General
09 Nov 09
09 Nov 09
Originally posted by huckleberryhoundThe best method is to get in touch with as many property agents as possible, check as many websites as possible and start looking around.
What is the best method, and what are the things to look out for?
Thanks in advance....Huck
When you find a nice candidate, your solicitor will help you in letting you know what checks need to be made and what hidden problems might be there.
Do not trust any property agent. If they're anything like the ones in London, then 95% of them are useless scum that know nothing about the flats they are selling and are only useful for opening the front door.
09 Nov 09
Originally posted by huckleberryhoundEven if you're approved for x amount doesn't mean you can afford x amount. Be realistic with what is affordable. I had a friend in the mortgage business and he told me that most people go broke on the things inside the house (furnishings).
What is the best method, and what are the things to look out for?
Thanks in advance....Huck
09 Nov 09
Squat into a home when the owners are enjoying a long holiday.
Change the locks, install, redecorate at taste, and take over. When they're back
open the door unshaven, half naked, and holding a baseball bat, pretending that you
don't know what the hell they're talking about.
Sustain the status quo for months. Play fool or aggressive as necessary.
Enjoy your new home.
09 Nov 09
Originally posted by PalynkaJust useful hints, tips, and pitfalls.
What other type of info are you looking for?
We have a set budget, and have nearly half the house cost as deposit. Our main worry is location, and the current financial situation. When you're plowing €150,000 into a piece of property, we don't want to lose a percentage of that in negative equity. As far as locartion goes, it's just trying to find a place in our budget that is in good idstance to amienities.
09 Nov 09
Originally posted by huckleberryhoundIt's hard to help you with location... Central places which are not premium (in the millions) are usually more stable in terms of prices. More peripheral neighbourhoods tend to have larger swings in prices, which means the best opportunities are there, but so are the higher chances of falling into negative equity or having your house price falling.
Just useful hints, tips, and pitfalls.
We have a set budget, and have nearly half the house cost as deposit. Our main worry is location, and the current financial situation. When you're plowing €150,000 into a piece of property, we don't want to lose a percentage of that in negative equity. As far as locartion goes, it's just trying to find a place in our budget that is in good idstance to amienities.
If you're not planning on selling soon, price swings in the next two/three years shouldn't be that important right? Or are you planning to get on the ladder and use increases in value to move upwards?
Anyway, if your putting 50% up for down-payment, I don't think negative equity is an issue (negative equity is when value house < outstanding amount loan). So if you're looking at a house to live in comfortably for the next, say, decade then my advice to you would be to forget about the market situation for now and buy in a location that you like living in and that you can afford.
09 Nov 09
Originally posted by huckleberryhoundAre you buying in Ireland or China?
Just useful hints, tips, and pitfalls.
We have a set budget, and have nearly half the house cost as deposit. Our main worry is location, and the current financial situation. When you're plowing €150,000 into a piece of property, we don't want to lose a percentage of that in negative equity. As far as locartion goes, it's just trying to find a place in our budget that is in good idstance to amienities.
09 Nov 09
1 edit
Originally posted by PalynkaWe want to be able to sell up and move to her country, if things go tits up here. That's why a drop in value in the next few years (or any large drop in value) might be a pain for us. We have no wish to leave here, but we are realistic enough to know that we could easily both be out of work, if the downturn doesn't fix itself.
If you're not planning on selling soon, price swings in the next two/three years shouldn't be that important right? Or are you planning to get on the ladder and use increases in value to move upwards?
As it is, we are waiting until the budget this year, and maybe till the National assets Management Agency is set up, to see how it effects the market. We could be at the bottom of a trough in house prices here, but we could also be on the edge of a longterm depression.
That being said, if things don't go bad, we will be here for a long, long time.
I might be sounding slightly stupid here, but like a lot of things i've done in the past couple of years, i have no experience whatsoever in buying a house to fall back on.
A friend told me that, when i find a house that i like, to spend a weekend in the area parked up, checking out what the place is like, and maybe to speak to the buyer to see if he could pull the property from the market and deal with us direct to cut the agent's fee from the price.
09 Nov 09
2 edits
Originally posted by huckleberryhoundI can only comment on how things work here.
A friend told me that, when i find a house that i like, to spend a weekend in the area parked up, checking out what the place is like, and maybe to speak to the buyer to see if he could pull the property from the market and deal with us direct to cut the agent's fee from the price.
The agents do their utmost to keep the seller away from potential buyers and may even have a sole mandate, meaning the seller can't sell privately.
Even if you get to the seller, they may not be willing to deal direct, as this means they have to go through all the red tape and legal hassle, and many people will just let the agent in on a little commission to be spared this. They just want to sign on the dotted line.
The best advice I can give you, from personal experience, is:
Never, EVER trust a building contractor, and never take their word when they promise to finish something after your mortgage has been approved. Have the bank hold back payment as long as possible if there is work to be done, and if you can, write any work/improvements/maintenance into the contract so you can force the bank to put pressure on the builder. All builders are scum.
09 Nov 09
Try this link for general information:
http://www.trulia.com/voices/
It is American based, but many of the principals should work in Ireland as well (hire professionals, be sure to have it inspected, know the local time frames for the process, etc.) I bet there are similar sites that would give localized information for the area you are looking at.