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Low supply of apartments for first time buyers.

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  • 04-08-2020 8:44am
    #1
    kooreczka
    Registered Users Posts: 39 ✭


    We recently got our AIP and were excited to look for our first home in Dublin area. We both had to change jobs and work shifts all to get mortgage approved. What a horrible times to be looking for 1 or 2 bedroom apartment in Dublin. The supply is non existent vulture funds have bought or are buying or building everything as rental properties and control the market. They buy in bulk at cheaper price and for a private buyer same property is up to 100k more expensive and we don't want to get into negative equity if prices drop in the future. Property sale prices have gone even more up since after lockdown. Government is pushing people into social walfere housing and rewarding people who don't work with lower rents and hap payments which drives rents to really unaffordable levels for normal working people. I'm really depressed we are forced paying over 1k rent for a bedroom in shared accomodation and getting another increase this year. Is anyone else in the same situation? It's so depressing looks like there's no end to prices rising 😔


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    #2
    minikin
    Registered Users Posts: 2,980 ✭✭✭minikin


    Buy somewhere that you can commute from?
    There are plenty of affordable places with good transport links in County Dublin.
    It’s really not worth getting depressed over... stop looking for perfection and get on with your life.

    You are not your address.


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    #3
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    What's your budget?

    What locations are ideal for you?


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    #4
    [Deleted User]
    Posts: 3,505 ✭ [Deleted User]


    I bought a place recently and I do get where you're coming from.

    That said, I'm surprised that you changed jobs and got AIP before getting familiar with the market?

    We wanted to live in Dublin and we knew that meant being realistic about what we could afford. The majority of our prep was less about finances and more so about setting realistic expectations for ourselves. Once we did that, actually finding that place was probably the least stressful part of the process.


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    #5
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    From someone who did it. Don't buy a one bedroom apartment. You've absolutely no room to grow and if you do end up stuck there it will get very small very quickly.


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