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Cheap property

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  • 08-11-2010 7:12pm
    #1
    daithi09
    Registered Users Posts: 239 ✭✭


    Where is all the cheap property? My Fiancée and I are looking to buy somewhere in South Dublin city. I really haven't seen anywhere i'd call a bargain! We're looking to invest money,and a property with good rent potential would be good just in case we want to jump on a boat to oz in the next few years..

    If anyone see's anything good let me know.. Budget up to 300k


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    #2
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    daithi09 wrote: »
    Where is all the cheap property? My Fiancée and I are looking to buy somewhere in South Dublin city. I really haven't seen anywhere i'd call a bargain! We're looking to invest money,and a property with good rent potential would be good just in case we want to jump on a boat to oz in the next few years..

    If anyone see's anything good let me know.. Budget up to 300k



    Have you been living under a rock? Sheesh.


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    #3
    inforfun
    Moderators, Social & Fun Moderators Posts: 20,862 Mod ✭✭✭✭inforfun


    Is your internet lagging... about 5 years?


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    #4
    daithi09
    Registered Users Posts: 239 ✭✭daithi09


    nope, we need somewhere to live, we have money and renting is more expensive for us at the minute... I just thought with the country being as bad as it is there would be a lot more people really needing to sell properties and price would be down a lot lower than they are! I'm surprised they are so high that's all, and I'm asking where all the bargains are.. What's wrong with that?


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    #5
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    What would you call a bargain ? What exactly are your expectations for 300k in South Dublin:- location, rooms etc ?


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    #6
    daithi09
    Registered Users Posts: 239 ✭✭daithi09


    Apartment, two bedroom, something decent looking...I just thought that as bad of shape as the country is in people are fairly hanging on to the prices.. We were looking last year, same sort of properties but decided to hold out, but the prices haven't come down much at all.. Just surprised really..


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    #7
    liger
    Registered Users Posts: 756 ✭✭✭liger


    3 bed house for less than 85k

    http://www.daft.ie/1533519


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    #8
    daithi09
    Registered Users Posts: 239 ✭✭daithi09


    hmm, bit too far out, and looks a bit crappy.. I was hoping to get somewhere like this within my price range..
    http://www.daft.ie/searchsale.daft?id=550966


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    #9
    liger
    Registered Users Posts: 756 ✭✭✭liger


    daithi09 wrote: »
    hmm, bit too far out, and looks a bit crappy.. I was hoping to get somewhere like this within my price range..
    http://www.daft.ie/searchsale.daft?id=550966

    Wycham point is new build in dundrum, 2 beds at 295k ( Might be scope for neg there ) and no stamp duty

    http://www.myhome.ie/218136


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    #10
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    Just my 2 cent but If your looking for an investment with good rental returns I wouldn't touch an apartment. 3 bed semi in nice area's of South Dublin can be got for 300k no problem.

    IMO - This house close to the M50 would be a better investment than any apartment - http://www.daft.ie/searchsale.daft?id=563921. Don't let the D24 post code put you off that's a lovely area. I'd say you'd be able to negioate the price down. It will resale quicker than any apartment in years to come too.

    Like I say it's just my opinion but apartments = bad investment.


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    #11
    daithi09
    Registered Users Posts: 239 ✭✭daithi09


    Yeah we'd be looking to buy a house in a few years alright, but at them minute i'm working in Dublin, around Stephens green and I think somewhere like Rathmines would be perfect as I wouldn't have to travel far either, and also because It'd be very easy to get it rented out.. We wouldn't necessarily have to sell it in a few years either as long as the renting it out was successful! Would I be right in saying 20% below asking price is about the right price to offer these days?


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    #12
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    daithi09 wrote: »
    Yeah we'd be looking to buy a house in a few years alright, but at them minute i'm working in Dublin, around Stephens green and I think somewhere like Rathmines would be perfect as I wouldn't have to travel far either, and also because It'd be very easy to get it rented out.. We wouldn't necessarily have to sell it in a few years either as long as the renting it out was successful! Would I be right in saying 20% below asking price is about the right price to offer these days?


    Dude, you're all over the shop and need to get a grip.

    Why on earth should the asking price dictate how you calculate your offer? Think about it - if the seller puts their property on at €1m, and you offer 20% less, that's €800,000. Fine. But suppose, on a whim, the seller puts it on at €1.2m instead. So you lob 20% off that and offer €960,00. You are suddenly offering €160,000 more for the exact same house simply because the seller woke up one morning and decided to ask €200,000 more. Think about all that for a moment and realise how hopelessly wide of the mark your approach is.

    Second, of course you'd like a nice place in Rathmines. It's close to town, with good transport links, lots of amenities, it's safe and it's a fun area. Could I ask, do you really think you're the first person to think it'd be a good place to buy? You seem kinda blissfully unaware that good locations demand a premium. So when you say you'd like "somewhere like" Rathmines, how many Rathmineses do you think there are out there?

    Finally, you keep hinting you're about to emigrate, and that if you do you can rent the place out. Why in the world would you buy in the middle of a property crash a short time before emigrating? It's totally bloody insane, and sounds like something people would have done in 2005. And this matter of renting it out, are you aware of how many amateur landlords are being bled dry by their investment properties at the moment? That it is a stressful, dangerous thing to do without meticulous planning and stress testing? It seems way, way too casual to think you can just up sticks and leave the place to pay for itself. A lot of people thought that prior to 2008 and are regretting it now. Selling it in a few years time is also optimistic in the extreme, given instant negative equity is assured if you buy now.

    Hope I'm not coming across too confrontational, I'm just trying to point out that you don't seem to be terribly engaged with realities on the ground.


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    #13
    daithi09
    Registered Users Posts: 239 ✭✭daithi09


    Yes that would be a silly approach with the 20%, i was talking more about in this case, looking at other properties in the area it seems that would be a good price. I also said selling it is not a big deal along as rent could cover the costs or we could live there. Australia is on the cards as a working holiday for a year tops, And the wages over there for her profession is a lot better than here. I know I sounded very relaxed and all over the place but it's something we've talked about and want to do, our situation is not the run of the mill stuff and really all I was asking when I opened this is why have property prices not falling more considering how many people are 'screwed'. Anyway Didn't really want to post my life story, sorry!


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    #14
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    daithi09 wrote: »
    Anyway Didn't really want to post my life story, sorry!


    And I didn't want to take 10 minutes to write a post giving you advice that is of no benefit to me whatsoever. But I did. Sorry you were inconvenienced into having to post a 4 line reply. My apologies. Good luck with the new gaff.


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    #15
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    if you want a 2 bed...

    http://www.myhome.ie/residential/brochure/1-church-park-court-mount-argus-road-dublin-6w/173541 (was 310).

    Number 8 is also for sale, slightly cheaper. 265 down from 285k IIRC. They rent around 1000 pm, as someone I know viewed one in the summer.

    I've seen number 8, it's pretty nice, but I want a garden/yard, and didn't fancy the bathroom setup. They're a bit too apartmenty for my liking

    It's about 10 minutes walk to Rathmines.


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    #16
    noxqs
    Registered Users Posts: 413 ✭✭noxqs


    If it rents for 1000 pm the market price of the property should be 162,000 euros based on standard P/E valuations. 39% overvalued currently.


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    #17
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    noxqs wrote: »
    If it rents for 1000 pm the market price of the property should be 162,000 euros based on standard P/E valuations. 39% overvalued currently.

    Sure, but the OP wants a 2 bed in D6 (ok, there's a sneaky w in there) and is willing to spend up to 300k. They're the best I've seen to match his expectations. Whether those expectations are valid or not is not for me to say.

    I expect they'll go for a good bit less than the asking, but not near the 162k you calculated. At least number 1 finally took a drop in the asking from 310 to 275 - was a long time coming to get that far.


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    #18
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    daithi09 wrote: »
    Yes that would be a silly approach with the 20%, i was talking more about in this case, looking at other properties in the area it seems that would be a good price. I also said selling it is not a big deal along as rent could cover the costs or we could live there. Australia is on the cards as a working holiday for a year tops, And the wages over there for her profession is a lot better than here. I know I sounded very relaxed and all over the place but it's something we've talked about and want to do, our situation is not the run of the mill stuff and really all I was asking when I opened this is why have property prices not falling more considering how many people are 'screwed'. Anyway Didn't really want to post my life story, sorry!

    From the experience of folk I know who have a house rented out the rent you recieve will not cover the cost; it might not even come close to covering it.


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    #19
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    noxqs wrote: »
    If it rents for 1000 pm the market price of the property should be 162,000 euros based on standard P/E valuations. 39% overvalued currently.


    Come back after the coming 4 years of austerity budgets if you actually want to see this formula in practice - at least....


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    #20
    Auctionmcd
    Closed Accounts Posts: 103 ✭✭Auctionmcd


    Just noticed that Derek Brawn has a site now which calculates if it is cheaper to rent or buy. I think the problem is that the sellers idea of a bargain is based on what it cost him and the purchasers is based on todays factors. Sellers need to come back to reality and forget the mistakes they made.
    daithi09 wrote: »
    nope, we need somewhere to live, we have money and renting is more expensive for us at the minute... I just thought with the country being as bad as it is there would be a lot more people really needing to sell properties and price would be down a lot lower than they are! I'm surprised they are so high that's all, and I'm asking where all the bargains are.. What's wrong with that?


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    #21
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    daithi09 wrote: »
    really all I was asking when I opened this is why have property prices not falling more considering how many people are 'screwed'.

    A reason that they have not falling as fast as they should and the lack of a swamping affect of properties on the market is:

    -Mortgage moratorium on repossessions
    -Mortgage holidays
    -NAMA on new builds holding back property.

    Our glorious leader said yesterday that 70,000 mortgages are in trouble, that in no way has contributed to any upward inventory on the market yet.


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    #22
    loyatemu
    Registered Users Posts: 14,920 ✭✭✭✭loyatemu


    Auctionmcd wrote: »
    Just noticed that Derek Brawn has a site now which calculates if it is cheaper to rent or buy.

    free version of the same thing here

    requires you to make a lot of assumptions about future mortgage rates, investment returns and tax though.


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    #23
    liger
    Registered Users Posts: 756 ✭✭✭liger


    gurramok wrote: »

    70,000 mortgages are in trouble, that in no way has contributed to any upward inventory on the market yet.

    Of these 70,000 how many would clear their mortgage if they sold? Probably not many. The banks are relucant to let people sell and transfer the shortfall to a personal loan so these will not hit the market until the bank repossess.


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