How much would you offer for this property?

dory

I'd also offer €30k.

You mentioned you may build upwards. You absolutely can't because of the windows on the house. Even if your property was somehow not touching the windows, it'd still block all light.

lisasimps

ha ha thanks!!!!I havent even seen the place yet, but ive gotten some good advice, like finding out the freehold, and if theres independent electricity, and i can also say ive been speaking to people who say its way overvalued, just a garage etc. so i feel like i'd know a bit more when i do go view it!

lisasimps

dory wrote: »

I'd also offer €30k.

You mentioned you may build upwards. You absolutely can't because of the windows on the house. Even if your property was somehow not touching the windows, it'd still block all light.

ok, cool. Just a thought, didnt even notice the windows!

lisasimps

although with regards to the esb, i'd guess it is independent because i just had a look and theres a meter box on the side of the property

spockety

Worth about €80 per square foot I'd say.

Start your bidding at €15K and be willing to go to a max of €20K.

The_Conductor

Do you think it would be a good idea to buy this property?

No, I don't. Irrespective of its central location- as either a rental property or if you intend to sell it in the future- it would be incredibly difficult to shift.

What would you offer? / What do you think would be accepted?

If I *had* to live in this house in particular- I would not buy it under any circumstance. I would rent- and based solely on location would pay around EUR400 a month- I really couldn't justify spending any more.

If I was buying it- I would heed the advice above re checking that it has its own electricity, plumbing, sewage etc- separate from the main house. I'd be very surprised if it did......

If I currently owned this property and wanted to sell it- I would make a working assumption that a reasonable rent for it is around EUR400 a month, multiply this by 11 for an annual rent (EUR4,400) and then multiply by 11 = max 48k

Assuming there was no problem renting it (which I would not!), and presuming it achieved EUR400 a month (doubtful given its size)- I would pay a max for 45-48k for it.

Do not make any sort of assumption that you will get anything like EUR700 a month for this at some stage in the future- the only thing propping up residential rents is rent-allowance, and this property wouldn't even qualify for a RA tenant on 5 or 6 different grounds...... In addition- rent allowance is to be further reformed in December- which will really knock the stuffing out of residential rents......

Do you think I have a chance in hell of getting a mortgage approved without any guarintor, given my work circumstances?

It depends on whether you have security on which to secure the loan. The level of mortgage you are seeking should not ring alarm bells unduly- though the particular property would be considered extremely risky.

How quick could the sale be completed (i know, how long is a piece of string) if everything went to plan?

It would not be in the sellers interest to drag out the process- if he has an interested buyer- I'd be willing to bet that he would move heaven and earth to get the transaction done asap........ Even with this- it could take 2-3 months- this wouldn't be unusual.......

Idbatterim

I wonder, if another storey could be added to the property? Although there is a window on the side of the main building, with an extra storey on it, you could have a kitchen, living dining room, proper bedroom and bathroom... maybe even a second bedroom...

oceanclub

Idbatterim wrote: »

I wonder, if another storey could be added to the property? Although there is a window on the side of the main building, with an extra storey on it, you could have a kitchen, living dining room, proper bedroom and bathroom... maybe even a second bedroom...

Er, and what does the owner of the main house do about the fact their window is blocked by another storey inches away?

P.

Idbatterim

Idbatterim wrote: »

I wonder, if another storey could be added to the property? Although there is a window on the side of the main building, with an extra storey on it, you could have a kitchen, living dining room, proper bedroom and bathroom... maybe even a second bedroom...

You'd be better off building a basement! Realistically what you see is what you get.

Idbatterim

it would effectively become a terraced house, we dont know to which room or space that window provides light, if its a stairway or landing, simple, install a skylight, if its a bedroom, is it even used? If it meant the difference between an offer and none, id consider it, if I were the owner! Do you reckon that before the extension was built, that there was no window to that side of the house on ground level?

oceanclub

If it meant the difference between an offer and none, id consider it, if I were the owner!

The owner would have to be pretty stupid to lower the value of their current house in order to sell an extension, but actually they might be stupid enough to go for it.

P.

Idbatterim

Idbatterim wrote: »

it would effectively become a terraced house, we dont know to which room or space that window provides light, if its a stairway or landing, simple, install a skylight, if its a bedroom, is it even used? If it meant the difference between an offer and none, id consider it, if I were the owner! Do you reckon that before the extension was built, that there was no window to that side of the house on ground level?

It's possible that the house was designed to have a garage attached, so could have had a doorway through to it. The house beside it also has a single story attachment, but not possible to see what it is in the photo.

As to the original question €25k max is what I'd offer as the risk if being stuck with it is high. OK for an old singe person who can walk unaided.

Treehouse72

Ortiz wrote: »

Hi lisasimps,

I'd honestly start with an offer of €25 - €30k. Just see what feedback you get.

It took 30 posts but someone finally answered the question you asked

I answered OP's question in the third reply in the thread on page 1.

I see a very clear subtext to your post which is that people are so keen to tell OP not to buy the property that they aren't even answering her question. The unmistakeable implication is that people are engaging in mindless negativity.

So, just to set you straight, the bubble is gone, people have woken up and no amount of back-handed insult ("yez can't even be bothered answering the question yez are all so negative") will reverse that.

I suspect that many here didn't put a price on that "leanto house" simply because they couldn't see it being worth anything.

It's only worth what people are willing to pay for it, it's best bet would be to remain with the original house and be rented out as a flatlett.

At least the original owners will have a valued added enhancement on their property.

Idbatterim

It think its hard to value, are we talking about what we reckon its actually worth or what may even stand a chance with the seller? Regarding the comment about the value of house, being affected by building another storey on top, Id rather have say 40-50k in the bank, than a notional 50k on paper, in a house I may never want to sell anyway.

subway

With the business I do, I would also be doing work from home, so technically it would be a business investment

I work 7am - 7pm so would barely be there!

I work long hours and i'd love to have somewhere nice to come home to in the evening to relax.

you keep dismissing valid points by saying different things, which one is it?

JoeyJJ

If you wanted to buy I'd stick in an offer of 40k.



Hypotecial situation below if you want further reading, if not don't read.

Right imagine you buy it for 40k and have it for 5 years and pay off the Mortgage.

You own a property of say 40k for convience, your rent would have been approx 36-40k over that period. Not too bad you say. You could probably clear the loan for 55k.

Right in 5 years time you want to buy a nice property after all your business is doing well. You go for a nice 4 bed top of the range house say 500k.

In the future stamp duty is 5% (i dunno guessing) You buy the nice house you now have to pay the government 25K on stamp duty, you will need a deposit of 50k. Plus you now need to pay property tax (because its coming) on two properties.

In my opinion the only way you'll rent or get rid of the property you bought is to ask the neighbour to buy it for say 15k or get a student in. Are you better off now? Your Stamp duty allowance is gone.


Flip Side

Rent for 5 years cost 36-40K

You will have saved 15-20k on the difference of paying off the loan (Conservative)

Advantages:
1. Savings.
2. Flexability only tied to 6-12 months
3. You will be a FTB - possibly no stamp duty (depending on politics)
4. You can ring landlord when the washine machine, shower, drains, etc need maintenance.
5. Won't have to pay property tax until you buy.


Edit: Forgot to factor in Legal fees, conveyancy, furniture etc. Along with a load more probably.

Victor

You have to wonder if the property is legally a house. What does the planning permission say?

Ortiz

Treehouse72 wrote: »

I answered OP's question in the third reply in the thread on page 1.

I see a very clear subtext to your post which is that people are so keen to tell OP not to buy the property that they aren't even answering her question. The unmistakeable implication is that people are engaging in mindless negativity.

So, just to set you straight, the bubble is gone, people have woken up and no amount of back-handed insult ("yez can't even be bothered answering the question yez are all so negative") will reverse that.

I'm not saying people are engaging in mindless negativity so keep your "unmistakeable implication" to yourself.

I just think that there are too many a$$hole comments on this forum to people who are just looking for some simple advice (not directing this at you personally). It really just seems that most posters here take every opportunity to tell people how the market works. It's helpful to mention it to them at the start just so they're aware and then continue on and answer the questions they asked, but too many threads go on for pages with people just ranting about the property market. I'd call it more unnecessary negativity rather than mindless.

Thanks for getting off your high horse to come down to my level and 'set me straight' though, I appreciate that.

lisasimps

subway wrote: »

you keep dismissing valid points by saying different things, which one is it?

i dont know what points i dismissed! Some of my work I bring home, part of my business is making stuff, and I can do that at home

JoeyJJ wrote: »

If you wanted to buy I'd stick in an offer of 40k.



Hypotecial situation below if you want further reading, if not don't read.

Right imagine you buy it for 40k and have it for 5 years and pay off the Mortgage.

You own a property of say 40k for convience, your rent would have been approx 36-40k over that period. Not too bad you say. You could probably clear the loan for 55k.

Right in 5 years time you want to buy a nice property after all your business is doing well. You go for a nice 4 bed top of the range house say 500k.

In the future stamp duty is 5% (i dunno guessing) You buy the nice house you now have to pay the government 25K on stamp duty, you will need a deposit of 50k. Plus you now need to pay property tax (because its coming) on two properties.

In my opinion the only way you'll rent or get rid of the property you bought is to ask the neighbour to buy it for say 15k or get a student in. Are you better off now? Your Stamp duty allowance is gone.


Flip Side

Rent for 5 years cost 36-40K

You will have saved 15-20k on the difference of paying off the loan (Conservative)

Advantages:
1. Savings.
2. Flexability only tied to 6-12 months
3. You will be a FTB - possibly no stamp duty (depending on politics)
4. You can ring landlord when the washine machine, shower, drains, etc need maintenance.
5. Won't have to pay property tax until you buy.


Edit: Forgot to factor in Legal fees, conveyancy, furniture etc. Along with a load more probably.Joey, interesting scenario. Part of the attraction of the purchasing option is the benefit of not having to worry about the dogs, or trying to find a place that will accept them, but on the flip side, your right about not having the responsibility to fix appliances etc.

Victor wrote: »

You have to wonder if the property is legally a house. What does the planning permission say?good point victor, how do i find out about this?

Once again, thanks everyone for your feedback, lots of food for thought!

Rasmus

To answer the original question, I think it's worth about 25k (because it's not really a 'property' and seems like an extension). In that price range, an individual unit would be much better, like this one (if you have money to renovate)

http://www.daft.ie/searchsale.daft?id=536912

I don't know Cork though, or what this neighborhood is like...

iguana

Treehouse72 wrote: »

I answered OP's question in the third reply in the thread on page 1.

I answered her in my post too. Imvho, as a stand alone property is completely valueless.

subway

theres, apparently, no planning permission on file with cork city council for this.
do your homework before proceeding.

with regards my comment about your conflicting opinions.
1) you counter the argument that its too small by saying you wont be there much
2) in reality you want a place to relax in the evening, have 2 large dogs and work from home from time to time. this is not the place for you

finally, ive just realised you plan to buy this using a business loan by suggesting it doubles up as a business premises. as it doesnt even seem to have planning as a domestic residence, thats something you should check with your solicitor etc.
it might cause issues with tax, rates, etc & also if the business runs into difficulty and the bank seizes your house as a business asset

The_Conductor

Guys, chill.....

SMcCarrick

Ortiz

iguana wrote: »

I answered her in my post too. Imvho, as a stand alone property is completely valueless.

Fair enough. It would have some degree of rental value though wouldn't it? I'd say you could rent it out for €300 - €400. So that must mean it has some capital value also. €70k is def way out but if you could buy it at €30k and rent it for €400 p/m would you?

Rasmus

I wouldn't pay 400 in rent for it... maybe if you decorate it with leather lazyboy chairs, plasma TV and surround sound.

The_Conductor

I'm closing this thread.
OP if you would like me to reopen it- please PM me.

Regards,

SMcCarrick

The_Conductor

Reopened at OP's request.

lisasimps

Subway how do you find out about the planning permission, who owns what walls etc?

Rasmus that would be the plan

The main reason for buying the property would be to live in for the next few years without having a landlord / stressing about dogs / having my OWN place etc. so no need to worry about its rental value until after i'd paid off the mortgage / loan type, and at that stage, i'd take what I could get
My sister works in a letting agency so i just sent her an email there to see what they'd value it at (roughly) furnished.

Subway, it really is tiny, but I could make it cosy and homely so the size isnt really a problem, I'd be there in the evenings, and from time to time do bookkeeping on my laptop, take calls, make appointments, etc. all done from my lap really, or i'd put a breakfast bar at the end of the worktop and work on that.

I doubt that I could buy it with a business loan, as it would be as a home really, not an office, and I guess a mortgage is prob out of the question as im not in business long enough, but I could perhaps get a personal loan from the bank, or even the credit union?

Im just going to go see it, and try and find out more information.

Your all being very helpful suggesting other properties for sale etc. but to be honest I wouldnt be able to afford them, and this place took my fancy because I thought i could get it for 45-50,ooo. But now that people are saying its worth less, it makes it more appealing!!!!!


Im taking everyones advice on board though, dont think im one of those posters who looks for advice even though they are not going to take it!!

subway

http://planning.corkcity.ie/InternetEnquiry/rpt_QueryBySurForRecLoc.asp
just put the road in and you can see plenty of info there.
as this doesnt have PP you would need to get it checked out by someone with more than just access to the public database.
dont buy anything with dodgy title etcst make sure they make sense to you