Landlord looking to sell - Thinking of buying

Phil1969

https://www.boards.ie/discussion/comment/120528405#Comment_120528405

The hassle of buying in a chain is definitely a concern, but the transaction costs of buying a temporary apartment would be still cheaper than paying rent for the 3-5 years. Rents around us are averaging 1400 euros per month for a 3 bed property so that is a lot of dead money over the next few years if we did not buy now.

Do you expect there to be a housing crash? Although I think house prices will stagnate by the end of this year and possibly drop slightly, I do not expect a big crash anytime soon.

We have considered moving elsewhere and even emigrating but we have 3 teenage children who will be doing junior certs and leaving certs over the next few years so we are looking to avoid that option if possible.

Thanks for your input.

SwimClub

https://www.boards.ie/discussion/comment/120528709#Comment_120528709

Like yourself I don't expect a crash, I just mentioned as something to consider with apartments having lost value faster in the past relative to houses and you suggested you might be looking to buy a house longer term, but probably less of an issue for a larger apartment. It sounds like you really need to minimise disruption with the kids, as you pointed out renting again might lead to more disruption. Buying off current landlord sounds like the best option in terms of minimising disruption. If the asking price is high and you have a mortgage approval in principle ready and it shows your max amount then the owner might just take that into consideration on good faith even if lower than the asking, you never know. It can take a while to get that organised so I'd start right away if you haven't already. Best of luck with it.

Phil1969

https://www.boards.ie/discussion/comment/120528826#Comment_120528826

Thanks, yes I think buying from the current landlord would be easier and give us less disruption but I am little concerned about the BER rating which I believe to be E1. Other apartments with C1 BER ratings are available at around 10% to 15% lower than the price he is asking. I think it could cost me a fair bit to get the BER rating up to a C1.

herbalplants

https://www.boards.ie/discussion/comment/120530923#Comment_120530923

Look around, you did say the apartment is quite small for your needs. There are so many apartments coming up for sale that I doubt all of them will fetch asking price. Just like your landlord, others are selling mainly apartments. You may get a better place for less. Get the approval and shop around.

SwimClub

You do have an advantage in that you aren't in a chain, I know this is very specific advice and might not be possible, but if you keep an eye on whats advertised in your range and area and spot something disappear and re-appear later - that's likely to be a seller that had someone pull out and they might be keen to sell to someone not in a chain, even if you aren't the highest bidder.

Phil1969

https://www.boards.ie/discussion/comment/120531624#Comment_120531624

Thanks, I am definitely going to start looking around, I have seen a few more come up for sale lately on Daft.ie although quite often they are already sold. I have message a few agents already that had properties on Daft.ie but they don't reply but the properties are removed from Daft.ie not long after. I am beginning think that most are not even available but there for advertising their business.

Thanks again

Phil1969

https://www.boards.ie/discussion/comment/120531781#Comment_120531781

Thanks, I have actually a fair properties advertised as been sold and then re-appear later, thanks for that tip.

I have already started emailing agents with properties on Daft but none have got back to me. I am not sure why they say email them if they do not reply, they should just say call them.

herbalplants

https://www.boards.ie/discussion/comment/120531994#Comment_120531994

Watch for any open viewing and just show up at the open viewing. They will ask you for your name and number.

I would even email back these agents who didn't respond you and mention on the email, following up on my query as previously not responded!!!

Phil1969

https://www.boards.ie/discussion/comment/120532789#Comment_120532789

Thanks for tips.