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Hypothetical buying apartment in Dublin

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  • 18-09-2009 7:33am
    #1
    5Aces
    Registered Users Posts: 469 ✭✭


    Instead of paying rent in the ifsc for a double room of e550 a month myself and two others are thinking about getting together and buying an apartment in the ifsc. a quick look on myhome for 3 bed apt in ifsc shows 2 results both just above e500k. surely that cant be a fair valueation for a property there at the moment? how would buying that apt affect each of our first time buyer incentives and if they decide to keep the current system of stamp duty upfront will all 3 of up lose the first time buyer exemption? any advice much appreciated.


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    #2
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    1) All three of you will lose your first time buyers status/exemption

    2) 500,000 is a ludicrous amount of money to pay for an apartment, any apartment, imho.


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    #3
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    You will lose your first time buyer status.
    Don't pay 500k for an apartment. It will never, ever resell for that.


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    #4
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    Are there related tax incentives?


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    #5
    SLUSK
    Closed Accounts Posts: 1,156 ✭✭✭SLUSK


    5Aces wrote: »
    Instead of paying rent in the ifsc for a double room of e550 a month myself and two others are thinking about getting together and buying an apartment in the ifsc. a quick look on myhome for 3 bed apt in ifsc shows 2 results both just above e500k. surely that cant be a fair valueation for a property there at the moment? how would buying that apt affect each of our first time buyer incentives and if they decide to keep the current system of stamp duty upfront will all 3 of up lose the first time buyer exemption? any advice much appreciated.

    You can already now rent 2 bed room apartments in Dublin 3 for less than 800 euro so why are you paying 550 for a double room?

    Check on daft and look for rooms for 300 euro, you could easily find rooms in city centre for 300 euro now. Do not spend 500k to by an apartment, do not even spend 250k to by an apartment. The quality of apartments in this country is so low that I would not understand why anyone would by an apartment for anything more than 100k.


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    #6
    antiskeptic
    Registered Users Posts: 9,555 ✭✭✭antiskeptic


    5Aces wrote: »
    Instead of paying rent in the ifsc for a double room of e550 a month myself and two others are thinking about getting together and buying an apartment in the ifsc. a quick look on myhome for 3 bed apt in ifsc shows 2 results both just above e500k. surely that cant be a fair valueation for a property there at the moment? how would buying that apt affect each of our first time buyer incentives and if they decide to keep the current system of stamp duty upfront will all 3 of up lose the first time buyer exemption? any advice much appreciated.

    Move to somewhere with lower rent, save wisely and watch and wait. The chances are good then when you buy you'll be able to buy an apartment/house for yourself.

    I just don't get the thinking behind buying property in a (free)falling market. I really don't


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