Anyone else depressed with house hunting?

caew

People's feelings are relative to their own circumstances, no one should be spoken to like that for expressing their feelings about their situation.

chris85

bobwilliams wrote: »

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.

Could easily be said about any situation which causes depression. The end of a relationship could cause depression. By your notion we should categorise a worse situation and disregard these people and belittle them by telling them to get over it as could be worse.

The_Morrigan

Folks, cut out the personalised comments and sniping. If you can't be civil please do not post.

A gentle reminder to everyone - if you have a problem with a post report it and let the moderators deal with it.

Any further nonsense and warnings/infractions will be handed out.

Morri

Marchbride

The_Morrigan wrote: »

Folks, cut out the personalised comments and sniping. If you can't be civil please do not post.

A gentle reminder to everyone - if you have a problem with a post report it and let the moderators deal with it.

Any further nonsense and warnings/infractions will be handed out.

Morri

Couldn't agree more!! Thank you

The_Morrigan

Marchbride wrote: »

Couldn't agree more!! Thank you

That mod instruction was also aimed at you - please do not call other posters names.

Back on topic now please and no more discussion of mod instructions on thread.

Cuddlesworth

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?

I assume that when the property tax matures and prices increase that will be a commonplace occurrence.

lukesmom wrote: »

Meath

I would question the assumption that your property value has increased by 40% in any location outside of Dublin. Either that or your new neighbours are not the brightest.

jon1981

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.

slight horse **** in my view... most of those boom buyers are on a tracker paying a hell of a lot less in monthly payments despite their mortgage being much larger than current SVR purchasers.

Ray Palmer

jon1981 wrote: »

slight horse **** in my view... most of those boom buyers are on a tracker paying a hell of a lot less in monthly payments despite their mortgage being much larger than current SVR purchasers.

There are marginal case alright where trackers do work out at being cheaper than a current mortgage on the same property. In reality an extra €100k on a mortgage is not going to cheaper with a tracker than a new mortgage.

People not moving out of properties because they lose their tracker is probably having a bigger impact on the market.

lukesmom

Cuddlesworth wrote: »

I assume that when the property tax matures and prices increase that will be a commonplace occurrence.



I would question the assumption that your property value has increased by 40% in any location outside of Dublin. Either that or your new neighbours are not the brightest.

Its not an assumption, it is what the house sold for! Our house was ridiculously low and we got in at just the right time.

Rubberchikken

This post is interesting and an eye-opener.
I'm considering selling my house and buying maybe slightly smaller, maybe rural. As you can see I'm dithering like an idiot, but as I have no mortgage to worry about it helps a little.
Thing is I have been looking for a while, but I didn't realise that some people have houses on the market but not for sale (how weird is that!)

I love my home but it's gtting harder to maintain myself and so trying to decide but finding it difficult.

Oh well, shouldn't be whining, lot of people in much worse positions.

jon1981

Ray Palmer wrote: »

There are marginal case alright where trackers do work out at being cheaper than a current mortgage on the same property. In reality an extra €100k on a mortgage is not going to cheaper with a tracker than a new mortgage.

People not moving out of properties because they lose their tracker is probably having a bigger impact on the market.

Its situation dependent, in the area I bought, taking into account same house size and condition there is feck all difference between the people who bought in the boom and paid 100k more and have trackers compared with me given the current interest rates.

PS to be clear I mean in terms of monthly repayments

Marchbride

Rubberchikken wrote: »

This post is interesting and an eye-opener.
I'm considering selling my house and buying maybe slightly smaller, maybe rural. As you can see I'm dithering like an idiot, but as I have no mortgage to worry about it helps a little.
Thing is I have been looking for a while, but I didn't realise that some people have houses on the market but not for sale (how weird is that!)

I love my home but it's gtting harder to maintain myself and so trying to decide but finding it difficult.

Oh well, shouldn't be whining, lot of people in much worse positions.

Rubberchicken
If your north side three beds here's my no 087 ******* call me
Seriously though, it's nice to hear from the opposite side of the fence.. Are you seriously thinking of selling? There is so little out there in dub but I don't know about rural.. Wish I could u

bobwilliams

jon1981 wrote: »

slight horse **** in my view... most of those boom buyers are on a tracker paying a hell of a lot less in monthly payments despite their mortgage being much larger than current SVR purchasers.

that's lovely thanks
a huge % of boom buyers bought in 2008,not sure of the month but trackers were not offered in the second half of 08 if not sooner,so there are still a huge amount of people not on trackers.
There were also a huge spillover of sales into the early part of 2009 so imo you're wrong not most of boom buyers are on trackers.
It should also be noted that the real advantage of having a tracker was only realized many years later...if I asked you honestly would you have thought the ECB rate would ever go so low?

youwhoglue

jon1981 wrote: »

slight horse **** in my view... most of those boom buyers are on a tracker paying a hell of a lot less in monthly payments despite their mortgage being much larger than current SVR purchasers.

????

Example over 30 years and 50% off house prices:

100,000 today at 5% is 536 per month
200,000 a few years ago at 1.5% is 690 per month

Tax relief makes it closer, but not by €150 as the interest rate is so low. That's not feck all.

Also, It's worth pointing out that in 2006 the ECB rate was 4.5%. With 0.75% on top of that the payment per month would have been €1,104 to start with.

jon1981

bobwilliams wrote: »

that's lovely thanks
a huge % of boom buyers bought in 2008,not sure of the month but trackers were not offered in the second half of 08 if not sooner,so there are still a huge amount of people not on trackers.
There were also a huge spillover of sales into the early part of 2009 so imo you're wrong not most of boom buyers are on trackers.
It should also be noted that the real advantage of having a tracker was only realized many years later...if I asked you honestly would you have thought the ECB rate would ever go so low?

400k trackers out there according to a recent IT article. Not insignificant.

Honestly no I didn't expect it to go so low. Call it a get out of jail card for the neg equity ppl...

jon1981

youwhoglue wrote: »

????

Example over 30 years and 50% off house prices:

100,000 today at 5% is 536 per month
200,000 a few years ago at 1.5% is 690 per month

Tax relief makes it closer, but not by €150 as the interest rate is so low. That's not feck all.

Also, It's worth pointing out that in 2006 the ECB rate was 4.5%. With 0.75% on top of that the payment per month would have been €1,104 to start with.

Do the maths again with a 300k house on a SVR vs 400k on a tracker... You will find current repayments are very close.

pwurple

We bought last year and found it very stressful. They say moving house is one of the more stressful things you can do in life. We moved 3 times in the space of 2 years between selling our own place, renting and buying again.

It took us nearly 18 months of searching, viewings, seeing all sorts of places that didn't suit us once we arrived at the door, multiple engineers reports, being sale agreed, the sale falling through because the property had no planning, being gazumped, properties going off market... and EVENTUALLY managed to buy a house in 2013. It takes up every weekend and evening calling auctioneers, searching websites, constantly keeping the banking details up to date and resubmitting new forms to keep a mortgage approval up to date.

I'll admit we even read RIP.ie and the local death notices to see if we could find out what houses were going on the market, and get in ahead of the searching pack if we knew any of the family in the local area.

Marchbride

pwurple wrote: »

We bought last year and found it very stressful. They say moving house is one of the more stressful things you can do in life. We moved 3 times in the space of 2 years between selling our own place, renting and buying again.

It took us nearly 18 months of searching, viewings, seeing all sorts of places that didn't suit us once we arrived at the door, multiple engineers reports, being sale agreed, the sale falling through because the property had no planning, being gazumped, properties going off market... and EVENTUALLY managed to buy a house in 2013. It takes up every weekend and evening calling auctioneers, searching websites, constantly keeping the banking details up to date and resubmitting new forms to keep a mortgage approval up to date.

I'll admit we even read RIP.ie and the local death notices to see if we could find out what houses were going on the market, and get in ahead of the searching pack if we knew any of the family in the local area.

Wowsers to the RIP reading!!! But can see why you'd do it!! I walk along my area looking at potential houses as owners have died or house is vacant! There's one near me and I've never seen anyone come or go from the house and have thought about asking neighbours If they know who owns the property. But then I think that's cheeky so wouldn't do it. It's amazing that you were looking for 18 mths that's a long long time but I'm delighted you're now in your dream home and didn't jump at something for sake of buying.. Congrats on your new home

handlemaster

Marchbride wrote: »

Wowsers to the RIP reading!!! But can see why you'd do it!! I walk along my area looking at potential houses as owners have died or house is vacant! There's one near me and I've never seen anyone come or go from the house and have thought about asking neighbours If they know who owns the property. But then I think that's cheeky so wouldn't do it. It's amazing that you were looking for 18 mths that's a long long time but I'm delighted you're now in your dream home and didn't jump at something for sake of buying.. Congrats on your new home

land registry and then get your solicitor to send the owner a letter as to wheather they are interested in selling or not.

Ray Palmer

bobwilliams wrote: »

that's lovely thanks
a huge % of boom buyers bought in 2008,not sure of the month but trackers were not offered in the second half of 08 if not sooner,so there are still a huge amount of people not on trackers.
There were also a huge spillover of sales into the early part of 2009 so imo you're wrong not most of boom buyers are on trackers.
It should also be noted that the real advantage of having a tracker was only realized many years later...if I asked you honestly would you have thought the ECB rate would ever go so low?

bobwilliams wrote: »

that's lovely thanks
a huge % of boom buyers bought in 2008,not sure of the month but trackers were not offered in the second half of 08 if not sooner,so there are still a huge amount of people not on trackers.

I think you got your years wrong because most people consider 2007 the turning point with sales dropping way off by 2008

johnnyskeleton

Ray Palmer wrote: »

There are marginal case alright where trackers do work out at being cheaper than a current mortgage on the same property. In reality an extra €100k on a mortgage is not going to cheaper with a tracker than a new mortgage.

People not moving out of properties because they lose their tracker is probably having a bigger impact on the market.

If your tracker is +1% (and some were as low as +0.5%) then you are currently paying interest at 1.25%, around a third of the lowest variable at the moment (KBCs LTV of as low as 3.8%).

So a person with a €900k tracker is paying the same interest as someone on a €300k variable. Then there is TRS and other boom time goodies. Even in the most extreme house price drops, I've yet to see a 900k boom time house now selling for 300k.

Essentially, someone buying with a mortgage now is paying about the same as someone 8 years ago, but for a lesser quality house.

gaius c

Ray Palmer wrote: »

I think you got your years wrong because most people consider 2007 the turning point with sales dropping way off by 2008

2008 was when Donie Cassidy made the following statement in the Seanad:

We have a duty to tell first-time house buyers, young couples with no previous experience, that there is unbelievable value in the marketplace today. It will not last forever. It is never the wrong time to do the right thing. I offer the House the benefit of my experience and my opinion which is all any Member can do. I will remind the House, perhaps in 12 or 18 months, when prices have again increased by 25% or 30%, that they were told this by the Leader of the House on this historic day, the tenth anniversary of the Good Friday Agreement.

It's easy to laugh now but there was some serious "this is the bottom" propaganda on the airwaves at the time.

DoubtingMary72

lukesmom wrote: »

Its not an assumption, it is what the house sold for! Our house was ridiculously low and we got in at just the right time.

Lukesmom? I could'nt find any transactions in Meath that 2 transactions with those amounts (or closish to those amounts) happened on the same street in 2013 or 2014? Could you be confused?

lukesmom

DoubtingMary72 wrote: »

Lukesmom? I could'nt find any transactions in Meath that 2 transactions with those amounts (or closish to those amounts) happened on the same street in 2013 or 2014? Could you be confused?

No definitely not confused!

Cuddlesworth

johnnyskeleton wrote: »

If your tracker is +1% (and some were as low as +0.5%) then you are currently paying interest at 1.25%, around a third of the lowest variable at the moment (KBCs LTV of as low as 3.8%).

So a person with a €900k tracker is paying the same interest as someone on a €300k variable. Then there is TRS and other boom time goodies. Even in the most extreme house price drops, I've yet to see a 900k boom time house now selling for 300k.

Essentially, someone buying with a mortgage now is paying about the same as someone 8 years ago, but for a lesser quality house.

In fairness, that's more to do with the stupidity of selling tracker mortgages in the first place.

Bepolite

johnnyskeleton wrote: »

If your tracker is +1% (and some were as low as +0.5%) then you are currently paying interest at 1.25%, around a third of the lowest variable at the moment (KBCs LTV of as low as 3.8%).

So a person with a €900k tracker is paying the same interest as someone on a €300k variable. Then there is TRS and other boom time goodies. Even in the most extreme house price drops, I've yet to see a 900k boom time house now selling for 300k.

Essentially, someone buying with a mortgage now is paying about the same as someone 8 years ago, but for a lesser quality house.

Excellent post! And we're all paying less than renting!

ezra_pound

johnnyskeleton wrote: »

If your tracker is +1% (and some were as low as +0.5%) then you are currently paying interest at 1.25%, around a third of the lowest variable at the moment (KBCs LTV of as low as 3.8%).

So a person with a €900k tracker is paying the same interest as someone on a €300k variable. Then there is TRS and other boom time goodies. Even in the most extreme house price drops, I've yet to see a 900k boom time house now selling for 300k.

Essentially, someone buying with a mortgage now is paying about the same as someone 8 years ago, but for a lesser quality house.

In order for a mortgagor to pay the same on a 300k loan as another mortgagor on a 900k loan at 1.25%, the rate would have to be over 13%.

Are you sure you know what you're talking about?

TheDriver

ah lads, the wheels seem to have come off this thread. Can we get it back on track regarding house hunting??

Marchbride

TheDriver wrote: »

ah lads, the wheels seem to have come off this thread. Can we get it back on track regarding house hunting??

+1

pwurple

Marchbride wrote: »

Wowsers to the RIP reading!!! But can see why you'd do it!! I walk along my area looking at potential houses as owners have died or house is vacant! There's one near me and I've never seen anyone come or go from the house and have thought about asking neighbours If they know who owns the property. But then I think that's cheeky so wouldn't do it. It's amazing that you were looking for 18 mths that's a long long time but I'm delighted you're now in your dream home and didn't jump at something for sake of buying.. Congrats on your new home

Thanks, but I wouldn't say it's my dream house, I'd say that dream is something I would have to build! It's certainly something I realised after a few months of looking, no house is ever going to be anywhere near perfect. You have to compromise, and be very practical. We put location to the top of the wish list, followed by site size. Everything else was a bonus.

We ended up with a fairly small house (compared to what we could afford in other areas). But it's in the exact area we wanted, with a big garden. We are delighted with it.