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First Time Buyer - Apartment

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    #62
    okeydoke1
    Closed Accounts Posts: 9 ✭okeydoke1


    What do you you guys think of this?

    Maybe one has to/wants to buy for personal reasons.
    Asking price - 15% = Discounted price. This incorporates this years fall.
    Discounted price - 15% = Price you bid at. This incorporates next years fall too.

    (On the 2 15% figures, I just took these as what I think the falls could be. I may be too low or too high. Daft said there was a 3.3% drop from Jan-Mar 2010. Feel free to change the % fall)

    A quick calculation says you could attempt to buy a 370k house for 270/275, and have a 2 year buffer from NE? The mortgage repayment should then be similar to renting a 3 bed semi.

    Flaws: Seller will likely not sell for 100k less than asking. Price falls may be higher than 15% in each of 2010 and 2011. Doesn't take into account subsequent falls in 2012 etc. Rent may (probably will) fall too.


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    #63
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    Okey, that sounds fine for a house in a decent area since you are incorporating most of the falls to come, which will be in the ballpark of 30%-40%. But for an apartment, I'd be looking for something even more than that off.


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    #64
    okeydoke1
    Closed Accounts Posts: 9 ✭okeydoke1


    Treehouse72 wrote: »
    Okey, that sounds fine for a house in a decent area since you are incorporating most of the falls to come, which will be in the ballpark of 30%-40%. But for an apartment, I'd be looking for something even more than that off.

    Yea, twas a house I meant.


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    #65
    papsita
    Registered Users Posts: 32 ✭papsita


    I am about to sign on a 2-bed house in Dublin 8. It came on at 365, went down to 320, then 299, and I got it for 255. It's gorgeous, in a great spot and I absolutely love it (plus at 32 and about to get married, feel very ready to settle down), but all the same, the closer it all gets to becoming a reality, the more I am s***ing myself and want to back out. But then, you have to live your life, don't you?


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    #66
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    Papista, the thing with your situation is that is not a huge mortgage, even if prices fall more. In absolute terms, you're not doing too bad.

    Now, my advice to anyone would be to not buy now, but considering your life situation and the fact the absolute amount you are borrowing is not enormous, I don't think you are necessarily making a massive mistake. The mortgage is about 5x a €50k salary. For Dublin 8, my feeling is that should be 4x a €40k salary, but you are not a million miles off that. A bit more, but not ruinously so. You may even make that money back in intangible ways.


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    #67
    SoupyNorman
    Registered Users Posts: 4,257 ✭✭✭SoupyNorman


    papsita wrote: »
    I am about to sign on a 2-bed house in Dublin 8. It came on at 365, went down to 320, then 299, and I got it for 255. It's gorgeous, in a great spot and I absolutely love it (plus at 32 and about to get married, feel very ready to settle down), but all the same, the closer it all gets to becoming a reality, the more I am s***ing myself and want to back out. But then, you have to live your life, don't you?

    You’re absolutely correct, you do have to live your life. My head is melted with the property market being a potential FTB I would love nothing more then to have a place of my own. The positives I see in your potential purchase are a) the price has dropped €100k+ and b)you love it. If this is for the long term and you finances are in check then go for it and best of luck.


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    #68
    empirix
    Closed Accounts Posts: 1,723 ✭✭✭empirix


    whispers are starting to gather momentum in Brussels, there is major doubt on the goverment plan to make the adequate repayments, are we the next greece?, i forsee our credit rating plunge, higher taxes and higher unempoyment,itll really start to kick off by the end of the year early next year, i would try hold off buying an apartment/house myself until the end of the year,,,,, but i do understand lust :) resist!!


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    #69
    empirix
    Closed Accounts Posts: 1,723 ✭✭✭empirix


    SoupyNorman wrote: »
    You’re absolutely correct, you do have to live your life. My head is melted with the property market being a potential FTB I would love nothing more then to have a place of my own. The positives I see in your potential purchase are a) the price has dropped €100k+ and b)you love it. If this is for the long term and you finances are in check then go for it and best of luck.

    Prices are never going to go the way they did, when we eventually get out of the crisis(i believe a lot worse has to come!!) people will have eventually learned their lesson - why? because they got stung and have suffered the consequences, its the only way people learn, that apartment will drop in proce at lest another 20k


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    #70
    papsita
    Registered Users Posts: 32 ✭papsita


    Thanks for all the responses folks.


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    #71
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    I think prices will drop for another 2 years at least.


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    #72
    billybigunz
    Closed Accounts Posts: 925 ✭✭✭billybigunz


    ricman wrote: »
    If you just wanna copy mp3s,data, from the old hd, you can just use a linux livecd ,boots from cd, to copy data from old hd to a usb drive.
    NO need to install linux on the hd,you,ll need a working pc with cdrw drive to make the livecd.I think its a waste of time trying to copy windows settings.Copy over the favourites folder too.

    So you see prices staying high then?


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