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Thinking on buying an apartment.

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  • 03-03-2013 7:11pm
    #1
    Das Reich
    Registered Users Posts: 736 ✭✭✭


    Would like to hear some opinions.

    I saw a 3 bedrooms apartment in Clonmel, in a great location and a nice building for 50,000 but then I was told the building expense will be at 1,400 euros per year. I didn't know it would be that high, just wanted to know if this price is normal for Ireland when you have an apartment or usually is cheaper than that. Is buying a house a better option?

    Thanks for answers.:)


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    #2
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    I think buying a house will nearly always be a better option. You have to ask yourself why the flat is so cheap...

    Obviously, the re-sell value isn't great and the shorter the lease, the more difficult it will become. Flats aren't very future-proof either. What happens if you marry, or start a family? It won't be easy to move then, as you'll be far less flexible.

    I would also question the build quality. If it's a Celtic Tiger lash-up, I would avoid. The build quality isn't great, ventilation and soundproofing even worse.

    Management charges are something I would look at very closely as well. It's 1400 now. What are you getting for that money, and what's the financial footing of the mgmt co like? The cost will only rise, and you need to factor that in.


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    #3
    Das Reich
    Registered Users Posts: 736 ✭✭✭Das Reich


    ABajaninCork wrote: »
    I think buying a house will nearly always be a better option. You have to ask yourself why the flat is so cheap...

    Obviously, the re-sell value isn't great and the shorter the lease, the more difficult it will become. Flats aren't very future-proof either. What happens if you marry, or start a family? It won't be easy to move then, as you'll be far less flexible.

    I would also question the build quality. If it's a Celtic Tiger lash-up, I would avoid. The build quality isn't great, ventilation and soundproofing even worse.

    Management charges are something I would look at very closely as well. It's 1400 now. What are you getting for that money, and what's the financial footing of the mgmt co like? The cost will only rise, and you need to factor that in.

    I was asking myself for weeks, seems that the owner used to rent it and now the apartment is empty for at least 6 months so I think he wants to run away from these 1,400 of management charges. It includes the waste, car park and building expenses. The heating is electrical so I would say my winter bill will be very high. Definately I am thinking on avoid this property even if I can afford the price without the need of mortgage. To go for a house of around 100.000 euros I would need almost the half from the bank, that's the reason for me the apartment would be good.


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    #4
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    ABajaninCork wrote: »
    You have to ask yourself why the flat is so cheap...

    The bolded parts are your answer right there!
    Das Reich wrote: »
    I was asking myself for weeks, seems that the owner used to rent it and now the apartment is empty for at least 6 months so I think he wants to run away from these 1,400 of management charges. It includes the waste, car park and building expenses. The heating is electrical so I would say my winter bill will be very high. Definately I am thinking on avoid this property even if I can afford the price without the need of mortgage. To go for a house of around 100.000 euros I would need almost the half from the bank, that's the reason for me the apartment would be good.

    I would avoid the flat like the plague! Keep saving, and you'll be able to get a smaller mortgage, IMO.


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    #5
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    If the previous owner was renting the property legally he would have been able to write the management fees off against his tax bill.

    Management fees don't always go up, we've brought ours down most years through hard work and research. Ours too include waste charges which many don't.

    I'd still say avoid "buying" an apartment if you can.


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    #6
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    First off is the apartment ground floor? If so, avoid.

    What's the sound proofing like? Are the floors laminated? How old is the complex, and was it always apartments, or was it converted from another use?

    Oh, and what are the neighbours like? Do they like parties, or do they say "boss" a lot? €50,000 is a nice price, but it's also too nice a price.


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    #7
    Barracuda1
    Closed Accounts Posts: 89 ✭✭Barracuda1


    Avoid buying the apartment and purchase a house. 1400 eur per annum in fees. The bins would only be about 300-400 per annum in a three bed semi what is the rest of it for. Its an awful pity that the quality of apartments are so poor. If they built them to a high standard living costs could be alot cheaper for most people. I'd love to have an apartment where you could walk everywhere to get the daily essentials and be able to commute by train/bus


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Barracuda1 wrote: »
    Avoid buying the apartment and purchase a house. 1400 eur per annum in fees. The bins would only be about 300-400 per annum in a three bed semi what is the rest of it for.

    lift maintenence, lighting common areas, building insurance, landscaping etc etc etc.

    1400 is a lot though, and personally speaking id never buy an apartment but there are some people it appeals to.


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    #9
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    Barracuda1 wrote: »
    I'd love to have an apartment where you could walk everywhere to get the daily essentials and be able to commute by train/bus
    Lots of apartments in the middle of the city, but you'd need to like it. It suits some people well, but others (like me) would prefer somewhere nearby that has a decent back garden.


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    #10
    Barracuda1
    Closed Accounts Posts: 89 ✭✭Barracuda1


    Does anyone here live in a apartment in Dublin what do they think of the quality of their construction.


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    #11
    jimmydkid
    Registered Users Posts: 170 ✭✭jimmydkid


    I was viewing properties in clonmel before Christmas and even the estate agent warned me to stay away from apartments down there.


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    #12
    Meathlass
    Registered Users Posts: 3,023 ✭✭✭Meathlass


    jimmydkid wrote: »
    I was viewing properties in clonmel before Christmas and even the estate agent warned me to stay away from apartments down there.

    There's a couple of apt blocks in Clonmel near the river - predominantly housing social welfare recipients and have a universal bad name in the town. There's another complex out on one of the approach roads to the town which is gated and mostly privately rented. I'd certainly avoid the former.


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    #13
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Barracuda1 wrote: »
    Does anyone here live in a apartment in Dublin what do they think of the quality of their construction.

    how long is a piece of string??? Unless you're asking about a specific builder in a specific area you won't get a useful answer. Also hugely depends on when it was built.

    I live in an apartment in Dublin. Our build quality is good in our cluster but our developer only built about 60% of the greater development. Build quality in the other 40% is nowhere near as good.


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    #14
    Das Reich
    Registered Users Posts: 736 ✭✭✭Das Reich


    That's the apartment I saw:

    http://www.daft.ie/searchsale.daft?id=676669

    I would like to know how much are management fees usually.


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    #15
    Meathlass
    Registered Users Posts: 3,023 ✭✭✭Meathlass


    Das Reich wrote: »
    That's the apartment I saw:

    http://www.daft.ie/searchsale.daft?id=676669

    I would like to know how much are management fees usually.

    That would be one of the aforementioned apartment blocks with a very bad reputation. I wouldn't touch it with a barge pole. Go on to the Tippeary page and see the reaction if you don't believe me. There's a reason it's so cheap.


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    #16
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Das Reich wrote: »
    That's the apartment I saw:

    http://www.daft.ie/searchsale.daft?id=676669

    I would like to know how much are management fees usually.

    You already say the mgmt fees for those flats are 1400 p.a. Management fees vary from complex to complex. So it's a difficult, if not impossible question to answer.


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    #17
    proteinpolice
    Banned (with Prison Access) Posts: 8 ✭proteinpolice


    LOLed first at someone buying a apartment then LOLed at someone buying property down the country..

    stuff like this makes me grateful i live a decent life


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    #18
    keith16
    Closed Accounts Posts: 8,061 ✭✭✭keith16


    proteinpolice wrote: »
    LOLed first at someone buying a apartment then LOLed at someone buying property down the country..

    stuff like this makes me grateful i live a decent life

    Indeed, because "lolling" at others because you believe you are better than them is the very epitome of decency.


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    #19
    Ben D Bus
    Registered Users Posts: 2,119 ✭✭✭Ben D Bus


    proteinpolice wrote: »
    LOLed first at someone buying a apartment then LOLed at someone buying property down the country..

    stuff like this makes me grateful i live a decent life

    If you had a decent life to live, you wouldn't feel the need to troll on boards.


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    #20
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    proteinpolice wrote: »
    LOLed first at someone buying a apartment then LOLed at someone buying property down the country..

    stuff like this makes me grateful i live a decent life

    The day people pay any attention to someone calling themselves 'proteinpolice' will be a sad day for everyone concerned.


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    #21
    Das Reich
    Registered Users Posts: 736 ✭✭✭Das Reich


    Meathlass wrote: »
    That would be one of the aforementioned apartment blocks with a very bad reputation. I wouldn't touch it with a barge pole. Go on to the Tippeary page and see the reaction if you don't believe me. There's a reason it's so cheap.

    Thank you for tip, I will have a look.


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