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Buying a house 2013!
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Quick one, myself and wife are looking at a house in the clane area.
Its currently on the market for 240k, at a very big estimate and from speaking to the EA the house isnt worth more than 200k (his words not mine) as it needs new windows, doors, kitchen, bathrooms, etc.. but this work is something that we wouldnt mind doing. I have a friend who owns a building company and putting all costs through him.
I earn 65k (only started new job this week, so know we'll have to wait 6 months before applying), no loans (credit card will be cleared by sept/oct). Wife is going to stay at home with baby so no child care costs. By the time of purchase we hope to have 50/55k in savings, this will be made up of approx 45k as my wife inheritance, our current savings of 5k and the 1200/1300k that will save each month until then. With baby and wedding last year, its only with this new job that we can save that much. Not paying rent at the moment, but have been regularly saving into credit union approx 300 a month for past number of years but this has been eaten into a good bit over the past 12 months, hence the ramp up now.
Understand that over the next 6 months we have to live like frugal kings but I was wondering is there anything else we need to be doing?
In relation to the mortgage, we dont want to go over 200k as I mentioned, the house needs a good bit of work to it and its been on the market for over a year at that price (3 owners from an estate) with no concrete offers. I am thinking an offer in around 170k would be a good starting point and see where that goes. I was wondering would the banks that into considering the work that has to be done on the house and give more for these updates? I am mainly concerned with the windows as these are single glazed, wooden ones and they will probably be the most expensive renovation that needs to be done. What I was thinking would it be possible to get a quote for these and if the cost of the house and the windows still come below 90/92% of bank's valuation, would the bank accept this as we will also be spending the guts of 30k on other updates to the house such as the kitchen and bathrooms?
Sorry if I havent explained this situation well!!
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Quick one, myself and wife are looking at a house in the clane area.
Its currently on the market for 240k, at a very big estimate and from speaking to the EA the house isnt worth more than 200k (his words not mine) as it needs new windows, doors, kitchen, bathrooms, etc.. but this work is something that we wouldnt mind doing. I have a friend who owns a building company and putting all costs through him.
I earn 65k (only started new job this week, so know we'll have to wait 6 months before applying), no loans (credit card will be cleared by sept/oct). Wife is going to stay at home with baby so no child care costs. By the time of purchase we hope to have 50/55k in savings, this will be made up of approx 45k as my wife inheritance, our current savings of 5k and the 1200/1300k that will save each month until then. With baby and wedding last year, its only with this new job that we can save that much. Not paying rent at the moment, but have been regularly saving into credit union approx 300 a month for past number of years but this has been eaten into a good bit over the past 12 months, hence the ramp up now.
Understand that over the next 6 months we have to live like frugal kings but I was wondering is there anything else we need to be doing?
In relation to the mortgage, we dont want to go over 200k as I mentioned, the house needs a good bit of work to it and its been on the market for over a year at that price (3 owners from an estate) with no concrete offers. I am thinking an offer in around 170k would be a good starting point and see where that goes. I was wondering would the banks that into considering the work that has to be done on the house and give more for these updates? I am mainly concerned with the windows as these are single glazed, wooden ones and they will probably be the most expensive renovation that needs to be done. What I was thinking would it be possible to get a quote for these and if the cost of the house and the windows still come below 90/92% of bank's valuation, would the bank accept this as we will also be spending the guts of 30k on other updates to the house such as the kitchen and bathrooms?
Sorry if I havent explained this situation well!!
What ages are you both?0 -
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So our bid was accepted and sale agreed. We are delighted with the house as it was the one that ticked all of the boxes that we had listed, location, orientation, size, condition, price etc. (Our dream home so to speak) Everything just seemed to fall into place for us so we are very very lucky.
As for Killers!!!! Well as soon as it was sale agreed Killers had surveyor, solicitor and bank all notified immediately. Survey completed within days of going sale agreed and Killers then called out to us to go through the life insurance and house insurance. Absolutely no delays whatsoever (actually moving too fast at times!!!!) Insurance companies responded to us next day folllowing up from Killers contacting them and now next step is signing the contracts next week.
All going to plan we move in at the end of the month!!!!EXCITING TIMES for sure:)
Big Thanks to Killers for work so far.
Congrats on going sale agreed...exciting times And I agree, Killers is great to work with...fingers crossed I'll be going sale agreed soon too. 0 -
Went to see two houses today.
First viewing in North Dublin, quite busy. Second viewing, absolutely manic. EA smugly announced that they'd had an offer of asking in the first few minutes and they would be selling it for 'much much more' than the asking.
And, in something I've never seen before, one guy viewing it took the EA to task for setting the asking price too low! I think he was irritated that so many scrubbers had come along or something.
Things are definitely selling much faster now and for more than the asking. Dead cat bounce central (I hope
) 0 -
where the heck banks getting money from?
Didnt we just entered recession again?
must to be good damn reason for price rise!! :rolleyes:
in Cork EA's again selling just a foundations, I mean people has bought a foundation, and will wait for the house to be build.
Ah well, seems like I will be renting for a while.
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With this banana republic you can rule nothing out or in. However, if this trend continues, keep your money in your pockets!Things are definitely selling much faster now and for more than the asking. Dead cat bounce central (I hope )
Was interested in Galway City - but there's been nothing on offer at a reasonable pricepoint for the last while. Honestly can't see how people justify what they are paying for certain properties - and they're welcome to them. Bought almost at the top of the market once - not going to get burnt twice!0 -
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Went to see two houses today.
First viewing in North Dublin, quite busy. Second viewing, absolutely manic. EA smugly announced that they'd had an offer of asking in the first few minutes and they would be selling it for 'much much more' than the asking.
And, in something I've never seen before, one guy viewing it took the EA to task for setting the asking price too low! I think he was irritated that so many scrubbers had come along or something.
Things are definitely selling much faster now and for more than the asking. Dead cat bounce central (I hope )
Which houses were these? Just wondering what type of houses are getting that much interest for my own interest. PM me if you don't want to post. Thanks0 -
Which houses were these? Just wondering what type of houses are getting that much interest for my own interest. PM me if you don't want to post. Thanks
Grange Park Road Raheny
House is in very poor condition. Allot of damp (would have suspicious about the roof), very run down. Would have to put serious money into it. On market for €325k. Easily there could be 75-100k to go into it. A good few people looking, some obviously really interested.
http://www.myhome.ie/residential/brochure/36-grange-park-road-raheny-dublin-5/2299736
Conquer Hill Road (which I can no longer find on daft or myhome).
New house on an infill site, great finish with rear access gate. But small plot and garden very very overlooked. One guy had a go at EA for pricing it too low. Street definitely doesn't 'feel' like Clontarf and very poor parking.
(also, very offputting, the existing 'caretaker tenant' was sitting at the kitchen looking up religious videos on youtube.
Chelsea Hill Gardens
Asking was €290. Heard at the weekend that it went for €370 (although only the property price register will confirm whether that's true).
Shocking if it was. House was in very poor condition as well. Filthy, damp, cold. Obviously a probate sale - 'happy birthday nana' cards all over the sitting room and the old ladies dog still in the shed with dog food around the kitchen floor. One of the most depressing viewings I've ever been at
http://www.myhome.ie/residential/brochure/21-chelsea-gardens-clontarf-dublin-3/23589040 -
Grange Park Road Raheny
House is in very poor condition. Allot of damp (would have suspicious about the roof), very run down. Would have to put serious money into it. On market for €325k. Easily there could be 75-100k to go into it. A good few people looking, some obviously really interested.
Chelsea Hill Gardens
Asking was €290. Heard at the weekend that it went for €370 (although only the property price register will confirm whether that's true).
To be fair, you're looking at the middle to upper end of the market. With your budget of 300k+ up to 400k, not many have the kind of dosh you have to spend on a house like thosequad_red wrote:Things are definitely selling much faster now and for more than the asking. Dead cat bounce central (I hope )
Well the Indo's propaganda does help produce naive panic buyers.0 -
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Don't bother e-mailing at this stage. Seriously. I did that back in the day but I was lucky if the email's were acknowledged never mind taken seriously.
On the phone is far more likely to get a response and you can tell allot more from the demeanour etc. of the EA.
There are piles of houses on myhome/daft that are apparently sale agreed or sold. Not sure why.
Have experienced family being in the house/outside in the garden at a showing. But nothing like that!
Sounds like they don't want to sell it. Maybe they're being forced to?
See above. Emails are useless in my experience.
Thanks for the reply. I will try with the phone in future its just that it takes time with the amount of properties that aren't actually on sale on the net, I suppose they get a lot of mail that never follows up with much maybe.
As for the sloppy couple, I can only presume that its rented maybe, the EA looked embarrassed, stepping over dirty washing on the floor in landing, you'd have to see it to believe it actually...
anyways thanks for the advice I will use the phone and see if I get a better response 0 -
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To be fair, you're looking at the middle to upper end of the market. With your budget of 300k+ up to 400k, not many have the kind of dosh you have to spend on a house like those
I don't want to spend that much
But I don't think 300 to 350 is the upper end of the market. Well, let me put it this way. It's a ****load of money but it doesn't buy a whole pile.
Like, bidding on this stands at 415k.
http://www.myhome.ie/residential/brochure/53-maywood-avenue-raheny-dublin-5/2401447
Do you really think that's the upper end of the market?0 -
HouseHunter13 wrote: »
very new to the house hunting thing...
Well, I can see that from your username 0 -
I don't want to spend that much
But I don't think 300 to 350 is the upper end of the market. Well, let me put it this way. It's a ****load of money but it doesn't buy a whole pile.
Like, bidding on this stands at 415k.
http://www.myhome.ie/residential/brochure/53-maywood-avenue-raheny-dublin-5/2401447
Do you really think that's the upper end of the market?
Approaching it yes but also it ain't Foxrock
The address and house might not be much, guess people are paying top dollar for location and space hence 415k.
Most houses bought in Dublin are not in the 415k range, that is out of reach of the majority of buyers, a minority(couple doing well in good jobs) can afford it. I'd say most buyers can afford more like in the sub 300k range (without looking up a definitive stat). That said, that's under today's lending criteria, not the 2006 free for all lending.0 -
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I think I am going to need my own thread after my second round of viewings yesterday. After been barked at by a little dog last week to the point where I had to end the viewing, yesterdays viewing was cut short when the current tenants threw us out of the house. I felt really sorry for the couple they only had 2 hours notice, the dinner was on the woman was clearly upset at people snooping around her home, the EA had a brass neck he just kept ushering people around while they shouted get out...
The EA then informed us of another house in the area he was showing so I went around for a look. Spent 15 minutes waiting to get into the house while he seem to have broken in or picked the lock cause he had no key.
I'm hoping for a more normal experience on my next round of viewings! Most of the houses on sale at the moment in the area i'm interested in seem to have been rented houses and are rough, i'm hoping for an improvement in stock in the coming weeks, fingers crossed.
I'd also like to thank killers1/killian for getting my approval done so quickly and professionally, it was the simplest thing I ever done, retrieve a few items he requested, met for coffee less than 2 weeks later mortgage approval, happy days!! 0 -
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