Did you queue to get a new build house

Bandana boy

Lumen wrote: »

Queuing for houses is a symptom of madness.
.

Do you think anybody buying a house ever is madness ?

Assuming No for a moment Surely then buying a house with no queue would suggest you are paying over the market rate and "madness" is buying a house nobody else wants at that price.

The queue is just a method of managing order of purchase it has no intrinsic affect on anything other than that .The fact there is a queue suggests that the price point is below market rates.

Mitten31

I feel like I've stepped back in time to 10 years ago when I read threads like this......4/5 years ago the estate agents couldn't sell anything now we have week long ques. How has it come to this again?

Bandana boy

Ginger83 wrote: »

Yes it did, it drove the price up due to demand.
I know of one guy in particular who had a deposit on an apartment and was offered €20k to withdraw by another interested buyer.

Demand is demand ,Whether people queue , outbid each other or have a melee on day of purchase does not change the demand.

listermint

Mitten31 wrote: »

I feel like I've stepped back in time to 10 years ago when I read threads like this......4/5 years ago the estate agents couldn't sell anything now we have week long ques. How has it come to this again?

Supply and people's rush to get on to the ladder. Queue the same people coming back out indicating the place is 2 small in 2 years time.

Gumbo

listermint wrote: »

Supply and people's rush to get on to the ladder. Queue the same people coming back out indicating the place is 2 small in 2 years time.

The thing is, the new houses been built are bigger and better than what was built 10 years ago. For example, th Belltree development in clongrifffin, not one 2 bed built. All 3 and 4 beds with gardens.

Same goes for RCP iirc.

whiskeyman

Mitten31 wrote: »

.4/5 years ago the estate agents couldn't sell anything now we have week long ques. How has it come to this again?

More availability of credit, but with CB rules.
People have increased savings levels for deposits.
Recent tax credits for FTBs on new builds.
Economy has picked up with better employment / increased salaries - leads to greater demand.

It's been on the cards for a long time now that demand was growing, so no surprise really for queues in areas with high demand.

listermint

kceire wrote: »

The thing is, the new houses been built are bigger and better than what was built 10 years ago. For example, th Belltree development in clongrifffin, not one 2 bed built. All 3 and 4 beds with gardens.

Same goes for RCP iirc.

Tbf they had to be.

Still lack of space both communal and personal greenery is a constant theme

Gumbo

listermint wrote: »

Tbf they had to be.

Still lack of space both communal and personal greenery is a constant theme

We have to offset that with living in the city I suppose. If I wanted more space and more greenery, I'd go to the likes of Ashbourne, ratoath etc
But, cabra is too far away from Finglas for me , never mind Ashbourne!

Viscount Aggro

Looking back to 2007 era - it was obvious house prices were overvalued. I get the same feeling nowadays.
Stick to one of the golden rules of personal finance - never sepnd more than 25% of your disposable income on housing. Ignore what your peers are doing. i am not buying into this "cult" of home ownership at any cost.

kev22185

Queued up myself for a few hours. There was only 3 of the house types I wanted in the development and I’d already spent hours traipsing across the city looking at houses over two years. I'd gone sale agreed on two houses in that time only for the vendors to pull out long after going sale agreed on both occasions so I thought it prudent to get down early and get my pick of the houses. I was second in the queue and we were all given numbers by the security guard. It was all very orderly and well organised. Just as well as people were rocking up and just interrupting conversations with agents etc…

I wouldn’t go getting on a high horse about people queuing when you’ve no idea of the circumstances around it.

Best of luck to the OP on their house hunt.

recyclops

Mitten31 wrote: »

I feel like I've stepped back in time to 10 years ago when I read threads like this......4/5 years ago the estate agents couldn't sell anything now we have week long ques. How has it come to this again?

Just on this my situation was this

moved in with gf mother to help save for a deposit, we didn't want to pay excessive rent to landlord and this really helped.

we found the development we wanted, felt phase 1 was too much of a stretch so we said we would wait, save more and then be in a better position come phase 2, more of deposit, less to borrow etc.

so phase 2 launch gets announced, we have now been saving for close to a year and a half and in a healthy situation financially to buy, we are made aware that people are queuing for the homes and we should do the same. so we head down and queue.

Now this to me was a fairly well thought out and planned process, the queuing up took me by surprise but it was necessary to get what we want.

i am just wondering what you believe is "madness", is it the fact i bought an affordable house i wanted or the fact i queued for an affordable house i wanted?

Grawns

recyclops wrote: »

Just on this my situation was this

moved in with gf mother to help save for a deposit, we didn't want to pay excessive rent to landlord and this really helped.

we found the development we wanted, felt phase 1 was too much of a stretch so we said we would wait, save more and then be in a better position come phase 2, more of deposit, less to borrow etc.

so phase 2 launch gets announced, we have now been saving for close to a year and a half and in a healthy situation financially to buy, we are made aware that people are queuing for the homes and we should do the same. so we head down and queue.

Now this to me was a fairly well thought out and planned process, the queuing up took me by surprise but it was necessary to get what we want.

i am just wondering what you believe is "madness", is it the fact i bought an affordable house i wanted or the fact i queued for an affordable house i wanted?

Congratulations on getting the house you saved for. How long were you queuing for? I am figuring on the night before being enough, at a stretch 24 hours and I don't have a big network of people who are free to help out with the queue.
Everyone is working, and has kids to mind etc.

recyclops

Grawns wrote: »

Congratulations on getting the house you saved for. How long were you queuing for? I am figuring on the night before being enough, at a stretch 24 hours and I don't have a big network of people who are free to help out with the queue.
Everyone is working, and has kids to mind etc.

thanks for that it was worth it, we queued from around 10 the night before, since then another phase has gone on sale in the development emails went out at around 5 on a Friday, people queued from then until 11 the next morning.

goose banker

A development I was interested in announced via email at 17:00 on a Friday evening that the next phase was to go on sale the next morning, Saturday, at 11:00. I went to queue at 19:45 on the Friday evening and was far too late as there were only 57 houses far sale and there were waaay more than 57 people in front of me already. These were bought off the plans, qualified for the 1st time buyers help to buy scheme and were a lot cheaper than the second hand, 25 to 40 year old alternatives available in the area that still need money spent on them when you move in. It wasn't madness to queue overnight, it was economic sense. Most second hand properties in the surrounding 5km radius are dearer, no help to buy scheme, they're crap to be frank at the prices that are being asked.

Grawns

recyclops wrote: »

thanks for that it was worth it, we queued from around 10 the night before, since then another phase has gone on sale in the development emails went out at around 5 on a Friday, people queued from then until 11 the next morning.

Am I right in reading that the emails about the launch were sent the day before?

recyclops

Grawns wrote: »

Am I right in reading that the emails about the launch were sent the day before?

yep 5 pm the night before because of this they were allowing a bank transfer of funds for deposit

goose banker

Yes, in my example the emails went out 18 hours before the sale started. If you weren't at the sales location within 2 hours of that email going out then you didn't get there on time to get a house.

Grawns

goose banker wrote: »

Yes, in my example the emails went out 18 hours before the sale started. If you weren't at the sales location within 2 hours of that email going out then you didn't get there on time to get a house.

That's extreme!

Lumen

goose banker wrote: »

A development I was interested in announced via email at 17:00 on a Friday evening that the next phase was to go on sale the next morning, Saturday, at 11:00. I went to queue at 19:45 on the Friday evening and was far too late as there were only 57 houses far sale and there were waaay more than 57 people in front of me already. These were bought off the plans, qualified for the 1st time buyers help to buy scheme and were a lot cheaper than the second hand, 25 to 40 year old alternatives available in the area that still need money spent on them when you move in. It wasn't madness to queue overnight, it was economic sense. Most second hand properties in the surrounding 5km radius are dearer, no help to buy scheme, they're crap to be frank at the prices that are being asked.

How would you feel if there was no queue? Would you still want to buy?

goose banker

How would you feel if there was no queue? Would you still want to buy?

Not sure what you mean? I went up to buy a house but was too late, why wouldn't I want to buy if there was no queue? The previous houses sold after people slept/camped on the street over night. The only difference having no queue would have made was that it would have made me think I went to the wrong place!

The houses were good value, much cheaper than anything else of similar size in the area -say 5 to 10 km away, A BER rated and need no work done on them, just move in - when they're built that is, they were sold off plans. You could get a 3 bed semi for €265k then get 5% back off with the help to buy scheme if you qualified. Or you could spend €295k on something built c1980, most likely needs a new bathroom, kitchen in a few years, roof felt before long, E BER rating, etc.

recyclops

Lumen wrote: »

How would you feel if there was no queue? Would you still want to buy?

Surely by registering for updates. The queue is irrelevant

Lumen

goose banker wrote: »

Not sure what you mean? I went up to buy a house but was too late, why wouldn't I want to buy if there was no queue? The previous houses sold after people slept/camped on the street over night. The only difference having no queue would have made was that it would have made me think I went to the wrong place!

The houses were good value, much cheaper than anything else of similar size in the area -say 5 to 10 km away, A BER rated and need no work done on them, just move in - when they're built that is, they were sold off plans. You could get a 3 bed semi for €265k then get 5% back off with the help to buy scheme if you qualified. Or you could spend €295k on something built c1980, most likely needs a new bathroom, kitchen in a few years, roof felt before long, E BER rating, etc.

recyclops wrote: »

Surely by registering for updates. The queue is irrelevant

The purpose of the queue is to provide social proof that you are buying something that is desirable.

recyclops

Lumen wrote: »

The purpose of the queue is to provide social proof that you are buying something that is desirable.

Sorry your wrong,it was to secure affordable housing close to Dublin. Nothing about proof.

The advertising of this development was low key and having spoken to the developer since moving in the last thing he is trying to do is rape people financially, perhaps I am niave but sometimes there arw just nice people out there.

goose banker

The purpose of the queue is to provide social proof that you are buying something that is desirable.

I still would have bought had I been the only one there, if that's what you are angling at? I'd buy one because it was personally desirable. Skinny jeans seem to be socially desirable at present but I'm damned if I'm going to go out and buy a pair because everyone else is doing it.

There's not much for sale around. I need a house and buying is cheaper than renting. The second hand prices are too high in my opinion and the poorer stock isn't shifting very quickly as people realise they still have to spend a heap of money on them after they've bought them.

Lumen

recyclops wrote: »

Sorry you're wrong, it was to secure affordable housing close to Dublin. Nothing about proof.

The advertising of this development was low key and having spoken to the developer since moving in the last thing he is trying to do is rape people financially, perhaps I am naive but sometimes there are just nice people out there.

I'm not questioning your motivations.

I would be extremely surprised if the developer was not attempting to get the highest price for his work. That's like asking for a pay cut. Who does that?

goose banker

People aren't buying houses because there are queues for them. People are buying houses because they need somewhere to live. In my case, I missed out on a house because I didn't queue early enough. There just aren't enough houses for the amount of people that need one - not in areas where there are the most amount of jobs and infrastructure. So when brand new houses come up for sale for way less money than second hand ones, of course there's going to be a rush to get hold of one.

PhoenixParker

We didn't queue to buy a new build house, but we planned to and came very close. Only reason we didn't was because we got one that came back after the sale failed to complete.

My main recommendation is to do your due diligence first. This includes:

1) Read the planning permission from beginning to end. A classic boom time tactic was to put it a nice temporary park and then build on it for the last phase. I regularly see people on this forum reassuring fellow buyers that there will be no apartment blocks in their development when they're covered under the same planning permission as the development both are buying in. (Apartments aren't a bad thing, there are several blocks going up in RCP where we bought, it's just the lack of research that gets me).

2) Read the planning permissions currently active in the locality that may impact your development

3) Bear in mind that what's in the planning permission may never actually be built (e.g. shops) so you need to be pretty happy with the location and amenities as it stands. Anything extra is a bonus.

4) Read the local area development plan bearing in mind point 3 above

5) Make yourself aware of any large projected infrastructure projects in the area, again bearing in mind point 3 above. Many of the original buyers in RCP bought believing that there'd be a metro stop here in a year or two, then the project got shelved. On the other hand I've mentioned the nearby new Luas line to a few buyers and gotten blank looks. This can go either way . . .

6) I thoroughly recommend downloading sketch up and using it. Draw yourself a model based on the planning permission drawings and then play with your little dollhouse. Put furniture in the rooms (Ikeas range is in the 3D warehouse function) and make sure it fits comfortably. Set the longitude and latitude and move the sun around to really check aspect. I excluded one of the houses we were most interested in because I realised it was more overshadowed then you'd think.

7) Picture the changes in your life and make sure the house still works for them. Suppose you want to change jobs, where else can you commute to? If you have kids where will the go to school, to creche?

Overall I'm delighted with where we bought and if I had to buy again tomorrow I would in a heartbeat. The new crop of houses is so far superior to anything that's been commercially built in this country before. It's amazing. I looked out the window at the weekend and thought "oh it's snowing, must be cold out".

On the actual queuing aspect of things, as I said we didn't have to do it, but after discussion it boiled down to it being one (or two these days!) nights of discomfort for a house that we could live in for the rest of our lives. A small pain for a huge gain. While it felt ridiculous to us, we were going to get there early.

Lumen

goose banker wrote: »

People aren't buying houses because there are queues for them. People are buying houses because they need somewhere to live. In my case, I missed out on a house because I didn't queue early enough. There just aren't enough houses for the amount of people that need one - not in areas where there are the most amount of jobs and infrastructure. So when brand new houses come up for sale for way less money than second hand ones, of course there's going to be a rush to get hold of one.

You do realise that makes no economic sense, right?

goose banker

I would be extremely surprised if the developer was not attempting to get the highest price for his work.

Everyone that I spoke to that were queueing were saying fair play to the developer for not putting the prices through the roof, I was thinking the same. I know that goes against everything that we've experienced in this country over the last 10 years or so but that's what was being said on the ground. Maybe in his instance you're just going to have to settle for being extremely surprised? I'm just kicking myself I missed out.

goose banker

You do realise that makes no economic sense, right?

Put yourself in the position of looking to buy a house in the north Wicklow area. Look through the property sites in this area, give yourself a budget of €265k for a 3 bed semi detached house and see what you come up with. That's what a 3 bed semi in the development cost. 4 bed semi's were €280k I think, thereabouts anyway. That's a new, A rated house that you can more or less walk in to when it's finished. What would you buy that does make economic sense?