3 Bed House through AF: What is the difference between what the house is worth?

L

Lor

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Hi All,

Just a question for any of you that have moved into a 3 bed house tru the Affordable. Was there much of a price difference between what it was worth, and what you got it for?

Thanks
Lorraine
 
Re: 3 Bed House

That is brilliant Traceybere, do u mind me asking where the house is located? Has there been much of a wait between the time that they offered u the house to the time u can move in?

Lor
 
Re: 3 Bed House

Paid 320
Worth (according to Council) 440
According to Independant Valuer 410 (this overvaluing appears to be a consistent problem with AH)
Clawback: 27.27%
In reality, clawback should be: 22%

Offered March, accepted March - still fighting on snag....but should be in by now, others are...

Good luck!
 
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Re: 3 Bed House

Hey,

I could be wrong here but I went into a mortgage calculator and put in 300,000 over 30 years and on average, with the rate that most lenders give, the repayments for this is around 1,550 per month. How is this affordable.

Lor
 
Re: 3 Bed House

€1581 to be precise! (Thats putting in 25k, borrowing 295k) Before mortgage protection, buildings and contents and management fee (ok, this one is at the outset, but it still needs to be paid!!)

Its more that its affordable for a 3bed semi....We couldn't afford one (what, 400odd on the open market) so its a step on. As you can see from the clawback, getting shafted there too....but its the best we could hope for....

Thats the thing with this AH, the thresholds (in terms of salary etc..) are higher so more people can apply, but not everyone can make the repayments on a mortgage that big. I think it was that particular scheme that caused the nurses strike last year - i.e Even if they COULD earn enough for an AH and were offered it, the bank wouldn't loan them enough to actually buy...

Its all a bit warped! Delighted and all as I am to have the house now - never again!! There is sooooo much red tape!
 
Re: 3 Bed House

I just cant believe the repayments, I am shocked to be honest with u. I mean we want Balbriggan, and you could buy a 3 bed house brand new for 310,000 so I mean you mite aswell do it on ur own for those prices. That has just put me in a bad mood now...
 
Re: 3 Bed House

I know, depressing huh?
Sorry to do that to ya on a Friday!

I'd imagine though, that the price/value of where we were was higher than it might be in Balbriggan cause of the value of property etc..
 
Re: 3 Bed House

Yea I am hoping that will be the way, that is the reason I would go out that far, I just couldnt afford the inner Dublin area.
 
Re: 3 Bed House

Dont forget the difference between the AH Scheme and Initiative..Initiative properties cost more!! Which AH category are you in Lor? Phibbleberry you're AHI arent ya?
 
Re: 3 Bed House

I think I should have looked into this a bit more b4 I applied, I didnt even no there were different types. I literally down loaded the form from the affordable web site and brought it into the Fingal office. So I haven't a clue which category it is as I didnt even no there was more than one. I dont even no the difference between them.
 
Re: 3 Bed House

Theres loads of threads on this topic so have a browse around and load up on all the facts first..theres a lot to know!! Main difference is the AH Scheme is for people earning <€40k p.a. and the AH Initiative (single applicant) is for people earning between €40-65k p.a. Depending on what you earn and other criteria outlined in the application form you will be allocated properties that will be affordable (ish) to you depending on what category you belong to. If you earn say €27k you wont be offered a AHI property thats worth €300k...the bank simply wont lend you that much..you will be offered a Scheme property! It is daunting when you first start out believe me..even 3 months after moving into my apartment im still finding out stuff about the whole affordable housing process!! Anyway..this website has been mine (and Phibbleberrys too id say :D) bible for the last year so feel free to ask questions however silly you might think they are!
 
Re: 3 Bed House

That is so much help Swordshead. I will obviously be on the AH so. I need to just sit down when I have the time and go through all the threads. but thanks, Im sure I will be hounding you all with my questions over the coming months.
 
Re: 3 Bed House

Lor said:
Hi All,

Just a question for any of you that have moved into a 3 bed house tru the Affordable. Was there much of a price difference between what it was worth, and what you got it for?

Thanks
Lorraine
Click to expand...

Hi all,
Im at the moment going through the motions with a three bed duplex, its offered to me at €280500 and DCC 4 months ago valued it at €355000, but given the market I find it unlikely that that valuation is still accurate. Like alot of people Im very concerned that is been well overvalued and Im gonna end up not being able to sell in years to come because of the clawback.

Has anyone ever gotten DCC to revalue their property nearer the point of closing the sale or am I stuck with that value because that is what I agreed to at the very beginning.
PS Reckon Im about 2/3 months away from closing.

Thanks in advance.
 
Re: 3 Bed House

Hi lor

Im around 7 mths approved on the waiting list. i was offered 2 apartments in Balbriggan for €150,000ea. They were tiny so i passed. Haven't heard anything from them since then.
 
Lor,
As others said makes huge difference whether its AH or AHI you're going for. I could only afford AH got a two bed apartment in Lusk..worth 320k and I paid 158k very happy. Mortgage repayments manageable :)
 
Hi Cat123,

That is some difference in price, I didnt think they would give such a hugh discount.

Lor
 
Re: 3 Bed House

Lor said:
That is brilliant Traceybere, do u mind me asking where the house is located? Has there been much of a wait between the time that they offered u the house to the time u can move in?

Lor
Click to expand...

Hi Lor,

Sorry for the delay - the house is in Phibblestown, still waiting to sign the contract. There is on thing i only noticed though - the COCO valued the house at €410 and the EBS are saying its worth €385 - i spoke to some people in the same suituation as me and their homes were valued at €350. So i'm not too sure now.

I seen the house the first week in Dec, paid my deposit the second week - didn't hear much over xmas but now the contracts are out and i'm just waiting on my final loan approval - the counsil "said" i will be in late FEB but i think it will be later.

T
 
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