20K for a down payment that is very hard. I think the rent2buy scheme is really good tbh.

Looking into in Waterford at the mo.

ntlbell

sorrywhat wrote: »

Its very difficult to save when you a renting a house, paying bills. If your rent is X amount and you also need to save nealry 20K for a down payment that is very hard. I think the rent2buy scheme is really good tbh.

Looking into in Waterford at the mo.

do you not have bills when you're buying a home, in fact do you not have a lot more?

rents are in free fall there is no reason people can't find a cheap place.

when your buying you will have more bills and they willl be all YOUR bills, not shared.

Plastic Bari

Well its is hard to pay rent and save to!!!! Its a long process !!

ntlbell

Plastic Bari wrote: »

Well its is hard to pay rent and save to!!!! Its a long process !!

yup. no one said it wasn't

so find somewhere cheaper to rent

cut back on your spending

get a second job.

who said it should be easy?

Plastic Bari

I know that !!! Being a buyers market now it should be easier!!!

ntlbell

Plastic Bari wrote: »

I know that !!! Being a buyers market now it should be easier!!!

and it is...easier...

Plastic Bari

Yeah but its harder to get a mortgage now!! Prices are lower but banks are not as willing to part with the cash

ntlbell

Plastic Bari wrote: »

Yeah but its harder to get a mortgage now!! Prices are lower but banks are not as willing to part with the cash

They will when you get your deposit up?

your missing the point it seems

sambuka41

Not everyone who is saving to buy is in the position to just up and find cheaper rent at the drop of a hat. There are other circumstances that come into play,circumstances that may mean you pay a high rent and cant afford to save 20-30k at the same time. Like having children for example or something as small as have a pet. MOST landlords refuse to rent to you if you have a cat so therefore your pool of possible rental accomadations is a lot smaller. Does that mean that you cant buy or shouldnt be allowed??????

This isnt directed at anyone in particular but this "examine your lifestyle and save better attitude " is judgemental and does not take these circumstances into account. I agree that there have been too many ppl in this country in the last 10 years who got caught up in the buzz of the property boom, they got mortgages they couldnt afford and now they are paying for it. But i think its very unfair to assume that every person who enquires about these types of schemes is irresponsible and unable to afford what they are after.

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

gurramok

sambuka41 wrote: »

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

I hope you've included in your calculations the introduction teaser rate on that mortgage. Rates will never be the same at 1.5% constantly year on year. Be prepared for rates at 4% within a couple of years while rents had crashed by then.

ntlbell

sambuka41 wrote: »

Not everyone who is saving to buy is in the position to just up and find cheaper rent at the drop of a hat. There are other circumstances that come into play,circumstances that may mean you pay a high rent and cant afford to save 20-30k at the same time. Like having children for example or something as small as have a pet. MOST landlords refuse to rent to you if you have a cat so therefore your pool of possible rental accomadations is a lot smaller. Does that mean that you cant buy or shouldnt be allowed??????

This isnt directed at anyone in particular but this "examine your lifestyle and save better attitude " is judgemental and does not take these circumstances into account. I agree that there have been too many ppl in this country in the last 10 years who got caught up in the buzz of the property boom, they got mortgages they couldnt afford and now they are paying for it. But i think its very unfair to assume that every person who enquires about these types of schemes is irresponsible and unable to afford what they are after.

I honestly have done the maths and my expenses as a renter are HIGHER than if i had a mortgage. ONLY thing in my way is the lenght of time its going to take to get the deposit up. At best prob 6 years. If thats my only option then ill save for that long,but what is the problem with people exploring their options??? On the surface this appears to be a viable one, in saying that i wouldnt even consider doing anything until a solicitor went thru it all.

You don't have to move to get a decrease? you could always, you know...ask your current land lord, it will be a lot easier for him/her to decrease your current rent that have an idle house/apt for 2/3 months and then STILL have to give a reduction...

I'm trying to find a way for people to do it.

You're looking for ways you can't.

Doesn't make sense.

sorrywhat

ntlbell wrote: »

do you not have bills when you're buying a home, in fact do you not have a lot more?

rents are in free fall there is no reason people can't find a cheap place.

when your buying you will have more bills and they willl be all YOUR bills, not shared.

Oh i know all about bills. I pay bills on my own not shared and I rent quite an old house which costs a fortune to heat. I pay rent,pay my bills, pay my yearly bills,have a car(which yes i do need as public transport where i live is a shambles), and I try save as much as I can, what i am sayin is that I cant save enough to get a deposit together. doesnt mean I dont pay as much as a home owner does cos i do, if not more in certain circumstances.

So if there a new scheme for first time buyers i will look into it. I have looked in loads of different options and in MY CASE the rent buy option seems quite good. I have had my solicitor look over it and she thinks its quite a good option as well.

Nuttzz

Link below to a rent to buy sceheme

www.easisteps.ie

Sounds like a bit of a con to me

Important Notice: EasiSteps is a purchase plan which is subject to Status. Terms & Conditions Apply.
Purchasers should note that as all payments are deposit payments and not rent, and are therefore not eligible
for rent relief during the occupation period nor are they mortgage instalments and similarly are not eligible
for mortgage interest relief.

No rent relief? Cant see who you'd be better off on this scheme

ntlbell

sorrywhat wrote: »

Oh i know all about bills. I pay bills on my own not shared and I rent quite an old house which costs a fortune to heat. I pay rent,pay my bills, pay my yearly bills,have a car(which yes i do need as public transport where i live is a shambles), and I try save as much as I can, what i am sayin is that I cant save enough to get a deposit together. doesnt mean I dont pay as much as a home owner does cos i do, if not more in certain circumstances.

So if there a new scheme for first time buyers i will look into it. I have looked in loads of different options and in MY CASE the rent buy option seems quite good. I have had my solicitor look over it and she thinks its quite a good option as well.

I don't know where to start.

If you're renting why are you renting so far away from your job you NEED a car?

There are things you could do to reduce the costs, if you don't think so pop up your monthly spend here and I'll show you how.

your asking a SOLICITOR does he think it's a good idea a guy who's going to make money from the transaction and you go along with him

yet you won't listen to people who will not be making money of you?

there's just no hope for some people

why don't you ask an estate agent what he thinks :rolleyes:

If you read back through threads on the rent to buy you will see why it's flawed there is large gaping holes in any of the ones I looked at with questions no solicitor on the planet can answer.

solicitor think it's a good idea..

does he indeed.

Plastic Bari

www.easisteps.ie

shamblertine

Plastic Bari wrote: »

www.easisteps.ie

They don't really make it clear. It says:

How Much does it Cost?
Once you have the ability to pay an initial booking deposit, make monthly deposit payments and are successfully approved, you may live in the property rent free during the agreed period.

How much do I pay monthly?
This depends on the purchase price of the property. See the example below

Purchase Price €200,000
Initial Deposit €5,000
Monthly Deposit Installments €625.00
Term 24 Months



So what happens after the 24 months? Are you supposed to get a mortgage for the remaining balance? If so how would this be possible since banks aren't giving 100% mortgages? Or will the bank look at the amount you've already paid towards the property as the deposit and give you a mortgage for the full remaining balance?

Plastic Bari

The rent you have paid already goes as your deposit!!!

gurramok

So you pay rent with your initial deposit ending up paying 20k of the purchase price 200k. Then you need to get a mortgage of 180k in 2011.

Its the same as you rent at 833 per mth(24x625 +5000)/12. Lets say if you didnt go for this and continue renting at 1000 per mth for 24mths which is 24k spent on normal rent, then you will need the market purchase price to be greater than 176k in 2011 to make it worth your while to go down this route. Add more if you rent at 1100 a mth(173,600 price)+ etc.

Basically, you are betting the market price of the 'easisteps' gaff in 2 years time will be more than 176k to gain and that is bloody dangerous in this nasty recession.

Am i missing something here? I'd hate to be the one in 2 years time to find out that the market price of your gaff is <176k in the above scenario, thats many thousands lost already simply because you could not wait in a falling market.

wildsaffy

I vaguely remember some interview where the builder was organising a similar scheme himself. Has anyone found out anymore about the rent to buy scheme? Or approached a builder directly?

shamblertine

wildsaffy wrote: »

I vaguely remember some interview where the builder was organising a similar scheme himself. Has anyone found out anymore about the rent to buy scheme? Or approached a builder directly?

Seen a few advertised on daft but to be honest the developers are still living in cloud cuckoo land with the prices they are setting for appartments, prices like 430k for a 2 bed appartment seem to be the norm for these schemes. Only idiots need apply.