Anyone else depressed with house hunting?

Egan2012

youcancallmeal wrote: »

I wouldn't have even told estate agents how many kids you have!? Unless of course you were viewing places with 7 kids in tow?

I tried that. Got right to the stage where I was going to pay the deposit out at the house. They looked for confimation of how many people were going to be living there.

ciiara22

I have been looking in the county limerick for a house since November there is nothing within my budget. there are loads of council houses available but they haven't gave me one! it's a disgrace!

roblakio

lukesmom wrote: »

We were very lucky. We got the house we wanted last June and its already gone up in value by €40K.

How do you know? Is that just a guess?

lukesmom

roblakio wrote: »

How do you know? Is that just a guess?

Because the house 2 doors down has recently sold for 40k extra

ronjo

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

Surely that doesnt mean yours has too?? or?

Alf Veedersane

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

That doesn't mean yours has gone up in value.

It might if your houses were identical.

But they might have a nicer interior, better BER, etc etc.

Ush1

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

Doesn't mean yours will and unless you're planning on selling it most likely will lead to paying more property tax.

youcancallmeal

Ush1 wrote: »

Doesn't mean yours will and unless you're planning on selling it most likely will lead to paying more property tax.

Exactly. When you go to state the value of your house will you be also adding this 40K increase estimate? If not Revenue could come calling asking why you think your house is worth less than the one 2 doors down?

Ray Palmer

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.

I find it kind of funny people go on about supply and demand but miss a crucial element on it being supply. If people aren't willing to offer their houses for sale the demand hasn't reached a point for supply to meet it. There is only one way it will go increased demand for supply to meet it.

Most of the houses I have seen for sale in my area are houses that were inherited rather than people moving out. Trackers are worth a fair bit of money so many people aren't willing to lose them. To upgrade out of your tracker can mean the extra €300 you could put on a mortgage may actually only be worth €200 or less.

Better off paying off your mortgage rather than simply throwing €100 out the window. A relative has 2 three bed houses on the north side and it simply isn't worth selling them. One has a mortgage so to sell it would cost her €120k loss. Yet if she holds on to it for ten years renting it out it costs her €100 a month (assuming rents don't fall or rise) she owns it out right. Is the house going to be worth more then? Probably but taking a €120k hit now or €12k hit over 10 years I know which one I would take. People often misunderstand property investment as a pure hope of asset value rising. Effectively she will have bought a house for under €50k that was initially €280k when she got a mortgage to buy it. It is one of the reason BTL people aren't in trouble even with outstanding payments. The other property is an inheritance and she is happy to have that as income rather than a lump sum she would have to pay CGT on. If she gave it away she would have to pay CGT too. There are lots of restrictions on the market people often miss.

moxin

Marchbride wrote: »

Anyone's I've seen in north side need at least new heating system, rewiring and windows.. U need over 320 to get something half decent!!

There are still plenty of houses for sale in good nick below 320k on the northside, you must be looking in quite a specific local area. Yes there are alot of dumps too but your price range is a bit on the upper side in relative to the volumes available.

lukesmom

Alf Veedersane wrote: »

That doesn't mean yours has gone up in value.

It might if your houses were identical.

But they might have a nicer interior, better BER, etc etc.

Houses are identical and decor similar yes. No mortgage on ours either. But I do sympathise as my sister in law and her husband are also searching to buy and not having much luck either.

ezra_pound

youcancallmeal wrote: »

Exactly. When you go to state the value of your house will you be also adding this 40K increase estimate? If not Revenue could come calling asking why you think your house is worth less than the one 2 doors down?

Remember
A. Property bought last year may be exempt from property tax for 2014.

B. Revenue Valuation lasts three years so it doesn't matter if prices increase in that time until the three years have passed.

handlemaster

I'd assume Adams town development is still going also there were new developments in D15 Dont know if anything available now.

Marchbride

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.


Looking for a yr now Ray but approved for the 3 months.. We were viewing houses before approval to get an idea of what's out there for our budget.. But every house bar one in ratoath need at least 15k worth of work before it would be liveable and with an 8 mth old and 2yr old that's not really an option.
As there's a serious lack of supply we are thinking I moving outside dub to ratoath area but not ideal!
Chris 86 - my search is dub based and all houses I've viewed have been shabby!!

Calhoun

Ray Palmer wrote: »

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.

I find it kind of funny people go on about supply and demand but miss a crucial element on it being supply. If people aren't willing to offer their houses for sale the demand hasn't reached a point for supply to meet it. There is only one way it will go increased demand for supply to meet it.

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

lukesmom

Calhoun wrote: »

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

We were cash buyers and I reckon that's why we got ours at such a low price - €95k which was 7 months ago and one has just sold two doors up for €140k also we are exempt from property tax also so happy days. Hard to believe that our house was once €250k madness!

caew

Calhoun wrote: »

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

The original OP has been looking for a year, I've been looking since last March and viewed over 30 houses. I don't know how you got the impression we are impulse buyers!! we have done all our research very carefully and the houses we are bidding on tick the boxes for our search criteria. This isn't our first house purchase. The problem is houses advertised for sale that aren't really for sale when it comes down to it. Not our approach to buying a house.

Marchbride

caew wrote: »

The original OP has been looking for a year, I've been looking since last March and viewed over 30 houses. I don't know how you got the impression we are impulse buyers!! we have done all our research very carefully and the houses we are bidding on tick the boxes for our search criteria. This isn't our first house purchase. The problem is houses advertised for sale that aren't really for sale when it comes down to it. Not our approach to buying a house.

Thanks for clearing that caew
Yep that's right looking about a yr but not actively as didn't have approval.. We have definitely viewed at least 20 houses probably more.. 2 of them were lovely per approval and we would have bidded on them if we had approval and one went for 10k than what we thought it would have but that's the only one we've seen in all this time that was worth te asking price and good buy!! The annoying thing is that approval runs out and you have to renew again.. Anyone experience of this? How drawn out is it??

Ray Palmer

Calhoun wrote: »

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

Two theories based on loose facts so untrustworthy.

Stock shortage is simply that, stop building houses where there was a demand and need the remaining stock will become a shortage. Couldn't afford to buy land in major population centres and decide to buy cheaper land and build there on the belief commuters will appear and buy the property. Crash happened houses in the middle of nowhere are worthless. The people that might have bought panic and decide not to buy any property for a while. Year later they have large cash amounts to buy with. They try to buy in the major populated areas sucking any stock there away from the market. There is shortage of stock.

The bounce theory is based on stock market movements. It does not always happen with property but has happened. It's just a possible outcome along with continually raising of house prices that may stabilise at the levels at 2005 levels. Nobody knows and if they claim to know they are lying.

All the more reason to buy a house by truly assessing it's merits and your own needs.

uli84

lukesmom wrote: »

We were cash buyers and I reckon that's why we got ours at such a low price - €95k which was 7 months ago and one has just sold two doors up for €140k also we are exempt from property tax also so happy days. Hard to believe that our house was once €250k madness!

Are you talking about Dublin?

Calhoun

caew wrote: »

The original OP has been looking for a year, I've been looking since last March and viewed over 30 houses. I don't know how you got the impression we are impulse buyers!! we have done all our research very carefully and the houses we are bidding on tick the boxes for our search criteria. This isn't our first house purchase. The problem is houses advertised for sale that aren't really for sale when it comes down to it. Not our approach to buying a house.

Ah don't take me the wrong way i wasn't having a go at you guys i was responding to Ray and just commenting that if i was buying i would rather wait until the current rush subsides.

I believe this is the bounce that most people attribute to busts but i could be wrong.

caew

We are using a mortgage broker and our approval ran out in september time. When I contacted him he asked if any circumstances had changed, the only difference was I had sold my house. He sent me a mail with the application forms for the 2 banks and the list of updated documents he needed. He said when we go sale agreed to send them in and if the estate agent needed cofirmation of mortage approval he would send it to them in the meantime. it means not having to apply to the bank each time.

caew

Calhoun wrote: »

Ah don't take me the wrong way i wasn't having a go at you guys i was responding to Ray and just commenting that if i was buying i would rather wait until the current rush subsides.

I believe this is the bounce that most people attribute to busts but i could be wrong.

Oh I didn't think you were having a go, I was just clarifying my position. I do understand waiting might be the better option, but there is that fear there that house prices will go out of our reach. Although I see no evidence of prices going up or selling where we are buying but the niggle is there in my mind.

lukesmom

uli84 wrote: »

Are you talking about Dublin?

Meath

bobwilliams

Marchbride wrote: »

Looking around for three months now and there's absolutely nothing out there. Went to three house viewings on Saturday on the north side of Dublin and all three houses needed ALOT of work added onto the inflated asking price. Yet there were at least 25 couples at two of the three viewings. It's madness and seriously turning me off viewing and searching in general. Anyone else experiencing this? Anyone any wisdom that supply will somehow improve anytime soon?

DEPRESSED?????????????get a life.People who bought(stupidly)in the boom and are in the sheit with their mortgage payments etc......now they might have reason to be depressed. You,my friend are in a great position and one I am envious of if I'm truthfull.

lukesmom

bobwilliams wrote: »

DEPRESSED?????????????get a life.People who bought(stupidly)in the boom and are in the sheit with their mortgage payments etc......now they might have reason to be depressed. You,my friend are in a great position and one I am envious of if I'm truthfull.

Thats a bit over the top!

bobwilliams

lukesmom wrote: »

Thats a bit over the top!

don't think so mate,concise and to the point

chris85

bobwilliams wrote: »

DEPRESSED?????????????get a life.People who bought(stupidly)in the boom and are in the sheit with their mortgage payments etc......now they might have reason to be depressed. You,my friend are in a great position and one I am envious of if I'm truthfull.

Fantastic input. Seeing as though buying a house and getting a mortgage is one of the biggest decisions financially we will ever make personally it can be stressful for the majority of people. Now go back under the bridge troll!

bobwilliams

chris85 wrote: »

Fantastic input. Seeing as though buying a house and getting a mortgage is one of the biggest decisions financially we will ever make personally it can be stressful for the majority of people. Now go back under the bridge troll!

get one thing straight.i'm not trolling and if the op reads my post they might just think there are a huge amount of people in a much worse situation.

Yes it's stressful but it could be a LOT worse.

Marchbride

bobwilliams wrote: »

DEPRESSED?????????????get a life.People who bought(stupidly)in the boom and are in the sheit with their mortgage payments etc......now they might have reason to be depressed. You,my friend are in a great position and one I am envious of if I'm truthfull.

My god what an absolute pig! If you've nothing beneficial and worth while to say.. Go and do one! That was rude. Don't take your stupidity when buying out on me. This is a very stressful time for anyone so don't dismiss mine or anyone else's experiences when going through
The biggest purchase of their lives.