Irish Property Market 2020 Part 2

cubatahavana

JJJackal wrote: »

I dont think you always see the difference in price for the interior and insulation in ireland

I know, and that it’s crazy to me. A well maintained house goes for a similar price than a horribly maintained one.

mcsean2163

Interesting, REIT still seems to be doing ok...

[url]httPs://www.irishtimes.com/business/commercial-property/hibernia-reit-says-5-5-of-rent-due-unpaid-for-current-quarter-1.4300052?mode=amp[/url]

Hubertj

mcsean2163 wrote: »

Interesting, REIT still seems to be doing ok...

[url]httPs://www.irishtimes.com/business/commercial-property/hibernia-reit-says-5-5-of-rent-due-unpaid-for-current-quarter-1.4300052?mode=amp[/url]

I presume this would indicate that Hibernia’s commercial tenants are larger entertprises and MNCs so better placed to continue paying rents?

Ozark707

mcsean2163 wrote: »

Interesting, REIT still seems to be doing ok...

[url]httPs://www.irishtimes.com/business/commercial-property/hibernia-reit-says-5-5-of-rent-due-unpaid-for-current-quarter-1.4300052?mode=amp[/url]

On the residential front it has held up very well for them as well (95%). I suppose the bigger issue is whether some of their existing tenants would look to secure better (i.e. cheaper) accommodation as leases expire. From what I have seen the REITs charge a pretty penny so if they have tenants who have seen that there is now much better value out there it could lead to some interesting conversations. I can't see the REITs giving a sizeable reduction to their tenants.

Captcha

If you used help to buy a few months ago for the 20k can you apply for the extra 10k now? I ask because I think you could claim the original 20k if you bought a house recently before it’s introduction

Sarn

As far as I know, the additional 5% is only for contracts signed after the 23rd July on new builds. I think there are slightly different criteria for self-builds.

Villa05

Ozark707 wrote:

On the residential front it has held up very well for them as well (95%). I suppose the bigger issue is whether some of their existing tenants would look to secure better (i.e. cheaper) accommodation as leases expire. From what I have seen the REITs charge a pretty penny so if they have tenants who have seen that there is now much better value out there it could lead to some interesting conversations. I can't see the REITs giving a sizeable reduction to their tenants.

If reits are trying to hoover up those long term social housing leases. You and me will be involuntarily guaranteeing there profitability for generations to come

Sarn wrote:

As far as I know, the additional 5% is only for contracts signed after the 23rd July on new builds. I think there are slightly different criteria for self-builds.

The minister mentioned it was on drawdown of mortgage after 23rd
Newstalk 11am interview

Sarn

Villa05 wrote: »

The minister mentioned it was on drawdown of mortgage after 23rd
Newstalk 11am interview

That’s for self-builds as far as I am aware. All still to be officially stated on revenue’s website.

Villa05

cubatahavana wrote:

It is really difficult to organize more than 4-6 viewings per week, and that's only if you're lucky and have mortgage approval in place.

Saw a couple of houses this week that were in disastrous state inside and still asking for nearly 700k with ratings lower than D both of them. How do they think they'll sell when new builds with similar sqm and MUCH better rating are selling for at least 50k less in the area and with, is beyond my comprehension.

Why would you waste time viewing houses that you clearly have eliminated based on information that would be on the property listing

Ozark707

Villa05 wrote: »

If reits are trying to hoover up those long term social housing leases. You and me will be involuntarily guaranteeing there profitability for generations to come

Of course, I expect to see LOTS of this going forward.

cubatahavana

Villa05 wrote: »

Why would you waste time viewing houses that you clearly have eliminated based on information that would be on the property listing

I wouldn't mind a bad rating if the interior is good enough. You can put some money in and get it sorted. They looked ok-ish on the photos, so we went to see them, just in case

Assetbacked

Ozark707 wrote: »

Of course, I expect to see LOTS of this going forward.

If this starts happening in lieu of the government building then it's time for us all to get to grips with O'Broin's book on housing!

Guranateed policy to ensure SF gain in the next election as it further reduces the supply to the private rental market since the state competes with private individuals.

Hubertj

Assetbacked wrote: »

If this starts happening in lieu of the government building then it's time for us all to get to grips with O'Broin's book on housing!

Guranateed policy to ensure SF gain in the next election as it further reduces the supply to the private rental market since the state competes with private individuals.

I suppose the problem the government has is that any policy will take time to fully develop and cost, then implement. That is really medium to long term. Short term they also have issues to address - additional units required on top of whatever the previous government was delivering. I don’t think they can do nothing and just wait a few years to magically deliver all the social and affordable houses. Even if SF were in power they would have the same challenge. Perhaps they would get McFeely in as an advisor. He does have a reputation in delivering large scale housing projects.

wassie

cubatahavana wrote: »

I'm 99% sure I'll be getting a new build. 10 years structural insurance, very good rating and no smell of piss inside

10 year structural warranty is a marketing gimmick and not an advantage to buy new over old. Read the actual T&Cs of the product and you might be surprised how restrictive making a claim is. And the cost will be built into the price you pay.

cubatahavana

wassie wrote: »

10 year structural warranty is a marketing gimmick and not an advantage to buy new over old. Read the actual T&Cs of the product and you might be surprised how restrictive making a claim is. And the cost will be built into the price you pay.

Bought a duplex in 2007, there were issues with leaks and the state of some walls in other apartments and the owners got it fixed no questions asked a good few years after closing thanks to it

JimmyVik

cubatahavana wrote: »

It is really difficult to organize more than 4-6 viewings per week, and that's only if you're lucky and have mortgage approval in place.

Saw a couple of houses this week that were in disastrous state inside and still asking for nearly 700k with ratings lower than D both of them. How do they think they'll sell when new builds with similar sqm and MUCH better rating are selling for at least 50k less in the area and with, is beyond my comprehension.

I'm 99% sure I'll be getting a new build. 10 years structural insurance, very good rating and no smell of piss inside

BER wouldnt bother me in the least buying a house.
Experience tells me it can be brought up inexpensively.
And bringing it up doesnt actually save you as much as people think it does ion fuel.
To me a low BER is great as it frightens buyers who dont actually know anything about how a BER is calculated away.

JimmyVik

wassie wrote: »

10 year structural warranty is a marketing gimmick and not an advantage to buy new over old. Read the actual T&Cs of the product and you might be surprised how restrictive making a claim is. And the cost will be built into the price you pay.

True. As people who had pyrite issues will all testify.
Homebond. What a laugh too.

Cyrus

JimmyVik wrote: »

BER wouldnt bother me in the least buying a house.
Experience tells me it can be brought up inexpensively.
And bringing it up doesnt actually save you as much as people think it does ion fuel.
To me a low BER is great as it frightens buyers who dont actually know anything about how a BER is calculated away.

To a point

You can get an e to a c3 maybe but beyond that it’s expensive

JimmyVik

Cyrus wrote: »

To a point

You can get an e to a c3 maybe but beyond that it’s expensive

Renovated plenty of properties.
Cheap enough to get it up before selling.
The BER system in Ireland is a bit of a joke tbh.
Really have to laugh at people paying 10s of thousands to try and save a few hundred euro a year.

cubatahavana

JimmyVik wrote: »

BER wouldnt bother me in the least buying a house.
Experience tells me it can be brought up inexpensively.
And bringing it up doesnt actually save you as much as people think it does ion fuel.
To me a low BER is great as it frightens buyers who dont actually know anything about how a BER is calculated away.

Well, I prefer to live in a home with some form of sustainable energy and that reduces energy waste to a minimum. In houses that I’ve seen with a low D and F rating, you can feel the cold and dampness when you walk in. Not to say that all are like that, but the two I’ve seen were.

As well, if I can pay 100 quid for energy per month instead of 300, that’s a benefit in my books

No need to use more fuel and generate more CO2 if I can avoid it. As well, for me going through long renovations is a pain in the ass. Some people like knocking all down and rebuild, I’m not one of them.

Cyrus

JimmyVik wrote: »

Renovated plenty of properties.
Cheap enough to get it up before selling.
The BER system in Ireland is a bit of a joke tbh.
Really have to laugh at people paying 10s of thousands to try and save a few hundred euro a year.

As I said to a point and it won’t mean any thing

An a rated house is worth a premium imo

awec

The difference between an A and a B may not be massive, but the difference between and A and a C/D/E/F/G is enormous and will definitely not be cheap to fix. An F/G rated house you may as well be sitting outside. These aren't problems you're going to be solving by sticking in efficient bulbs around the house.

Bass Reeves

wassie wrote: »

10 year structural warranty is a marketing gimmick and not an advantage to buy new over old. Read the actual T&Cs of the product and you might be surprised how restrictive making a claim is. And the cost will be built into the price you pay.

With an old house it hard to mask problems. Engineers are much better to give you a handle with issues or problems in a house than 10+ years ago. they are libel for an glaring faults not highlighted and there liability is on the line nowadays.

JimmyVik wrote: »

BER wouldnt bother me in the least buying a house.
Experience tells me it can be brought up inexpensively.
And bringing it up doesnt actually save you as much as people think it does ion fuel.
To me a low BER is great as it frightens buyers who dont actually know anything about how a BER is calculated away.

Ya BER calculation is a joke. As well a lot of D&E houses can better than you think. For instance if you have done up an old house or build a house to higher standards than applied 20+ years ago you get no credit unless you have receipts for the work.

JimmyVik wrote: »

True. As people who had pyrite issues will all testify.
Homebond. What a laugh too.

HB was always a joke, a builder paid a few thousand and the HB guy might or might not call to see the foundations poured and that was it. But if there was an issue you were dependent on HB pressurising the builder to carry out the repairs. If the building firm were gone or left HB you were on your own.

JimmyVik wrote: »

Renovated plenty of properties.
Cheap enough to get it up before selling.
The BER system in Ireland is a bit of a joke tbh.
Really have to laugh at people paying 10s of thousands to try and save a few hundred euro a year.

Ya a lot of people misunderstand BER. The main area's in a house that save money are Roof, wall and floor insulation. If you have good insulation in walls first day adding external wall insulation is not going to save a fortune. Replacing single glazed with double glazed along with wall insulation again makes a vast improvement. However going from DG of 20-30 years ago to modern DG is not the saving you think it is. Solar panels are more a comfort factor for hot water during the summer but will not make savings people imagine. Condenser boilers while more efficient will not save a fortune unless your house is inefficient anyway

cubatahavana wrote: »

Well, I prefer to live in a home with some form of sustainable energy and that reduces energy waste to a minimum. In houses that I’ve seen with a low D and F rating, you can feel the cold and dampness when you walk in. Not to say that all are like that, but the two I’ve seen were.

As well, if I can pay 100 quid for energy per month instead of 300, that’s a benefit in my books

No need to use more fuel and generate more CO2 if I can avoid it. As well, for me going through long renovations is a pain in the ass. Some people like knocking all down and rebuild, I’m not one of them.

awec wrote: »

The difference between an A and a B may not be massive, but the difference between and A and a C/D/E/F/G is enormous and will definitely not be cheap to fix. An F/G rated house you may as well be sitting outside. These aren't problems you're going to be solving by sticking in efficient bulbs around the house.

IT would depend on the house. I build in early 90's 2000 sq. ft. rural dormer. I filled 4'' cavities with blown rock wool. Inside is drylined with inch polyurethane on gypsum board. 6'' of attic insulation. 2" wall insulation went in the floor which was above the floor standard at the time. We have put in solar panels for hot water

Wood stove and oil range provide the heating. We burn about 1K litres of kerosene a year. We buy 500kgs smokeless nuggets and I cut about 2-3 small car trailerloads of timber (seasoned). Now I be lucky with that house to obtain a D2 rating. I cannot see where I would get the rating up without spending serious money. Giving if oil prices were 70-80c/L and allowing for coal and wood I am not at much above an average of 100/month over the year. I cannot see how without spending 40-50K I get it up to an A or B and spending that. Even if oil doubled from that to 1.5/L it still would be uneconomical. I have heard 1-2 people complaining about the electricity bill with heat pumps.

A lot of BER rating has to do with carbon not with saving on fuel costs.

cubatahavana

Bass Reeves wrote: »

We buy 500kgs smokeless nuggets and I cut about 2-3 small car trailerloads of timber (seasoned).

That sounds like lot off hassle to me. I understand some people enjoy the stove burning wood, but me, personally, couldn’t be bothered to go into so much trouble instead of turning a thermostat 🀪

I understand your post though. Looks like a lovely house. My issue has been that the houses that I’ve visited with low ratings were horribly damp (and I went in July).

mcsean2163

Anyone got ab account for this:

Demand, supply and purchasing power: Why the outlook for Irish residential and commercial property is bleak

https://www.thecurrency.news/articles/20965/

mariaalice

The low running costs and convenience of the A/B rated house is always going be better for some epically if they are both working full time, an older house with a bigger garden, better located or a house with character is always going to be what some people want as well.

It not as simple as one is better than the other.

Cyrus

Bass Reeves wrote: »

I have heard 1-2 people complaining about the electricity bill with heat pumps.

A lot of BER rating has to do with carbon not with saving on fuel costs.

i think people misunderstand heatpumps or dont think about ther average energy cost rather look at a large bill in winter.

We only have an electricity bill for an a3 rated 2100 sq foot house, our energy costs average 110-120 a month for a family of four for everything, thats pretty good going,

My only issue is that we could have done with air con as the house is so warm in summer.

cubatahavana

mariaalice wrote: »

The low running costs and convenience of the A/B rated house is always going be better for some epically if they are both working full time, an older house with a bigger garden, better located or a house with character is always going to be what some people want as well.

It not as simple as one is better than the other.

Agreed

GreeBo

cubatahavana wrote: »

I understand, but some of these homes carry a renovation cost of 100k on top of the price. I guess it's not for me if I can buy a much more energy efficient home for less money. I don't care too much about the garden size. I understand that that's just my opinion

Thats fine, but you are not comparing like with like.
I could compare your new house to a new apartment and think you are crazy for spending more too.

The_Brood

This is insane. Any house we are placing bids on in Dublin (matching the asking price) sky rockets dramatically high, it's like we have endless competition of people loaded up to their eyeballs with money buying up everywhere. Insanely disappointing because you get a mortgage, you look at prices that match that, but the listed prices mean absolutely nothing as demand is off the charts and the houses are going for way higher than what they are listed as.