Some advice please guys

tenchi-fan

Hi

I'm on a low-ish income as I am part-qualified in my relatively stable job!

Two years ago the only house I could afford in my town (Dundalk) was a small house which cost €190,000.

I desperately want to buy a house now and a house on the same street went on the market at 140k. I put in an offer of 115k and it was accepted. Two weeks later, with a mortgage ready to go, i was gazumped. Another bidder who almost definitely exists bid 125k.

The house does not have a bathroom, only a tiny WC which has a toilet, sink and the heating system! So if I increased my offer to 127k and spent 5k on this necessary renovation, that's 132k. It's a small house but in a really nice and quiet area.

By comparison, the sort of house I'd really like to buy but can't afford is listed at 200k but typically sells for 170k in 2009, which I think is roughly 2002 prices. Just 2 years ago they were listed at €250k+

My point is, if these houses drop to 140k in the next year or two, the house I'm looking at will drop also , meaning I'm stuck with a small house when the patience of waiting a year and saving a bit more money could land me a much nicer house.

It's all a gamble really. I'm unbelievably depressed at times having to rent in Dublin away from family and friends, but renting in my own town (Dundalk) isn't an option as I can't justify all that dead money of paying to rent a room and commute.

What should I do!!!???!!!

tenchi-fan

Er thanks justin.

I have a bucket of blue paint to daub the word gazumped on the front of the house, and a crowbar to smash the windows and tear the plaster from the walls, but I want to make sure I'm not buying if first.

tenchi-fan

lol just copped he was trying to reply to another post

BarryM3

Hold tight techni.....prices are only going one way. Down!!

Renting in your home town certainly wouldn't seem to be dead money to me based on your post. You would be gaining a lot of contentment from living(renting) in Dundalk....so money well spent in my view!

tenchi-fan

BarryM3 wrote: »

Hold tight techni.....prices are only going one way. Down!!

Renting in your home town certainly wouldn't seem to be dead money to me based on your post. You would be gaining a lot of contentment from living(renting) in Dundalk....so money well spent in my view!

You could be right... then I'll be in Dundalk and cursing the commute and how there's nothing to do :L Maybe I should actually try out the commute before committing to living in Dundalk and living in Dublin.

Yea I think I will rent for a while, my brother's house has been idle for the past 6 months (since the last time I moved out) and since putting an ad in the paper he had a traveller family and a romanian gypsy family making enquiries about renting it... and no one else... probably bad circumstances under which to leave a house empty!

johndaman66

tenchi-fan wrote: »

It's all a gamble really. I'm unbelievably depressed at times having to rent in Dublin away from family and friends, but renting in my own town (Dundalk) isn't an option as I can't justify all that dead money of paying to rent a room and commute.What should I do!!!???!!!

Would an fairly obvious solution be to live with your family in Dundalk? When you say your family are you married or do you mean your parents? I'm sure if it is your parents you mean they would go easy on you rent wise if at all as long as you contribute your share towards electricity/ heating/ maintenance etc. Maybe I'm missing something here though?

Also what about the empty house your brother is trying to rent out. I'm sure if its sitting idle for ages at this stage he may rather have you in as nobody as long as you are paying the bills and maintaining it to some extent and would be willing to move out immediately if he managed to rent it out. As you half suggest better this than a threat of the property being vandalised or something like. Is this house in Dundalk or Dublin?

Freddie59

Techni, visit these sites:

www.treesdontgrowtothesky.com

www.thepropertypin.com

www.irishpropertywatch.com

www.irishhometruths.com