Grand Canal square residences- Affordable

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Sesed

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Has anyone viewed these apartments? (Can't post link since I am new- they are from 254k for a three bed) There are no pictures, but they seem like a good deal.
I have been looking around the net and as far as I can see a lot of people are wary of them - is that because an apartment is not a good investment or is there something else? I would love to live in this location, and while I would prefer a house we can't afford it! It would either be a house further out or something like this. Obvious cons- no balcony, management fees, possibly worse depreciation than a house(?), small apparently - is 75sqm really tiny?

Any advice welcome.
 
my advice

stay away from apartments.

even worse

stay away from AH and any dealings with the councils

Put the kettle on, crack your fingers and spend about 2 hrs going through Affordable housing and shared ownership thread as well as others pertaining to apartments/management companys etc...

p.s. I think anyone buying now is not fully aware of the current state of affairs we are in. also, haggle with any price on offer
 
Thanks for the reply. I am not keen on an apartment- I like living in them, just don't want to be stuck with one. TH OH seems to think this is a good deal, and we can sell it on in a few years and move- but that's what everyone thought and now look where they are!
 
254k over 30 year mortgage at a mortgage rate of a modest 5%

Cost of credit €222,508.68 = 476,508 + management fees of 1500 pa = 45k

total cost just over half a million (excluding solicitor/real estate fees)

Tax rates/Mortgage interest rates are going up
Block Insurance will increase so you managemet fees will go up
Tax bands are widening.
Cost of living/petrol etc... going up
TRS on mortgages being removed (think the same for insurance)

Also, you dont own an apartment, there is leaseholds on the land sometimes for 999 years. You own the space between the excuses they call walls.



still think thats a good deal?
 
Ok so I should look for a house. I would prefer that really but there is very little in our price range close to the city
 
Please dont even consider buying an apartment.

I was in the process of buying an affordable apartment a few years ago and pulled out of sale because prices fell by €150,000. I was lucky that I got out of it because I recently bought a house in the same area (Dublin 8) for €200,000. Cheaper than the apartment back then.

It took a long time and offering a lot of very low offers but got there in the end.

I would hold out for a house. I like apartments but the maintenance fees are very high and if you wanted to eventually buy a house it would be very difficult to sell the apartment on.

Best of luck :)
 
Thank you all for your replies. Anyway I went to see the apartment so for the benefit of anyone else here interested in a viewing I'd say don't bother!

They are tiny. I would say the developer worked hard at making them as small as legally permissable. All you have is one small main room - kitchen and living room. The bathroom is ok but tiny bedrooms. You would not get a decent sized double bed into even the biggest bedroom. The wardrobes are plonked in random places in the rooms and glued to the wall. The windows open like doors and all there is to stop you falling out is a sheet of waist height glass - one of the windows seemed to be missing this so the window was welded shut or something.
 
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