Buying apartment v terraced house

grover_green

athtrasna wrote: »

Everyone does lose out. What I was saying is that in some cases MC withdraw services as "an encouragement" to pay fees. For example, parking permit withdrawn, owner has rented unit, tenant gets clamped. Owner either pays fees or loses tenants very quickly. Or if there is a mortgage on the property and insurance is withdrawn, the owner is in breach of their mortgage conditions and the bank will act pretty quickly if notified.

If these tactics (used by some MCs not all) and/or legal action do not work, the hole left in the budget means all owners suffer. Bills have to be paid, if the money isn't there they can't be.

so if five people in a fifty appartment block complex stop paying thier bills , the remaining forty five have to pick up the tab , can the managment fees keep rising indefinatley

athtrasna

It would be hoped that there would be enough money in the sinking fund to tide the development over in the short term while action is taken against the five.

Those not paying continue to accumulate debt - but fees would increase to replenish the sinking fund. Fees are calculated as a percentage of the development budget in most cases. The budget would have to include a provision for non-payers which would result in increased fees.

Any management company should provide flexible options for paying fees as a way of encouraging payment - we have cash, cheque, paypal and direct debit options, but I know some developments insist on full payment within 30 days of invoicing.

Teyla Emmagan

A friend of mine living on Ard Righ road in Stoneybatter for years, I think that one might actually have adjoined her house. Anyway, the neighbours were lovely (she still visits a couple of them). Mainly arty types/nice old ladies. No kids from what I remember. It was really quiet and there are good shops and restaurants. Her husband was mugged around the corner on his way home one day though, and there is still quite a dodgy element around there. He was very badly shook, got a good few thumps from 2 thugs before an unmarked Garda car appeared out of no where.

I would always go for a house over an apartment though, even though it will require more maintenance.

Marcusm

grover_green wrote: »

all true from an owner occupier POV , my focus is buy to let , a childless couple could live in that appartment for a year or two and that appartment has the same kind of parking spot as the two bed terraced house , two properties are less than 200 metres appart

Is there permit parking on the street? Often apartment or MUD dwellers (even in houses) are not entitled to DCC residents parking permits as the parking is supposed to be provided off street under std planning conditions.

Marcusm

grover_green wrote: »

so if five people in a fifty appartment block complex stop paying thier bills , the remaining forty five have to pick up the tab , can the managment fees keep rising indefinatley

I have heard (from friends in accountancy practices which audit MC accounts) that the non payment rate can often e as high as 40% and carry on for years. Often highest where the developer has kept units as investments.

Marcusm

grover_green wrote: »

even their was no money to be spent on it , you would be unlikely to have five tennants on an ongoing basis and even you did , you would not be getting 400 euro each from them , very few people ( with means like docs or nurses ) want to live with four other people in a small ( for five bed ) house

whatever way you stock it , it would not make more than 1300 per month IMO

Opinions differ; personally I would probably split it into 2 2 bed flats which would let for a lot more than 1300 per month in aggregate. There's already a downstairs bathroom.

Teyla Emmagan

Marcusm wrote: »

Opinions differ; personally I would probably split it into 2 2 bed flats which would let for a lot more than 1300 per month in aggregate. There's already a downstairs bathroom.

The upstairs of those houses are absolutely tiny, and the stairs goes through the living room downstairs (it's not right inside the front door). You could never make 2 flats out of it.

the_syco

grover_green wrote: »

all true from an owner occupier POV , my focus is buy to let , a childless couple could live in that appartment for a year or two and that appartment has the same kind of parking spot as the two bed terraced house , two properties are less than 200 metres appart

Is the apartment parking on street, or in an underground parking? Does the apartment complex employ clampers? Does it have electronic gates into the carpark? Can anyone park anywhere? I ask as parking in a driveway outside the house, and having a parking spot near an apartment are two different things.

murphaph

It sounds to me incredible that people would simply not pay their management fees, but that's Ireland it seems.

If that happens here (Germany) the management company acting on behalf of the rest of the owners will sue the non-paying owner and if necessarry have him declared bankrupt and have the unit sold to pay the back debts.

Marcusm

Teyla Emmagan wrote: »

The upstairs of those houses are absolutely tiny, and the stairs goes through the living room downstairs (it's not right inside the front door). You could never make 2 flats out of it.

My response related to a different house on NCR!

grover_green

Marcusm wrote: »

Is there permit parking on the street? Often apartment or MUD dwellers (even in houses) are not entitled to DCC residents parking permits as the parking is supposed to be provided off street under std planning conditions.

yes , same parking arrangement as for any of the houses around ard rhigh , oxmantown road , etc , the apt in question can be accessed through conventional complex entrance and up by arbour hill - old stoneybatter neighbourhood

grover_green

Teyla Emmagan wrote: »

The upstairs of those houses are absolutely tiny, and the stairs goes through the living room downstairs (it's not right inside the front door). You could never make 2 flats out of it.

i think marcusm needs to put that house in the maybe file at best

grover_green

the_syco wrote: »

Is the apartment parking on street, or in an underground parking? Does the apartment complex employ clampers? Does it have electronic gates into the carpark? Can anyone park anywhere? I ask as parking in a driveway outside the house, and having a parking spot near an apartment are two different things.

if you look at the pictures in the link , you can see how the front of that apt is like a house entrance , their exists the same parking ( from dublin co ) as does for any of the two or three bed terraced houses in that general area , their is car park access for other appartments in the complex , that appartment is one of only a few which sit back into another neighbourhood

grover_green

murphaph wrote: »

It sounds to me incredible that people would simply not pay their management fees, but that's Ireland it seems.

If that happens here (Germany) the management company acting on behalf of the rest of the owners will sue the non-paying owner and if necessarry have him declared bankrupt and have the unit sold to pay the back debts.

whoever built the complex probabley owns half the appartments and are themselves without a pot to p1ss in

borderlinemeath

The house, everytime. But not that house, as others say it's more owner occupier, not a BTL.

OP would you be into a renovation? If it were me with cash in hand I would buy something like this:

http://www.myhome.ie/residential/brochure/31-gullistan-cottages-rathmines-dublin-6/1837725

Reason being my OH who has a few properties purchased one of this cottages last year and did it up. He had people calling to the door before it was even finished. He never even had to put it up for letting. Including all renovation costs and finished to a high spec - his yield is coming in at 11.5%.

Rathmines is a very strong rental area and the location is perfect, really quiet and private but beside everything.

grover_green

borderlinemeath wrote: »

The house, everytime. But not that house, as others say it's more owner occupier, not a BTL.

OP would you be into a renovation? If it were me with cash in hand I would buy something like this:

http://www.myhome.ie/residential/brochure/31-gullistan-cottages-rathmines-dublin-6/1837725

Reason being my OH who has a few properties purchased one of this cottages last year and did it up. He had people calling to the door before it was even finished. He never even had to put it up for letting. Including all renovation costs and finished to a high spec - his yield is coming in at 11.5%.

Rathmines is a very strong rental area and the location is perfect, really quiet and private but beside everything.

i know that area , you would need to spend 50 k to bring that property up to the standard of this

http://www.myhome.ie/residential/brochure/53-gulistan-cottages-rathmines-dublin-6/1929507

theese properties are worth 1100 euro per month to rent , thats nowhere near an 11% yield , no way that property will cost less than 215 k to buy or in respect of the run down one , 200 k by the time its ready to go , 11% cannot be gotten anywhere in dublin 6

ps , that area isnt quiet , you have the pleasure of listening to deliveries to the swan centre ( right behind you ) at 4 am in the morning

Marcusm

grover_green wrote: »

yes , same parking arrangement as for any of the houses around ard rhigh , oxmantown road , etc , the apt in question can be accessed through conventional complex entrance and up by arbour hill - old stoneybatter neighbourhood

Apartments and converted houses don't have the same access to residents parking permits as houses - see below an extract from DCC's website. The cost is much higher and if is an apartment block in a heavy demand zone, no permits are available.


The standard fee for a resident’s parking permit is:

€50 for 1 year and  €80 for 2 years if you live in a house.

€400 for 1 year or €750 for 2 years if your building contains more than 4 housing units, has off-road parking available to it and is located in a low demand zone (includes converted houses and apartment blocks).

€400 for 1 year or €750 for 2 years if your building is a converted house, contains more than 4 housing units, has off-road parking available to it and is located in a heavy demand zone

2. Renew your parking permit

grover_green

Marcusm wrote: »

Apartments and converted houses don't have the same access to residents parking permits as houses - see below an extract from DCC's website. The cost is much higher and if is an apartment block in a heavy demand zone, no permits are available.


The standard fee for a resident’s parking permit is:

€50 for 1 year and €80 for 2 years if you live in a house.

€400 for 1 year or €750 for 2 years if your building contains more than 4 housing units, has off-road parking available to it and is located in a low demand zone (includes converted houses and apartment blocks).

€400 for 1 year or €750 for 2 years if your building is a converted house, contains more than 4 housing units, has off-road parking available to it and is located in a heavy demand zone

2. Renew your parking permit

well i was told it was the same as a house , il check it out , like i said earlier , one end of that apt sits among houses

borderlinemeath

grover_green wrote: »

i know that area , you would need to spend 50 k to bring that property up to the standard of this

http://www.myhome.ie/residential/brochure/53-gulistan-cottages-rathmines-dublin-6/1929507

theese properties are worth 1100 euro per month to rent , thats nowhere near an 11% yield , no way that property will cost less than 215 k to buy or in respect of the run down one , 200 k by the time its ready to go , 11% cannot be gotten anywhere in dublin 6

Well you are incorrect. It is hard to achieve but it can be done. My partner was a cash buyer in the same position as yourself, he paid less than the one I posted, and less than the asking price. He spent less than €30k renovating it, as I said previously he has other properties so is no stranger to renovations. He project manages tradesmen and gets trade discounts in his preferred builders providers. So it can be done if you do it right;).

ps , that area isnt quiet , you have the pleasure of listening to deliveries to the swan centre ( right behind you ) at 4 am in the morning

And it is quiet as when it was completed we spent a couple of nights in it ourselves:D. The people who moved in lived in one of the other cottages and stated they would love to buy if they could as they love the area so much. I also have a friend who lives a few doors up from the one you posted, have been at a party til 6am in her place and the only noise was the birds chirping;). It used to be noisier years ago when the recycling facilty was a full blown bin yard and the trucks rolled in and out but it hasn't been like that for years. Noisiest thing around there is the town hall bell.

StillWaters

grover_green wrote: »

i know that area , you would need to spend 50 k to bring that property up to the standard of this

http://www.myhome.ie/residential/brochure/53-gulistan-cottages-rathmines-dublin-6/1929507

theese properties are worth 1100 euro per month to rent , thats nowhere near an 11% yield , no way that property will cost less than 215 k to buy or in respect of the run down one , 200 k by the time its ready to go , 11% cannot be gotten anywhere in dublin 6

ps , that area isnt quiet , you have the pleasure of listening to deliveries to the swan centre ( right behind you ) at 4 am in the morning

No way will it cost €50K to refurbish it to that standard, 25K I'd say. Looks like gas heating already in, so dependent on extension, could be mostly cosmetic and a fair bit less than 25, dependent on contacts/DIY skills.

Looks like a receivership sale, so cash buyer could buy it for less than asking.

the_syco

grover_green wrote: »

if you look at the pictures in the link

Completely missed the links

=-=

I notice the Norseman Court has wooden floors, and thus if there's an apartment above it, they'll probably also have wooden floors. Unless it was made quite well, noise will travel very easily from the apartment above, and there's nothing you can do about it.

grover_green

the_syco wrote: »

Completely missed the links

=-=

I notice the Norseman Court has wooden floors, and thus if there's an apartment above it, they'll probably also have wooden floors. Unless it was made quite well, noise will travel very easily from the apartment above, and there's nothing you can do about it.

in fairness , most houses - apartments have wooden floors , you are correct in however in saying those below notice it more

athtrasna

grover_green wrote: »

in fairness , most houses - apartments have wooden floors , you are correct in however in saying those below notice it more

It would be contrary to leases for apartments in upper floors to install wooden floors. In our development the ground floor apartments are ok to have wooden floors but the leases for the upper floors all prohibit wooden floors. There was a poster on here a fair time ago who had succeeded in getting a court order to force his upstairs neighbours to take out the wooden floors they'd put in contrary to the documents they signed at purchase.

grover_green

athtrasna wrote: »

It would be contrary to leases for apartments in upper floors to install wooden floors. In our development the ground floor apartments are ok to have wooden floors but the leases for the upper floors all prohibit wooden floors. There was a poster on here a fair time ago who had succeeded in getting a court order to force his upstairs neighbours to take out the wooden floors they'd put in contrary to the documents they signed at purchase.

i would have nothing to worry about so