Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Claw Hammer

Deleted User wrote: »

They were millionaires anyway, as was anyone owning a similar property

The country is full of millionaires we just pretend that the family home doesnt count

It doesn't count. Unless you are prepared to sell it and sleep in a cardboard box you bare not a millionaire. A Million is not that much anyway. It is equivalent to about £50k in 1970. Somebody with £50k in 1970 even in a bank account would not have been described as a millionaire. In reality about €10 million is the minimum necessary to be a millionaire.

Life insurance for a couple ranges from about 30 to 60 quid a month depending as a fair figure

Home insurance ranging again but youre talkin a couple hundred quid a year give or take

Solicitor fees and all associated depends on stamp duty and all, but covering conveyancing and registrations all in anything from 5k up to x amount depending on the value of the house

Surveys for valuation and snag are a couple hundred quid a visit with snagging going higher from what ive seen, up to 3-500 for a one-visit

Banks are offering solicitor fees and money towards valuations, and offers on life/home insurance

You really do need to poke around based on what you are in for

Claw Hammer

Claw Hammer wrote: »

It doesn't count. Unless you are prepared to sell it and sleep in a cardboard box you bare not a millionaire. A Million is not that much anyway. It is equivalent to about £50k in 1970. Somebody with £50k in 1970 even in a bank account would not have been described as a millionaire. In reality about €10 million is the minimum necessary to be a millionaire.

Well then it follows on from the original post that they arent really millionaires then, doesnt it?

Edit- for clarity, i agree with you, like!

Dodge

Claw Hammer wrote: »

. In reality about €10 million is the minimum necessary to be a millionaire.

Ha

There’s no club mate. If you have a million, you’re a millionaire. It’s that simple

That it doesn’t get you want a millionaire got 5 years ago is immaterial to the term

Even billionaires arent what a millionaire was in the 1920s tbh

I wouldn't get out of bed for less than a two bed in kimmage meself lads

Dodge

Dodge wrote: »

Ha

There’s no club mate. If you have a million, you’re a millionaire. It’s that simple

That it doesn’t get you want a millionaire got 5 years ago is immaterial to the term

Well, if we really wanted to be technical we'd break it down to purchasing power.

There's plenty of trillionaires in Zimbabwe, otherwise.

After all, if you have a trillion, you're a trillionaire.

PropBuyer101

Deleted User wrote: »

They were millionaires anyway, as was anyone owning a similar property

The country is full of millionaires we just pretend that the family home doesnt count

not if they bought it 50 years ago for 500 bucks.

Dodge

[Deleted User] wrote: »

Well, if we really wanted to be technical we'd break it down to purchasing power.

There's plenty of trillionaires in Zimbabwe, otherwise.

After all, if you have a trillion, you're a trillionaire.

Exactly.

Being a millionaire and having purchasing power are different

Red Silurian

coldfire1x wrote: »

Madness but its not going to stop anytime soon:

https://extra.ie/2021/06/24/property/asking-price-bidding-frenzy

https://offr.io/property/9-fortfield-terrace-rathmines-dublin-6-d06-yv12-ie/1832

https://www.aplaceinthesun.com/property/details/ap2748252/detached-villa-in-kamares-tala-for-sale

Just gonna leave this here, 725k for a villa with a pool in Cyprus... If I had the money I think I'd be spending it on this rather than rathmines

Looking at exiting the market, with a heavy heart until can reassess down the line.

Have been looking in areas that wouldn’t necessarily be considered well to do in Dublin but the market has just ran away. Have to live with forever regretting I didn’t buy this time last year, I believed all the guff about prices coming down etc.

Unfortunately the market has taken it out of our hands. We saved as most did during Covid and got a higher approval amount. Between these we upped our power by 30k. But unfortunately the market has added on 30 grand since January alone. An average 3 bed terrace on roads we have followed for two years has risen from 280 to now hitting 340. I know someone will come along and say a house is only worth what someone pays, which is true, but the market has inflated hugely, more than the average renter can save. Even moving back home probably wouldn’t save enough to keep up with the market increase.

None of the alternatives are pretty. Renting elsewhere - less savings, going further out - isolation, buying a smaller house - perhaps. Buying now could still end up being the best option in the next 2 years. The fear is being stuck with a substandard two bed that is bought at the top of the market and would potentially have you in negative equity if you ever tried to trade up and have a family. No easy answer at the moment if you’re looking to buy.

C14N

Deleted User wrote: »

Well, if we really wanted to be technical we'd break it down to purchasing power.

There's plenty of trillionaires in Zimbabwe, otherwise.

After all, if you have a trillion, you're a trillionaire.

Yes, but because of this, the term likely isn't widely used in Zimbabwe (or even somewhere like Japan, or pre-Euro Italy, where 1m yen or 1m lira is not really a huge amount of money). But we do use the term in Ireland at least, so a millionaire will always be someone with a net worth of €1m or higher. It's not as good as being a millionaire in the UK, where £1m is worth a little bit more, but it's still a millionaire. It's only a colloqiual shorthand, we don't have inflation-adjusted titles of wealth, we just adjust our mental understanding of what constitutes a millionaire. And even if a millionaire doesn't mean the super narrow elite wealth it might have meant in 1970, being a millionaire likely still puts you in the top 5% of Irish people as far as wealth is concerned. Someday it might get to a point where it seems like a fairly trivial net worth and people stop using it, but we aren't there yet.

Red Silurian wrote: »

https://www.aplaceinthesun.com/property/details/ap2748252/detached-villa-in-kamares-tala-for-sale

Just gonna leave this here, 725k for a villa with a pool in Cyprus... If I had the money I think I'd be spending it on this rather than rathmines

I think I would too. If I was at retirement age at least and didn't have to work anymore, and lucked into having my house go up in value to that degree, I think it would be a lot easier to cash out and buy somewhere abroad in the sun for way less. You'd have such a profit that you could even set a big amount of it aside to buy your kids or friends plane tickets for years to come visit you.

niniboots

Deleted User wrote: »

Looking at exiting the market, with a heavy heart until can reassess down the line.

Have been looking in areas that wouldn’t necessarily be considered well to do in Dublin but the market has just ran away. Have to live with forever regretting I didn’t buy this time last year, I believed all the guff about prices coming down etc.

Unfortunately the market has taken it out of our hands. We saved as most did during Covid and got a higher approval amount. Between these we upped our power by 30k. But unfortunately the market has added on 30 grand since January alone. An average 3 bed terrace on roads we have followed for two years has risen from 280 to now hitting 340. I know someone will come along and say a house is only worth what someone pays, which is true, but the market has inflated hugely, more than the average renter can save. Even moving back home probably wouldn’t save enough to keep up with the market increase.

None of the alternatives are pretty. Renting elsewhere - less savings, going further out - isolation, buying a smaller house - perhaps. Buying now could still end up being the best option in the next 2 years. The fear is being stuck with a substandard two bed that is bought at the top of the market and would potentially have you in negative equity if you ever tried to. No easy answer at the moment if you’re looking to buy.

Feel your pain, we did the exact same thing thought the market would downturn because of Covid and held off. It increased a 3bed from phase 1 (we had viewed) from 350k to 420k and this was not even Dublin. I have possibly registered for every new build in commutervile & we all know now that New builds are a law onto themselves, the ould not enough supply craic, greed & stupidity (REITS, Developers, Politicians)... so we thought right we will head towards the 2nd hand route and get something smaller in range, seriously it's as mad. We have stopped compromising, as I know in my gut we would regret buying in an area we had previously discounted for 60k to 80k more now. Thats the choice I suppose and we are happy to stick with it while this S*it housing show is raging

Dodge

Quick question on selling. I understand a BER cert is needed to sell. We have one, but there’s no physical certificate. Is proof of the rating (eg a print out from SEAI site) enough or do we need an actual physical certificate

Busi_Girl08

Some solicitors really really need to remember that while it's their day to day job for most people a house purchase is a once in a lifetime thing, so when you don't return phone calls or emails asking for an update on things or when the loan offer (which on paper we have until next week to sign) should be signed, it can create a bit of panic.

Funnily enough I've been chasing our broker and solicitor on phone and email all week, my fiance rang both this afternoon and they got back to him straight away :rolleyes:

EDIT: Moral of the story, don't be afraid to chase your solicitor more.

C14N

The house that we put an offer on yesterday has gone €85k over asking already. It's just us and one other party now. Not shocked but still kind of disappointed it went this high. We've put in an offer at €90k over, can only hope it's getting to the point of straining the other party.

Our new build has reached the stage where we have been given a date to snag, so after several months of kicking our heels it'll be a mad month

Solicitor is on hols right at the wrong bloody time but fingers crossed

Brock Turnpike

Anyone know what the craic is with EAs having to show you the book of offers? I've heard they have to show you if you request it. Is that the case?

Graham

Brock Turnpike wrote: »

Anyone know what the craic is with EAs having to show you the book of offers? I've heard they have to show you if you request it. Is that the case?

My understanding, no.

Records of all offers to buy land/buildings (outside of auction) must be kept by licensees. These records may be inspected by the Authority.

zuhuraswa

Do you have to pay for the local property tax or does the previous owner pay it? For a June sale
Also did anyone get a copy of any documentation from your solicitors for your own records after a sale?

The Davestator

zuhuraswa wrote: »

Do you have to pay for the local property tax or does the previous owner pay it? For a June sale
Also did anyone get a copy of any documentation from your solicitors for your own records after a sale?

I recently sold and my solicitor automatically added on the amount due on LPT for the rest of the year (as I had already paid it)

jimmytwotimes 2013

zuhuraswa wrote: »

Do you have to pay for the local property tax or does the previous owner pay it? For a June sale
Also did anyone get a copy of any documentation from your solicitors for your own records after a sale?

My solicitor said you'd get money back if you had paid up for the full year. I presume then you'd pay a half-year LPT if you were moving in somewhere

tobsey

Dodge wrote: »

Quick question on selling. I understand a BER cert is needed to sell. We have one, but there’s no physical certificate. Is proof of the rating (eg a print out from SEAI site) enough or do we need an actual physical certificate

You can request a copy from the SEAI. Send an email to info “at” ber.seai.ie stating you are the owner, the address of the property and the mprn number from your electricity bill. They’ll send you a copy of the cert. we got ours within a couple of days.

cathy427

For anyone that has purchased or sale agreed recently have you came across anyone / any sites doing good deals on the mortgage protection life insurance?

Turkish1

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

Crazy price, I thought we went slightly on higher end (alot of family use) and was €1,750 professional fees for both purchase and sale.

Extra €247 on the sale (folio fees, search fees, release of title deed feed, city council letter re: roads/services etc..).

Extra €1,025 (registration of deed 800, registration of mortgage 175, search fees, folio fees, commissioner of oaths etc..

Immediate family member paid €1,400 professional fees +reasonable disbursements on purchase very recently. Both above are Dublin.

Tea-a-Maria

cathy427 wrote: »

For anyone that has purchased or sale agreed recently have you came across anyone / any sites doing good deals on the mortgage protection life insurance?

We got a quote with Chill insurance and they were much cheaper than AIB's own offering. €27 v €38 a month. The guy in AIB admitted they couldn't match that, but it goes to show the quotes do have some wriggle room.

Turkish1

zuhuraswa wrote: »

Do you have to pay for the local property tax or does the previous owner pay it? For a June sale
Also did anyone get a copy of any documentation from your solicitors for your own records after a sale?

If selling - you will need to pay the full year in advance and will be reimbursed pro-rata for the period from sale to end of the year

If buying, the property tax from the date of purchase to the end of the year will be added to your overall cost of buying.

silver_sky

Brock Turnpike wrote: »

Hi all.

Anyone have a template/website for doing an all in mortgage repayment calculation that they would recommend? Looking for not just the mortgage repayment but also the other bits on top of buying a house for the first time i.e. legal fees, assessor fees, life insurance, home insurance, etc..

Thanks.

Tea-a-Maria wrote: »

We got a quote with Chill insurance and they were much cheaper than AIB's own offering. €27 v €38 a month. The guy in AIB admitted they couldn't match that, but it goes to show the quotes do have some wriggle room.

We initially started going through the bank for the mortgage protection thinking ah sure it'll be easier. They made a balls of it, and turns out it was a good €10~ per month more expensive than others. Going through a broker now instead, and it's been far easier and quote is cheaper.

tobsey

Turkish1 wrote: »

Crazy price, I thought we went slightly on higher end (alot of family use) and was €1,750 professional fees for both purchase and sale.

Extra €247 on the sale (folio fees, search fees, release of title deed feed, city council letter re: roads/services etc..).

Extra €1,025 (registration of deed 800, registration of mortgage 175, search fees, folio fees, commissioner of oaths etc..

Immediate family member paid €1,400 professional fees +reasonable disbursements on purchase very recently. Both above are Dublin.

That’s incredibly cheap. Best quote I got was 2500 for both, and I tried 6 or 7 solicitors.

TattooedLady

We seem to be nearly there, 10 months after our journey started.

We originally contact a broker in August 2020 and applied with finance Ireland, got AIP after around 2 and a half months as broker was constantly coming back for more paperwork. We found a house we liked last November and went sale agreed at 4k under asking. Finance Ireland ended up turning us down so we decided to go to our own bank.

Within 2 weeks we had our AIP from our bank. Progressed to letter of offer and that took another 2 and a half weeks. Unfortunately we ran into problems with the house (bad survey, uncooperative tenants and mapping issues). At the end of March we decided to cut our loses and pull out of the sale. It was so disheartening as we knew prices had gone crazy but we couldn't wait forever and the fun had gone out of the house for us.

This meant we had to start our mortgage application all over again, we were hoping for 3rd time lucky with it.

We got into bidding wars on a few properties, some going 25% over asking, it felt like we would never get anywhere!
In April I was trawling through daft like I had been doing numerous times a day and seen a property that had just gone up. It was 25k less than our top budget but as it was a 4 bed semi in a nice estate we knew it would most likely go over. I rang the estate agent straight away (same agency as the house that fell through but different agent). He said we could play it one of two ways, go in at asking or just below and expect a bidding war or go a bit over asking and see if the owners would take it without a bidding war. After talking we decided to go 15k over asking as we knew the house was easily worth that but it still left us wiggle room if the said no. Within 24 hours the house was in hold til we could view it. We viewed it the following week, loved it even more and went sale agreed!

That was towards the end of April and our closing date is Monday, our solicitor has our funds and was doing last minute paperwork yesterday. I feel like I can't get too excited until the keys are in our hands though.

Add into all that the fact we were also selling our house and had been sale agreed since middle of December and safe to say the whole process aged me about 10 years �� we have been staying with relatives this week as we closed our house sale on Monday but it'll all be worth it I am sure.

Jafin

cathy427 wrote: »

For anyone that has purchased or sale agreed recently have you came across anyone / any sites doing good deals on the mortgage protection life insurance?

I'm getting my mortgage from Bank of Ireland so I just went with them for the MPI. It came out at €10.10 a month. I'm a single applicant, 32 years old, with no previous illnesses though so obviously it will vary if you're part of a couple and/or have previous health issues.