So. I jumped. Big mistake?

D1stant

Bought a house 2 weeks ago

Did a lot of research for the last 12 months, looking at price drops, areas, reading economists etc

Have got what is a nice house for under 200k, but needs another 100k minmum to bring it up to scrtach. 1940s semiD in a good area

For a good house, in a good area I dont think they will drop much more (maybe 10-15%)

Am still ****ting myself that we are going to see a double dip recession and things will really implode in Ireland though

considered thoughts welcome (even if it is too late for me)

ShadowHearth

A house under 200k which needs anather 100k to be spent on it...

M8, where the feck you did your research?! Back in 2007?!?!

For 250k-300k you could have bought a palace and move in there now.

bitchstalker

At the end of the day you have to live there don't you, so stop thinking about what it's worth, if you wanted an investment, presumably, property would not have been the answer.

Joey the lips

Negative equity is only an issue if your selling or cant pay the mortage.

If your happy in the house and know your circumstances then this is unlikely.

if it were me i would have bought as well because i like to own my own so to speak but only you can truly know if what you done is a mistake.

Enjoy it anyway....and welcome to the world of the monthly screw (by bankers )

Lyn256

Ah, I'm going to diagnose a classic case of post purchase dissonance!!
Its a common occurance after a major purchase!

If the house is right for you-its right for you!

No matter what happens-you didn't buy in 06/07 so you're way up on the deal anyway!

PhoenixParker

You've bought a house, you're happy with that it will meet your needs and you were happy with the price you paid.

Stop second guessing yourself.

The key with any big purchase is that once you make it, stop shopping. You'll only drive yourself crazy if you don't. Doesn't matter if it's a computer, a car or a house, if you keep shopping you'll start thinking "what if". The reality is that if you were really still shopping, you'd find fault with 99% of the other alternatives.

Draw a line under your purchase and be happy with what you've got.

Dades

ShadowHearth wrote: »

For 250k-300k you could have bought a palace and move in there now.

I assume the OP has searched in vain for palaces at that price in the area he has just bought in. I would love to see what palaces you can get for €300K in a nice area.

OP - assuming the semi-d you bought has potential to expand, then it's a long-term purchase and I'd just get on with making it a home. Enjoy.

JoeyJJ

Congratulations, I should hopefully close in the coming weeks myself.

I have researched a lot of although I may have waited a while longer I see a house I liked and got it at a price I was happy with and family circumstances meant it was now or probably over a year later and I choose now.

ShadowHearth

Dades wrote: »

I assume the OP has searched in vain for palaces at that price in the area he has just bought in. I would love to see what palaces you can get for €300K in a nice area.

OP - assuming the semi-d you bought has potential to expand, then it's a long-term purchase and I'd just get on with making it a home. Enjoy.

Any house that was not built at ww2 and does not need anather 100k to make it liveable is a palace in this case.

I might be to rude, but holy ****, finding a property for 200k which needs anater 100k to make it decent needs some amazing skills.

Op, I do sound like a dick, but you better listen to athers now. Don't be looking for advice or have any regrets. Stop shoping around and just live with it now. It's same as buying a car or any ather item, there will be allways something better or cheaper out there that was way too late, so just don't upset yourself.

cyrusdvirus

Dades wrote: »

I assume the OP has searched in vain for palaces at that price in the area he has just bought in. I would love to see what palaces you can get for €300K in a nice area.

OP - assuming the semi-d you bought has potential to expand, then it's a long-term purchase and I'd just get on with making it a home. Enjoy.

I assume the 'palace' he refers to is a turn key environment, that only needs repainting to put your own stamp on the house, if even that.

A house for 200k requiring an extra 100k to do it to the standard the op wants isn't a bad price at all.

I bought in August 09, end of cul de sac 4 bed semi d, perfectly habitable then and with the minor improvements I've made, still perfectly habitable. But if i wanted to do what I'd eventually like to do (convert garage, build up over the garage etc., it'll cost the guts of 100k. I'm in no hurry to do that though, after all, it's just me and my dogs in the house!!

cyrusdvirus

ShadowHearth wrote: »

.

I might be to rude, but holy ****, finding a property for 200k which needs anater 100k to make it decent needs some amazing skills.

I'm not sure if you are being sarcastic here.

Once the OP's purchase is habitable, and he needs another 100k to get it 'right' for him, then how bad??

If it needs 100k to be made habitable, and also getting it 'right' in the process where you don't need to spend money apart from basic maintenance for the next 10/20 years, then how bad??

I say fair fecks to ya OP

ShadowHearth

gatecrash wrote: »

I'm not sure if you are being sarcastic here.

Once the OP's purchase is habitable, and he needs another 100k to get it 'right' for him, then how bad??

If it needs 100k to be made habitable, and also getting it 'right' in the process where you don't need to spend money apart from basic maintenance for the next 10/20 years, then how bad??

I say fair fecks to ya OP

200k + 100k ... For a semi-d 1940...

Nothing wrong with buying now if you looking for house to live in, but there is really something wrong for over paying for something.

I am for a lookout again for a house as last week I got great news on repossed property I was closing deal on. Long story short - I am back to squire one and lost 2 month with some money.

I am not buying hater, I just don't see a bargain in op purchase.

Brw he said to bring it up to scratch. It means not personalise, but atleast make it a place where humans can live.

cyrusdvirus

ShadowHearth wrote: »

200k + 100k ... For a semi-d 1940...

Nothing wrong with buying now if you looking for house to live in, but there is really something wrong for over paying for something.

I am for a lookout again for a house as last week I got great news on repossed property I was closing deal on. Long story short - I am back to squire one and lost 2 month with some money.

I am not buying hater, I just don't see a bargain in op purchase.

Brw he said to bring it up to scratch. It means not personalise, but atleast make it a place where humans can live.

maybe up to scratch in his mind IS to personalise it. Without further input from him i guess we don't know.

If he bought a derelict shell for 200k, then yeah, you'd be right.

But if the house was lived in, just needs modernisation, and personalisation, and the OP has that 100K available to him, then why not?

Dades

Without more information, speculating as to whether the OP has paid above the odds is pointless... i.e. The house could be in Blackrock or Beirut for all we know.

My point was I assumed the OP has looked at what he could buy off-the-shelf for the price + refurb cost of the house in question, and decided the refurb place offered the best value/opportunity.

D1stant

The house is habitable now

The 100k is for a significant extension (|1000 sq ft) and refurb. Might even end up costing more than that

The same houses were selling for 370k 18 months ago. They very rarely come on the market and the location is great

Im honestly not looking for reassurance. Im a big boy and I made the jump. I just dont think this kind of house will see 90% off peak drops. Location & space are always going to demand a premium over crap new builds

The point of the post was to see if people agree

cyrusdvirus

D1stant wrote: »

The house is habitable now

The 100k is for a significant extension (|1000 sq ft) and refurb. Might even end up costing more than that

The same houses were selling for 370k 18 months ago. They very rarely come on the market and the location is great

Im honestly not looking for reassurance. Im a big boy and I made the jump. I just dont think this kind of house will see 90% off peak drops. Location & space are always going to demand a premium over crap new builds

The point of the post was to see if people agree

So in other words you are in a very similar boat to the one i was in 2 years ago when I paid 250 for mine.

In my case houses in the same estate were going for in excess of 500k during the height.

Mine needs a bit of TLC (which it's getting), and room by room approach (which it's getting) and then MAYBE an extension & garage conversion, if i need the space

And i still say fair fecks to ya OP!

ShadowHearth

D1stant wrote: »

The house is habitable now

The 100k is for a significant extension (|1000 sq ft) and refurb. Might even end up costing more than that

The same houses were selling for 370k 18 months ago. They very rarely come on the market and the location is great

Im honestly not looking for reassurance. Im a big boy and I made the jump. I just dont think this kind of house will see 90% off peak drops. Location & space are always going to demand a premium over crap new builds

The point of the post was to see if people agree

i dont see point in this thread at all so. you are a big boy, but just wondered if people agree on your purchase. how can we agree/disagree and give opinion if we dont know proper details?

If you are happy, then fair fecking play to ya.

cyrusdvirus

ShadowHearth wrote: »

I am for a lookout again for a house as last week I got great news on repossed property I was closing deal on. Long story short - I am back to squire one and lost 2 month with some money.

just in relation to this, I was watching that thread alright, and you have my sympathies. I suppose the only good thing is you got out before it got too messy.

ShadowHearth

gatecrash wrote: »

just in relation to this, I was watching that thread alright, and you have my sympathies. I suppose the only good thing is you got out before it got too messy.

thnaks. its offtopic, but when 2 solicitors telling you to back out, you dont really have much options. Its a shame, it was great property, me and misses felt in love with it. 2 months wasted by waiting... Just a note to all: make sure bank had repossed property properly, not half arsed.

sorry for offtopic.

Tigger

Joey the lips wrote: »

Negative equity is only an issue if your selling or cant pay the mortage.

or if you want to borrow money
also negative equity could also be called paying too much, paying too much is never a good idea.

f9710145

For the record, €300k would just about buy a 3 bed semi where I live, nice area in Dublin.

lomb

Tigger wrote: »

or if you want to borrow money
also negative equity could also be called paying too much, paying too much is never a good idea.

Prices will keep falling until all those houses that people cannot pay the mortgage on are reposed and then sold. Probably have another 20% off peak or40% off current prices to go. Neg equity is definitely a factor if you want to move and do so by selling. Any neg equity and your stuffed as its unlikely the bank will let you transfer the neg equity to another house.
OP I wouldnt go spending 100k on anything now especially if you have a relatively habitable house. Its always going to be a semi. Prices are falling and just like a rising tide floats all boats so is the opposite true too to some extent anyway.
People will always pay a premium for a certain type of house, I suppose youd have to look at historical asking prices back in the mid Nineties to see what that premium is.