Property Path - Help or Hindrance?

so you put your name down in may and you've a deposit paid by Sept...that sounds great, why do they have a different story at Property Path???

Actionmags: Never really thought about the parent aspect and AH but we'll get one thing sorted at a time! lol

I'm only at this a couple of days and my head hurts!!! How do ye do it?!!!
 
See this is what i dont get with DLRCC. They must have a number of high end developments with allocated AH units that in reality are still beyond the grasp of many! What is happening to these??!
 
SuzyQ80 said:
Hi qwerty08,

For the AHI you still need to have your name down on the council list, so for Adamstown or new Bancroft (where i have a deposit down) you need to be on the SDCC list. When you go and put your deposit down you need to have your ref no. from the council.
Click to expand...

I also have a deposit down in New Bancroft, and you didn't have to be already on the SDCC list (although I was). You could apply there and then (they had forms there in the sales office) and you would obviously have to meet the affordable housing criteria, but it was not a requirement to already be on the waiting list.

I went down the AHI route as I was on the AHS waiting list for 18 months, was offered a place and turned it down. I couldn't really bear to wait another 18 months so went for AHI instead, even though its a bit more of a stretch financially. I'd go up to have a look at New Bancroft if I was you - they're really nice. I'm not keen on Adamstown at all.
 
qwerty08 said:
I've spent the last two years in Dublin already and have reached the stage where I am no longer willing to pay someone else's mortgage! (If i'm contracted for the next 3 years, you're talking about 500 p/m rent for 36 months = 18,000 DOWN THE DRAIN)
Click to expand...

You have got everything completely upside-down. I really hope you are not training to be an accountant :)

1. First of all if you take out a mortgage with AH you will still be paying a mortgage to somebody else, in this case the council. Of course for this one you will never make any profit but you will be paying large amounts of fees and locked in for a substantial part of your life even though if there is one thing in life it is change. If valuations continue downwards you can still make a negative investment (check the other treads here for experiences of AH).

2. Your money is not wasted on rent! It is a neccessary life expense, it puts a roof over your head which is one of the basic requirements of life (food, shelter, water). 500 euro/mth is a very low rent, with the higher salaries in Dublin and your future salary you would be saving large amounts of cash. You can use that as a deposit for ANY HOUSE you can afford in any location and anytime in the future (prices will continue to drop for years). Or you could use it to invest in something that actually makes money back for you, or for anything else you like!

3. Why do you think 'rent money is down the drain'. Can you explain to me? I guess you cannot.
 
1. i'll be paying a mortgage...MY mortgage, towards my place, which i will eventually own, not my landlord!!

2. and why cant i make a profit? rent a room relief allows you to make a profit of 10k a year, tax free!!

3. Management fees apply assuming i'd be buying an apartment, not a house!

4. Because affordable housing already represent a significant reduction from market value, if anything it GIVES you a cushion of protection against price drops which normal buyers are not afforded!

5. I've been paying rent for four years in college and a year after, i think thats a sufficient "necessary life experience"!!

6. If you think people can afford to pay rent and save heavily for a deposit, then why are you even interested in affordable housing??

7. If you think it's necessary to explain why paying rent to someone else warrants justification, then i think its you my friend WHO HAS EVERYTHING UPSIDE DOWN!
 
You display a stunning lack of financial skills. You are only paying 500 euro/mth in rent at the moment. After a few years as a single guy you could easily have at least a 30,000 euro deposit on hand (regarding your salary projection). You could also put that money into an investment that gives you a return.
Plus you seem to assume Affordable Housing is a good deal. It is not always, why don't you check the other threads here.
A mortgage is a loan for a house, it does not mean you own the house. Interest rates are high. Multiples of earnings are among the highest in the world. Property prices are predicted to go down for another few years and very unlikely to bounce back for the next 10 years at least. Current mortgages can go up to 35 years. You don't own the house until you pay off the mortgage. Also you should check about tax relief on renting out a room, I think you must reside in the house continually to avail of this scheme and there are probably other conditions.

And you have not been able to answer why paying rent is dead money, I guess you learned that from your mammy so it must be true.
 
Qwerty, whilst I applaud your determination to make solid plans for your future I too believe a bit of a re-think would do you the world of good. I'm weary to mention falling prices on this board but I'll keep it vague. Basically in my opinion (though I'm certainly no expert) the housing market is a long way from stabilizing. Nobody knows for sure of course (and indeed if our inept government have their way they'll do all in their power to keep prices artificially high) but I certainly wouldn't bank on prices levelling off any time soon.

To service a 300k (gulp!) mortgage @ 6% you will pay 18000 in interest alone per annum - that's 1500 monthly - 3 times your current rent! And that's not a penny off the principal - it's just the cost of servicing the loan. Also add the cost of mortgage protection insurance (50 a month ??) and very importantly add the cost of LOST return on savings. If you were to save 1000 a month (difference between your current rent and potential mortgage interest) you'd make approx 15,000 on interest after 5 years.

Like I say I admire your desire to plan for your future (and geez I know what you mean about civil service cluelessness sometimes) but be careful. This notion of 'getting on the property ladder' has been ingrained into us for a long time now. It made sense when a monthly mortgage was perhaps equal to or less than rent but now I'm not convinced. It's your money. Think long and hard and do all the sums before parting with a cent in this economy where houses are STILL artificially high (yes, even through the AH scheme).

Good luck to you :)
 
E500 per month is a bargain compared to the interest payments on E300,000. Be thankful that your landlord is subsidising you to such a generous extent.
 
qwerty08 said:
1. i'll be paying a mortgage...MY mortgage, towards my place, which i will eventually own, not my landlord!!

2. and why cant i make a profit? rent a room relief allows you to make a profit of 10k a year, tax free!!

3. Management fees apply assuming i'd be buying an apartment, not a house!

4. Because affordable housing already represent a significant reduction from market value, if anything it GIVES you a cushion of protection against price drops which normal buyers are not afforded!

5. I've been paying rent for four years in college and a year after, i think thats a sufficient "necessary life experience"!!

6. If you think people can afford to pay rent and save heavily for a deposit, then why are you even interested in affordable housing??

7. If you think it's necessary to explain why paying rent to someone else warrants justification, then i think its you my friend WHO HAS EVERYTHING UPSIDE DOWN!
Click to expand...

Qwerty,

Sorry to burst your bubble, but the most you will get on AHS is a two bed apartment, so yes you would be paying Management Fees.

Houses are for kept for families.
 
mainasia said:
You display a stunning lack of financial skills. You are only paying 500 euro/mth in rent at the moment. After a few years as a single guy you could easily have at least a 30,000 euro deposit on hand (regarding your salary projection). You could also put that money into an investment that gives you a return.
Plus you seem to assume Affordable Housing is a good deal. It is not always, why don't you check the other threads here.
A mortgage is a loan for a house, it does not mean you own the house. Interest rates are high. Multiples of earnings are among the highest in the world. Property prices are predicted to go down for another few years and very unlikely to bounce back for the next 10 years at least. Current mortgages can go up to 35 years. You don't own the house until you pay off the mortgage. Also you should check about tax relief on renting out a room, I think you must reside in the house continually to avail of this scheme and there are probably other conditions.

And you have not been able to answer why paying rent is dead money, I guess you learned that from your mammy so it must be true.
Click to expand...

I know exactly how a mortgage works thank you, if you read my comment properly, you'll see that i said "eventually own" so why you saw the need to point that out is beyond me!

Also your point re: rent a room relief is similarly pointless, the whole point in my initial posting was that I wanted to buy a home as I am due to be in dublin for the foreseeable future....why would I choose not live in it now?!?!?!

Interest rates are at their highest which means they are only going to go one way... down! The Bank of England is set to begin a series of interest cuts in mid-December and the EU is set to follow in the new year.

Your obviously one of these doomsday David mc Williams gob****es if you honestly believe you will be paying less in 10 years time for a semi d in dublin than you are today!
 
Yvie said:
Qwerty,

Sorry to burst your bubble, but the most you will get on AHS is a two bed apartment, so yes you would be paying Management Fees.

Houses are for kept for families.
Click to expand...

Hey Deb,

I understand what your saying alright, but i think it's the right move for me. Under the initiative, you can buy whatever is on offer even if its a 3 bed semi d
 
qwerty08 said:
I know exactly how a mortgage works thank you, if you read my comment properly, you'll see that i said "eventually own" so why you saw the need to point that out is beyond me!

Also your point re: rent a room relief is similarly pointless, the whole point in my initial posting was that I wanted to buy a home as I am due to be in dublin for the foreseeable future....why would I choose not live in it now?!?!?!

Interest rates are at their highest which means they are only going to go one way... down! The Bank of England is set to begin a series of interest cuts in mid-December and the EU is set to follow in the new year.

Your obviously one of these doomsday David mc Williams gob****es if you honestly believe you will be paying less in 10 years time for a semi d in dublin than you are today!
Click to expand...

Watch your language young Qwerty. You're obviously one of those 'Celtic Tiger' g&b****es that I've been reading about :) .
Yes, taking into account inflation some houses will certainly be worth less than they are today. Depends on location but of course houses in good locations had the highest valuations, beyond the reach of the AH scheme in general. That means you'll probably be buying in an out-lying area in a new scheme. Their valuations are dropping like stones. The point is getting value for your money. You could simply wait for a couple of years and get much more value for your money. You don't make any sense actually. Why do Interest rates have to go down? Just because the scheme says 'affordable' doesn't imply it's a good deal. It's often a discount on over-valued assets that benefits developers shifting stock before they go bankrupt, but you will be locked in for a long time on an expensive mortgage with a valuation that will probably be equal to next years on the open market. The mortgage is locked but your future salary is not locked.

You pointedly refuse to check the other threads I mentioned on here. It's weird you bring up some insult about David McWilliam's, pretty odd that. Perhaps you prefer economists like Dan McLaughlin of the BOI, they still believe things will level out and get better next year : cough :
 
Look mainasia ( I think your name explains a lot re how you interact with people) I have come to the conclusion that if i say black, you'll say white so I have better things to be doing with my time, you obviously dont. You accuse me of displaying a blaring lack of financial skills yet you stand here actually trying to argue against every academic, financial press and goverment and even your bff David Mc Williams who all concede that the ECB will start a series of cuts if not by the end of the year, in the first quarter of 09! If we're all wrong come back in 09, i'm sure you'll still be online!

I have spent hours if not days trawling through every single thread on affordable housing on here and i have come to the conclusion that it is the right option for me...thats my own humble opinion! I started this thread to gain insights from people who are currently going down the Affordable route at the moment......not to enter a great academic debate and massage your obviously larger than life ego!

In the nicest possible way P*ss Off!
 
This thread is getting very heated!!

Qwerty just a word on Dun Laoghaire Rathdown. If it is your preference to buy there just know that there is no AHI option. It's the standard affordable housing only. With a waiting list of about 3,000 you would be years waiting.

Although I disagree with the tone of some of the replies you've got, I think the essence of what they're saying is probably true. Outside of Dun Laoghaire Rathdown there is little difference between affordable and private prices. If your wages are going up and prices in general coming down I think it might be a bad move to go the affordable route for you. You should be able to get a 3 bed now for around the 300k mark in many of areas that affordable are now selling.

Or why not go for a two bed in the short-term in an area that you actually want? I was amazed today on daft to see 2 bed apts in Sandyford advertised at €299K!? Or just rent for another year and then be in an even stronger position. My advice is take lots of time to think about it. The reality is that affordable housing is still keeping prices artificially high. Many developers are signing over extra apts to the councils because they're not selling. In just a short time you might be able to do a lot better in the open market without the constraints of affordable housing.
 
Fair enough, you didn't come here for my advice so do your own thing and if you are looking to settle down somewhere and you think that's right for you go for it, it's your life. I'm just afraid that you are basing your ideas on only this internet forum and what you hear from the government and what papers like the Irish Independent say, well let's just say you are asking for it. You should remember discussion of house prices is officially banned here since 2007 (many users were banned from this site), although it seems to have been relaxed as it's hard to get away from the obviousness of the facts these days. Discussion was banned (I risk being banned for this too of course) in November 2006. Very co-incidentally the bottom stopped dropping out of the market early 2007. Discussion was allowed on the way up, but not on the way down. There are many users of this site who could have done with a more open discussion on valuations. Have a look at all the choice quotes from media here-
[broken link removed].

But don't get ****ed off at me because I don't agree with the way you are thinking even if I was a bit strong on the criticism. You can learn from people with different points of view, that's not something you will come across here very often.

What's my username got to do with anything, a bit racist are we (I live in Asia, my wife is Asian).
 
Hey Cheeus,

well i'm not going in to this with blinkers dont worry and clearly the sentiment expressed here would certainly make you stop and think! I probably should have made it clearer in earlier posts that I'm not really in a mad rush! I dont expect to be in somewhere by xmas or anything lol

I just think that the tide has turned a bit in favour of the buyer and i'd prefer to have some form of mortgage approval in case a real bargain fell into my lap. As for the AH, i am interested in it but bit disillusioned about the waiting lists....all the same i do think it's worth throwing your name down for all the councils. If something comes up, its worth a look, if not, by mid 09 id hope to buy privately in a decent area
 
You must log in or register to reply here.
Back
Top