Sanity checking on house prices

johndaman66

nicol wrote: »

I'd be cautious about the heating costs; living in a similarly sized house at the moment and it's costly enough to heat. Wonder what the BER is?

I'd second that. Not only that but if property taxes based on floor area/ site size or combination thereoff are introduced following the mickey mouse €100 charge the owner might be in for a right shock. It is a nice imposing house (in my opinion the kind of houses that make nice one of builds in the countryside) with some nice features but can't say the layout inside seems fantastic.

I think you could only justify it you had a large family or were planning to do so, or perhaps intened to go down the B&B route. Also, 1.7 acre site, thats a lot of grass to be cutting:)

gigino

if property tax in a few years will be based on site size, it would be expensive to run....
150k is enough for that house. Some other (smaller ) new houses in that locality are half that.

Tigger

gigino wrote: »

if property tax in a few years will be based on site size, it would be expensive to run....
150k is enough for that house. Some other (smaller ) new houses in that locality are half that.

with 2 garages and a workshop?


links to value in the area would be appreciated

mmc2010

Jeepers Tigger, that's a massive house! wouldn't fancy vacuuming that! I would think €350k is probably cost price and I would doubt if they would accept anything less that 250-300k for it. I think its well worth that....

Zamboni

I love it.
Photo 10 has got awesome home gym written all over it.

Tigger

mmc2010 wrote: »

Jeepers Tigger, that's a massive house! wouldn't fancy vacuuming that! I would think €350k is probably cost price and I would doubt if they would accept anything less that 250-300k for it. I think its well worth that....

Built 12 years ago would have cost about 190

Zamboni wrote: »

I love it.
Photo 10 has got awesome home gym written all over it.

that would be my car/bike workshop. The gym would go in the second living room.

I think that there are too many small rooms I'd prefer less but bigger rooms

mrmitty

Nice house but hard to value given location.
Forget rebuild costs as they have no bearing on valuation at present.


It's got Celtic tiger written all over, it by the way.

Tigger

How do you figure rebuild costs as irrelevant ?

Not agreeing or disagreeing just interested

mrmitty

The flood of available houses have distorted the market.
Just as the flood of money distorted the market during the bubble.


It's all about demand v supply.


If I need a 4 bed house and I am the only one with the resources to purchase it then it does not matter if this is a 10 bed house or 4 bed house. There's only demand for a 4 bed, thus the price will reflect this.

Also
Location, location, location.

makeorbrake

Big is not beautiful (not to mention practical, economical). Whilst it's a nice part of the country, in terms of demand, it's probably one of the worst locations. What would you estimate your yearly oil bill to be with that house?

Mr. Loverman

Do you really need a house that big, i.e. do you have or plan to have a few children? I grew up in a fairly big house and heating it was a nightmare.

gigino

Tigger wrote: »

How do you figure rebuild costs as irrelevant ?

Not agreeing or disagreeing just interested

because they are not relevant to other property being sold. Some apartments are on sale for 40 to 45 to 50k : thats less than their build cost too.

That big house would be a nightmare to property tax in 3 years time, and to heat. Also its location is not great....it would be worth more in a more desirable area. Its not as scenic as some other parts of the country, and not beside a big city. Still a nice house to live in though, I 'll give it that. There are a lot worse.

In a year or 2 houses like that will be a lot cheaper, in my humble opinion.

ArraMusha

Nice looking house, but location is not good therefore I'd value it today at 200k max.

That's assuming its in a private area not too overlooked.

in 6 mts time take 20k off that.

Senna

Tigger what are your ties to the area?
How far is it from your place of work?
Is your job rock solid, i.e. do you see yourself staying in that job long term?
If you did lose your job, is there employment locally in your field?

The reason i ask is i was in a similar position, i could have bought more impressive and cheaper if i went further away from Letterkenny. But i always said more than a 15 minute drive to town was too much and now i'm really glad i didn't buy further away.

amdublin

Big house = big cleaning.

That is one badly designed house with fiddly little rooms :eek: The rooms with the two single beds wtf?
The kitchen is horrendously dated, as is the fireplace (dated for even ten years ago).
Are you planning on knocking down walls and completely opening it is up on the inside op?

And then there is the outside...IMO this is one ugly house (it's so tacky!) with no real design element - probably picked from a book.

I wouldn't pay a red cent for this house.
Seriously dude it's a buyers market, get a gem, not some pumped up Celtic tiger ugly folly.


(ps. Do you have a large family or are you planning one?? After seeing the link to the house I am seeing you as a single man currently )

amdublin

^^^ sorry if the above was harsh but you wanted a reality check/sanity check

not even wrong

amdublin wrote: »

And then there is the outside...IMO this is one ugly house (it's so tacky!) with no real design element - probably picked from a book.

Seriously. In the dictionary under the word "McMansion" there's a picture of this house.

jmayo

Tigger wrote: »

So this is the house

http://daft.ie/searchsale.daft?id=602810

Nice but too cluttered a layout
Still think its good value at 220 tho

Opinions?

Hang on isn't that out the road to Curry/Tubber ?
If so you are in Sligo me boy.
But it's ok you can pretend you are in Mayo.

amdublin wrote: »

Big house = big cleaning.

That is one badly designed house with fiddly little rooms :eek: The rooms with the two single beds wtf?
The kitchen is horrendously dated, as is the fireplace (dated for even ten years ago).
Are you planning on knocking down walls and completely opening it is up on the inside op?

And then there is the outside...IMO this is one ugly house (it's so tacky!) with no real design element - probably picked from a book.

I wouldn't pay a red cent for this house.
Seriously dude it's a buyers market, get a gem, not some pumped up Celtic tiger ugly folly.

(ps. Do you have a large family or are you planning one?? After seeing the link to the house I am seeing you as a single man currently )

Ah ffs let me guess you want some architecturally designed monstrosity that was designed specifically for one person's criteria like yer man on About the House or one of those shows servers up.
Everyone doesn't bleedin want a house that is like a goldfish bowl or has some kitchen that would blind you with blink.
And everyone doesn't want a freaking US style open plan you know.

amdublin

^^^ yeah but i would assume that everyone at least wants a nice house??

That house is tacky imo.

professore

All relative. Open plan / IKEA style furniture is "in" now, in 10 years time no-one will touch that kind of layout with a barge pole. If you made that house open plan you'd freeze to death in winter.

It's a fine house for a B&B, IMO it's too big for a family home, unless you're really loaded.

troops

http://www.daft.ie/searchsale.daft?id=379582

comes with a free bike

Joe10000

I live in a house that is on an acre site that is mostly grass and it's a ****ing nightmare, what I'd give for a window box.

johndaman66

troops wrote: »

http://www.daft.ie/searchsale.daft?id=379582

comes with a free bike

Or maybe moreso its the case that th bike comes with a free timber shack?

pawnacide

Ye are all F*@^*>@ nuts.

If that house was reduced to the 220k figure ye seem to be bouncing around it'd be sold in the morning. 3000 sq feet at about 100/sq ft = 300k. This notional 75-85 euro per sq foot rebuild cost never includes internal finishing, landscaping etc. Nor does it include council charges incurred when building a one off.

If you get it for less than 250k I'd be amazed.

Even now with site values where they are (if you can find someone willing to sell you for so little) you couldn't build and finish that house for 250k. Well maybe if you did absolutely all the work yourself.

the_syco

pawnacide wrote: »

Ye are all F*@^*>@ nuts.

Are you selling the house?

=-=

The crap on the left side of the house; paint spill, or possibly mould showing?

shangri la

the_syco wrote: »

That's my point. You mention rent, so I assume you're thinking of renting it. If it's a fair bit away from anywhere, why would someone pick that house to stay in?

With limited info on the house, we can only give you vague answers back. If they want lots, give them little, and put a time frame on it, such as "?225k, take it or leave it, the offer expires on the 27th February". On the 27th tell them that the offer is ?220k, take it or leave it, the offer expires on the 15th March", etc.

lol. you've given away your hand the first time.

Tigger

pawnacide wrote: »

Ye are all F*@^*>@ nuts.

If that house was reduced to the 220k figure ye seem to be bouncing around it'd be sold in the morning. 3000 sq feet at about 100/sq ft = 300k. This notional 75-85 euro per sq foot rebuild cost never includes internal finishing, landscaping etc. Nor does it include council charges incurred when building a one off.

If you get it for less than 250k I'd be amazed.

Even now with site values where they are (if you can find someone willing to sell you for so little) you couldn't build and finish that house for 250k. Well maybe if you did absolutely all the work yourself.

you'd get that for 230 thats the real asking

Tigger

the_syco wrote: »

Are you selling the house?

=-=

The crap on the left side of the house; paint spill, or possibly mould showing?

its red lichen that grows all over house in s-sligo n-mayo

johndaman66

pawnacide wrote: »

Ye are all F*@^*>@ nuts.

If that house was reduced to the 220k figure ye seem to be bouncing around it'd be sold in the morning. 3000 sq feet at about 100/sq ft = 300k. This notional 75-85 euro per sq foot rebuild cost never includes internal finishing, landscaping etc. Nor does it include council charges incurred when building a one off.

If you get it for less than 250k I'd be amazed.

Even now with site values where they are (if you can find someone willing to sell you for so little) you couldn't build and finish that house for 250k. Well maybe if you did absolutely all the work yourself.

But fair to say that for the most part property prices bore very little correlation with rebuild costs in the "good times". Why would that change now? No valid reason as far as I can see.

There seems to be a hardcore of people out there who would argue that property prices cannot drop below rebuild costs...this is very much not the case...

pawnacide

johndaman66 wrote: »

There seems to be a hardcore of people out there who would argue that property prices cannot drop below rebuild costs...this is very much not the case...

I'm not one of them, it happens all the time but the OP is looking a valid means of valuing the property. The value of any property is after all the price it sells for at any given time but thats of no use when your trying to evaluate a property you want to buy.

If he bought a site and built a new house to a similar spec, while he would get exactly what he wanted, he wouldn't have a lot of change from 300k .. so 250k price seems reasonable.