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Very high rent / Time to buy?

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    #32
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    buy a house,
    what do you get for a management fee,?
    Most house s have a least on street parking,for 1 or 2 cars .
    Some apartments are not very secure.
    i went to buy a pc on adverts.ie , some one just let me in to the building.
    i could be anyone .
    I just said i,m here to see joe.
    you buy a fridge ,it breaks down after 10 years ,not a big cost .
    stamp duty is 1 per cent on most house s .


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    #33
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    chris85 wrote: »
    well the block insurance being included in management fees is fair enough if in managed estate, which I am not looking at really. Need building + contents.

    Also 2k for legal fees is about right, another 1% of house price for stamp duty. They are once off fees but expensive enough.

    Agree happy enough if my stuff which is decent breaks rather than crappy stuff there already and hassle to get it replaced.

    Ulterbank €1500 towards legal, BOI 80ish% of your stamp duty paid.

    Block = buildings insurance, you can't get individual buildings insurance - here - on an apartment.
    cardinal tetra wrote: »
    Last good time to buy was October 2013.

    Wait until the 20 rate comes in and demand falls to meet supply. Prices have stagnated over the last 6 months. A 15 to 20k drop will happen by December. Pent up demand is waining.

    Also. Buy a house.wtf do u want to be paying 1500 quid a year on a management fee that doses nothing for you.

    See the predictions and figures in the Property Market thread. You might see a 20K drop on a 600K apartment. There is no way you'll see 10% drops on apartments near Dublin CC by December this year.

    Management fee covers your bins, insurance, repairs to the fabric of the building, common areas etc. There is no reason a management fee needs to be much higher than what someone would spend on a house. Owning an apartment is a good first step in regards property ownership, there should be very little hassle in a well managed complex. Also renting it out is much easier, less hassle again. Buying a house has it's advantages and disadvantages.


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    #34
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Moderator note:

    tendjose - I have merged your two threads- 'rent too high' and 'time to buy?'
    It is frowned upon to start multiple threads with basically the same subject matter. Please refrain from doing this in future.


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    #35
    johnp001
    Registered Users Posts: 658 ✭✭✭johnp001


    Atlantic Dawn wrote: »
    Time to sell, time to buy is 5 years time.
    After something like 45% inflation in Dublin apartments prices in the last 2 years according to CSO figures now is definitely the time to sell.
    Time to buy could be sooner than 5 years though. If the increase in stock on the market keeps accelerating prices will drop sooner than later. Also, in 2018 the investment properties bought at the start of the CGT exemption period become eligible for sale. This will particularly affect apartment type property.
    The market knows this is glut of motivated sellers is coming and it should start to affect selling prices well before 2018 as investors who are not eligible for the CGT exemption scheme get out before they have to compete for buyers with the CGT exempt sales.


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    #36
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    A bloke was on joe duffy 2 years ago,,said he pays 2500 a year ,
    service charges,
    i think cos theres lifts and a large underground car park,
    he does not have a car .

    You will not spend 2500 in repairs on a house every year ,
    buy a house for 150k,
    its a better deal in the long term .
    Why does a ftb need to buy a 600k apartment,
    is it next door to bono,s gaff.


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    #37
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    mrcheez wrote: »
    My rent was more than my mortgage is now. Not to mention I get all that money back when I sell it (plus extra if value goes up).

    Ever think that it might go down ?
    cardinal tetra wrote: »
    ...
    Also. Buy a house.wtf do u want to be paying 1500 quid a year on a management fee that doses nothing for you.

    I tend to agree.
    A small terraced house is better than apartment when you factor in continous management fees.

    I am not allowed discuss …



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    #38
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    riclad wrote: »
    A bloke was on joe duffy 2 years ago,,said he pays 2500 a year ,
    service charges,
    i think cos theres lifts and a large underground car park,
    he does not have a car .

    You will not spend 2500 in repairs on a house every year ,
    buy a house for 150k,
    its a better deal in the long term .
    Why does a ftb need to buy a 600k apartment,
    is it next door to bono,s gaff.

    The service charge normally covers bins, building insurance, 3rd party public liability insurance etc.Totally aside from a lift or other goodies- basics including bins- are pricey- add up what you're paying and you'll see what I mean.


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    #39
    lafatec
    Registered Users Posts: 1 ✭lafatec


    presently, we are paying, 700euro for a three bedroom house, my landlord has just sent a notice of three months saying that we should vacate the house. He is planning to come down to see us. For over a month now we have been looking for accommodation. A house is not easy to get at the right price.


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    #40
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    lafatec wrote: »
    presently, we are paying, 700euro for a three bedroom house, my landlord has just sent a notice of three months saying that we should vacate the house. He is planning to come down to see us. For over a month now we have been looking for accommodation. A house is not easy to get at the right price.


    Cheap house well outside dublin i guess


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    #41
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    The_Conductor wrote: »
    The service charge normally covers bins, building insurance, 3rd party public liability insurance etc.Totally aside from a lift or other goodies- basics including bins- are pricey- add up what you're paying and you'll see what I mean.

    Jeeze you must be dumping a lot of stuff to be paying anything near a grand on bins ?

    I am not allowed discuss …



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    #42
    mrcheez
    Registered Users Posts: 13,770 ✭✭✭✭mrcheez


    jmayo wrote: »
    Ever think that it might go down ?

    It may go down, but hold on to it long enough and the price will eventually rise up to the original due to inflation or other factors. Could be 2 years, could be 15 years

    My point is that all the money spent on rent will never be reimbursed no matter how long you wait.

    What I was saying is that you can wait 5 years for property prices to drop (or not) and be living under a landlord and have no freedom to do up your living space, or - assuming you can afford it - buy a place and spend the next 5 years enjoying your life living in a space you've customised to your requirements.


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    #43
    cardinal tetra
    Registered Users Posts: 299 ✭✭cardinal tetra


    MarkAnthony wrote: »
    Ulterbank €1500 towards legal, BOI 80ish% of your stamp duty paid.

    Block = buildings insurance, you can't get individual buildings insurance - here - on an apartment.



    See the predictions and figures in the Property Market thread. You might see a 20K drop on a 600K apartment. There is no way you'll see 10% drops on apartments near Dublin CC by December this year.

    Management fee covers your bins, insurance, repairs to the fabric of the building, common areas etc. There is no reason a management fee needs to be much higher than what someone would spend on a house. Owning an apartment is a good first step in regards property ownership, there should be very little hassle in a well managed complex. Also renting it out is much easier, less hassle again. Buying a house has it's advantages and disadvantages.


    Bins 200
    Insurance 350
    So you essentially have 1000 a year difference to do up the fabric of your home as you call it. Unlessb you take delight in the crap job Mary does in the common area as she slithers past, dragging a filthy mop behind her. There has never been a management fee worth paying. Ever.


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    #44
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    cardinal tetra wrote: »
    Bins 200
    Insurance 350
    So you essentially have 1000 a year difference to do up the fabric of your home as you call it. Unlessb you take delight in the crap job Mary does in the common area as she slithers past, dragging a filthy mop behind her. There has never been a management fee worth paying. Ever.

    My management fee is well under 1100 including lift fee. I think your estimates or bins and insurance are pretty much bang on the money. So for €550 a year or under €50 a month I get:

    Common Areas cleaned - to a high standard
    Cark park and gardens kept
    Lift maintained
    Common areas painted on a quarterly basis
    All the residents doors/timer work painted (external)
    Security Gate maintained
    Security guard
    Caretaker

    I'm never going to have to worry about my roof, pipes (external to the apartment) gutters or Sky Dish / Telecoms lines.

    Dunno about you but that seems pretty good value to me. You didn't spend €500 maintaining your house last year?


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    #45
    mortimer33
    Registered Users Posts: 135 ✭✭mortimer33


    MarkAnthony wrote: »
    My management fee is well under 1100 including lift fee. I think your estimates or bins and insurance are pretty much bang on the money. So for €550 a year or under €50 a month I get:

    Common Areas cleaned - to a high standard
    Cark park and gardens kept
    Lift maintained
    Common areas painted on a quarterly basis
    All the residents doors/timer work painted (external)
    Security Gate maintained
    Security guard
    Caretaker

    I'm never going to have to worry about my roof, pipes (external to the apartment) gutters or Sky Dish / Telecoms lines.

    Dunno about you but that seems pretty good value to me. You didn't spend €500 maintaining your house last year?

    Looks like you're getting a decent deal there..

    I had first hand experience with a management company.. you also get
    -conflict
    -some residents refusing to pay
    -legal disputes with members/contractors
    -block insurance increases if a neighbors suffer a fire
    -less control
    -clamping
    -if mgt company goes bankrupt it could affect your ability to be a director
    -more difficult to sell if mgt company is poor
    -need to worry about sufficient sinking fund
    -restrictions on sky dishes so you're forced to subscribe to upc
    - bin rooms that are used as dumping rooms

    Its a different set of worries.. I much prefer looking after my own house.


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    #46
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    mortimer33 wrote: »
    Looks like you're getting a decent deal there..

    I had first hand experience with a management company.. you also get
    -conflict

    We also have conflict, usually it's sorted out amicably. How many threads are there here about people that can't sort out conflict with their neighbours in a housing estate.
    mortimer33 wrote: »
    -some residents refusing to pay

    Usually this is because of a poorly run OMC - the residents have only themselves to blame there.
    mortimer33 wrote: »
    -legal disputes with members/contractors

    Can happen just as easily in a house, legal protection is normally imdemnifed by insurance, in other cases.
    mortimer33 wrote: »
    -block insurance increases if a neighbors suffer a fire

    We've had claims on our insurance, doesn't increase it by very much at all. Especially as it's passed on to a group of people. Have one burglary or fire and a householder will be paying more than someone with a share of block insurance.
    mortimer33 wrote: »
    -less control

    Of what? You'll have zero control of the road running past your gaffe, we've total control.
    mortimer33 wrote: »
    -clamping

    Seen about 5 cars clamped in 10 years. All repeat offenders packed in someone else's spot. What happens if someone parks in your drive - Are you going to spend €500 on a good clamp and have 4 guys standing there when you take it off?
    mortimer33 wrote: »
    -if mgt company goes bankrupt it could affect your ability to be a director

    Pretty remote.
    mortimer33 wrote: »
    -more difficult to sell if mgt company is poor

    Just as difficult to sell if you live next to asshats who are own their home freehold, at least with leasehold a good OMC can take action. Again crap OMC are only ever the fault of the residents.
    mortimer33 wrote: »
    -need to worry about sufficient sinking fund

    Just as big a worry of not more so in a house.
    mortimer33 wrote: »
    -restrictions on sky dishes so you're forced to subscribe to upc

    Completely in the control of the OMC - we've communal dishes.
    mortimer33 wrote: »
    - bin rooms that are used as dumping rooms

    Fly tipping can easily happen into your garden, again completely within the control of the residents and OMC.
    mortimer33 wrote: »
    Its a different set of worries.. I much prefer looking after my own house.

    It can be, but the difference in cost might buy you a round of drinks a month with a good OMC. The costs are broadly the same in owning a house, you do give up some control in return for a collective agreement.


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    #47
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    Money from service charges ,goes to pay for insurance, maintenance,refuse collection,
    an long term emergency fund.
    eg say theres a flood ,or the lifts break down,
    major repairs need to be made. new boiler needs to be installed,
    things like doors , need fixing in the common area,s
    .
    There,s was a report on rte ,about some people in a country apartment block,
    30 per cent of residents refused to pay service charges .
    AT some point in a large building ,some large repair will need to be made.
    or they could be a frozen pipe, leak which causes damage .
    Thinks like intercoms, security doors made need fixing frequently .


    BY the way look on daft.ie ,under 150k,
    there,s of old 1/2 bed houses under 150 k.
    You dont have to just buy an apartment.

    IF you buy an apartment in a large building with lifts , underground park ,the services charges will be higher , than say a block with only 20 units
    in the building.

    Only the larger apartment developments would have security gaurds .


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