What would you pay? Detached house in countryside

Larna

I'm looking at a 4 bedroom detached bungalow in the countryside in south County Mayo.

I'm absolutely not looking for semi-detached houses in estates or towns. I want to buy in the countryside, somewhere quiet and peaceful.

There are lots of guides of how much semi-detached houses in towns are now worth, but very little has been written about houses in the countryside in the West.

I'm looking at a particular house that meets my requirements and am very likely to purchase in the coming weeks. I work 5 miles from this house so it ticks a lot of boxes for me.

My question is, what would others think it is worth?



It is approx 8 miles from 3 different large towns with all amenities. 25 miles from Galway city.

House is located on a quiet road. One house nearby (in the next field), others further up the road. No-one too close by so lots of privacy.

House size is 150 Sq. Metres (1,615 Sq. Feet). Site size is over half an acre with two lovely gardens (front and back).

There are two work sheds at the property, one very large (would hold 4 or 5 tractors) and other shed is smaller - would hold two or three cars, sheds were a requirement of mine and certainly make it worth more, IMO.

House overlooks the countryside and a small lake. House is 29 years old. 4 bedrooms. 1 bathroom, 1 wc/shower room.

Floored attic and stira stairs access.

Large tarmacadam area around house so lots of parking.

Double Glazed windows.

Oil fired central heating, well insulated.

Curtains, light fixtures, cabinets, wardrobes and vanity units in bedrooms, oak kitchen units, cooker, fridge, dishwasher all included.

House is ready to be lived in.


So... what would YOU be willing to pay for it?
I know a lot of people will not be able to comment on rural county Mayo, but replies appreciated.

meditraitor

Between 80k and 100K max,

Larna

meditraitor wrote: »

Between 80k and 100K max,

That seems low to me. Can I ask why you would only pay 100k max? Thanks.

meditraitor

Larna wrote: »

That seems low to me. Can I ask why you would only pay 100k max? Thanks.

Simply the fact that you are a buyer in rural mayo puts you at a distinct advantage, there really can't be many right now....... Your are in contol and honestly thats all a second hand country house on a half an acre in Mayo is worth

Larna

meditraitor wrote: »

Simply the fact that you are a buyer in rural mayo puts you at a distinct advantage, there really can't be many right now....... Your are in contol and honestly thats all a second hand country house on a half an acre in Mayo is worth

Thanks, that's good to know. It's a good position to be in!

meditraitor

Larna wrote: »

Thanks, that's good to know. It's a good position to be in!

Good luck, I hope you get a bargain.......

Rick Deckard

I'm not up on mayo, but don't go on whats written anywhere.. It's in everyones interest to keep house prices up (bar yours).

Thats why we keep hearing "we've turned a corner", "reaching the low end"..

All i can say is we found a house we liked in a location that suited us for work.
The house had been on the market since last summer. It was listed @ 549,950. We put in a VERY low offer a month ago, they said no way, then rang us last week and asked if the offer still stood!

People are desparate. And there's no light at the end of the tunnel

Mr. Loverman

80k max.

Why?

Because that's all it'll be worth in a few years.

As you know, we have probably 20 years of pain ahead of us. Our leaders are total cock ups and will continue ****ing up the country for a long time.

Larna

That's very interesting, thanks peatcass.

There can't be too many buyers out there right now, so I think sellers have to consider any offer they get.

Appreciate your reply!

Rick Deckard

Larna wrote: »

That's very interesting, thanks peatcass.

There can't be too many buyers out there right now, so I think sellers have to consider any offer they get.

Appreciate your reply!

No probs, just don't underestimate how low you can go!

Good luck:)

peatcass

peatcass wrote: »

It was listed @ 549,950. We put in a VERY low offer a month ago, they said no way, then rang us last week and asked if the offer still stood!

Are you not going to quantify what VERY low is?

JoeyJJ

There was a lot of houses built on Erris peninsula last few years, people thought Shell would have 1000's of people for years however that was only for a couple of years. Now their are lots of properties which are not going to be rented and will probably go on the market.

Might be worth a look and there are some fabulous views down there and beaches too and the locals aren't too bad either.

Larna

Where I'm actually looking is South Mayo on the Galway border, about half an hour from Galway city, but still quite rural.

North Mayo is beautiful, but afraid that'd be quite the commute!

Rick Deckard

RoverJames wrote: »

Are you not going to quantify what VERY low is?

350 Pending a survey.

Mr. Loverman

peatcass wrote: »

350 Pending a survey.

Not trying to be a bollox, but is that low compared to 1998 prices or low compared to bubble prices?

Marcusm

Is ths Kilmaine type of area, striking distance of Ballinrobe and Tuam? Not are how much is for sale but doubtthat there will be significant demand in this area except for people working locally. Not a tourist or holiday home area and despite boom time experiences, I suspect people are tired of commuting to Galway for work. Also a lt if urban house building in the recent past that I suspect is under-utilised. What are local incomes, less than 25k average, I suspect which I think puts 100k probably outside a comfortable purchase price. Sounds like a decent house but one which should be within the aspirations of an average income earner (no knowledge of your particular circumstances).

What would a local rent be? For this type f use, I'd want to get 700 per month to justify pricing at 80k so I bet little investor interest either.

Rick Deckard

Mr. Loverman: Not trying to be a bollox, but is that low compared to 1998 prices or low compared to bubble prices?







I'd say its 'worth' 400 - 450 so future proofing myself as much as i can. These days you can only go on what you think yourself.. In my case it's beside good schools, 5 mins (in normal traffic, not sunday morning) to swords/family.

In the boom it was valued at 1.2m (they produced a cert, so not bull)
Pre boom not sure, as didn't look at houses back then..

ei.sdraob

Larna wrote: »

That seems low to me. Can I ask why you would only pay 100k max? Thanks.

Any more that 100K and you be better of building one to your needs

Larna

Yep Marcusm, that region.

I would guess local rent for an average house (not in as good shape as this one) in the country would be around 500 p/m or something around that. Doubt investors would be interested.

BrianBlessed

peatcass wrote: »

I'd say its 'worth' 400 - 450 so future proofing myself as much as i can. These days you can only go on what you think yourself.. In my case it's beside good schools, 5 mins (in normal traffic, not sunday morning) to swords/family.

In the boom it was valued at 1.2m (they produced a cert, so not bull)
Pre boom not sure, as didn't look at houses back then..

It was not a boom it was a bubble and you should pay no attention to asking prices for this period

Larna

ei.sdraob wrote: »

Any more that 100K and you be better of building one to your needs

I'm considering that option too, swaying between the two options at the moment, and I'm told it'd cost me above 170k to build the same house including the sheds and surrounding finishes.

So it's a hard one to call.

gigino

Mr. Loverman wrote: »

Not trying to be a bollox, but is that low compared to 1998 prices or low compared to bubble prices?

some properties are now worth less than 1996 prices...and going lower

Rick Deckard

BrianBlessed wrote: »

It was not a boom it was a bubble and you should pay no attention to asking prices for this period

I pass no heed at all, but loverman asked.

ei.sdraob

170K to build a 150 sq m home? in mayo?? nono

1000 per sq m would allow you to build AND furnish a home to quite high standards

You also have to remember that any new home would have to follow latest building/county regulations which means plenty of insulation, solar water heating and waste treatment system instead of septic tank
things that would be missing in 29 year old home

Larna

There is so much talk about how little houses are worth now, and how far you can push the seller, but of the people I've spoken to who have purchased in the past few months, houses of asking prices between 150 and 190k, the purchase price after much haggling and waiting around came in about 20 or 30k max below the asking price.

I'd love if some other people would come forward to say what the asking price was on their property and what they actually paid.

There are very few buyers right now, we're told, and there are lots of people who desperately need to sell, but at least at this precise time, I'm not seeing anything at all good in Mayo/north Galway for asking price of 100k or below. Mostly just run-down shacks that would cost tens of thousands to make them livable in.

Of the properties that have been sold and were worth buying, people paid 120k or up. (That's for detached bungalows).

Things may be different in Dublin, but I have to wonder if it's a totally different case down the country and perhaps house prices were never as exceptionally high in the first place as they were in the big cities, so they haven't come down exceptionally low now either. And maybe they won't budge much over the next couple of years.

Larna

ei.sdraob wrote: »

170K to build a 150 sq m home? in mayo?? nono

1000 per sq m would allow you to build AND furnish a home to quite high standards

You also have to remember that any new home would have to follow latest building/county regulations which means plenty of insulation, solar water heating and waste treatment system instead of septic tank
things that would be missing in 29 year old home

True. The quote took into account erecting sheds and large tarmac area.



I'm hoping someone can point me in the direction of someone familiar with current prices of what it would cost me to build, hiring a sub-contractor to take care of it.

As far as I can see, unless it is a self-build, it is NOT cheaper to get into building a house.

If I do decide to build, I'd look at two storey rather than bungalow, and by the time sheds are erected and landscaping done, I'm told I'd be far above just buying a house that's ready to be lived in. The process will likely take years during which time I'm having to continue paying rent.

I'd have to sink my own well also if I build.

I have land and am looking into building, but I will definitely have to get a sub-contractor to do the job as I work long hours and don't have time to deal with it, and by the time I've covered their cost, it's probably not worth it... ? ?

That was swaying me to buy something ready to live in.

Still much thinking to do.

gigino

ei.sdraob wrote: »

170K to build a 150 sq m home? in mayo?? nono

1000 per sq m would allow you to build AND furnish a home to quite high standards

You also have to remember that any new home would have to follow latest building/county regulations which means plenty of insulation, solar water heating and waste treatment system instead of septic tank
things that would be missing in 29 year old home

Well said. 150k to build AND furnish a home to quite high standards .

Old secondhand homes need to be priced well less than that to sell, in a market where there are very few buyers and everyone is expecting more cuts / pain to follow in the coming years + prices to fall more.
There are brand new apartments priced at 40k in the country ; that is less than construction cost.
Do not think something is cheap beacuase it is less than bubble price from 4 years ago.

zenno

my uncle is selling his 3 bedroom cottage with a large shed and 12 acres of land for 170,000 4 miles from knock in ballyhaunis. mayo. it has a fairy fort on the land as well, lovely location but there is no broadband only dial-up. there is enough turf on the land to last two lifetimes, alot of money to make on that. though i think thats even cheap for that amount of land and the rest.

gigino

With due respect, asking and getting are 2 different things. A lot of property in rural areas is on the market for years without selling. I know of one which sold for 35% of asking price, the seller had to sell.

Larna

zenno wrote: »

my uncle is selling his 3 bedroom cottage with a large shed and 12 acres of land for 170,000 4 miles from knock in ballyhaunis. it has a fairy fort on the land as well, lovely location but there is no broadband only dial-up. there is enough turf on the land to last two lifetimes, alot of money to make on that. though i think thats even cheap for that amount of land and the rest.

Quality of land there is a big factor though, sounds like the land is bog rather than quality agricultural land.
And a lot of people could see the fort as off-putting, a registered historic site that they can never build on or such.

It does sound pretty cheap though, pity it's not south Mayo!

Larna

gigino wrote: »

With due respect, asking and getting are 2 different things. A lot of property in rural areas is on the market for years without selling. I know of one which sold for 35% of asking price, the seller had to sell.

Definitely. The prime factor there is finding the seller who HAS to sell. Some people can afford to sit on it for years, until the right buyer comes along.