Hi there,
I'm currently a first time buyer awaiting acceptance on a bid on a property in Tallaght area, my bid 435k which is currently 75k over the asking price and probably the general prices in the area @ 360k or below commonly. The draw of this property is due to its size and potential as this is 5 bed (which is rare, commonly 3 beds or some include attic conversation), it also has a self contained granny flat for additional rental income potential and is a corner house, so subject to pp may allow for a second property to be added to side of the house. The concern is due to the inflated price, firstly will I get a mortgage, based on a banks valuation of the property? Secondly due to the high cost price, this may mean I have little to no equity to renovate. And not sure if rental potential and side garden development is a viable option to out weigh the initial property costs? I am a firm believer a good property will always sell at a good price but concerned all areas have a cap and with renovations to the property if stand to get myself into negative equity if I let my heart over rule my head
I'm currently a first time buyer awaiting acceptance on a bid on a property in Tallaght area, my bid 435k which is currently 75k over the asking price and probably the general prices in the area @ 360k or below commonly. The draw of this property is due to its size and potential as this is 5 bed (which is rare, commonly 3 beds or some include attic conversation), it also has a self contained granny flat for additional rental income potential and is a corner house, so subject to pp may allow for a second property to be added to side of the house. The concern is due to the inflated price, firstly will I get a mortgage, based on a banks valuation of the property? Secondly due to the high cost price, this may mean I have little to no equity to renovate. And not sure if rental potential and side garden development is a viable option to out weigh the initial property costs? I am a firm believer a good property will always sell at a good price but concerned all areas have a cap and with renovations to the property if stand to get myself into negative equity if I let my heart over rule my head