Bitthedust
Registered User
- Messages
- 7
I’m a new member but was here previously back in the heady days of 2006-07. That was when I made a massive mistake in buying a 1 bed apartment in a large complex in Dublin. It was a private sale. There were two affordable housing schemes introduced, one i think in 2006 and the other later maybe 2010. I paid €290k for my apartment in the end. €50k of hard earned savings, rest mortgage. I wasn’t entitled to AH, earned about €7k too much. Lived there for over 8 years and now am renting as have a child with my partner. Rented apartment out but am not breaking even because of exorbitant revenue, management fees and very few expenses which is a massive drain on annual budget along with renting at current values. Very little savings. We are both working now but my partner was out of work for over two years in the recession and also took a year out to mind our child, when I returned to work.
A while ago a very similar apartment in the complex sold for €210k. I put my apartment up for sale the following week and began to feel hopeful for the first time since the recession. At one time the market value had sunk as low as €90k. I thought I might finally be able to sell in positive equity and have the beginnings of a deposit to buy a small house in a commuter town.
Then, within 2 weeks, 3 similar apartments were put up for sale @ asking price €30-€40k below mine, bringing me back into negative equity. One went sale agreed very quickly. I can only assume they were AH apartments and that owners are trying to avoid the council clawback by selling them at the price they paid.
I do appreciate that people don’t want to pay the clawback to the council but have I any other options? We are in our late 40’s. Our time to get another mortgage is running out.
A while ago a very similar apartment in the complex sold for €210k. I put my apartment up for sale the following week and began to feel hopeful for the first time since the recession. At one time the market value had sunk as low as €90k. I thought I might finally be able to sell in positive equity and have the beginnings of a deposit to buy a small house in a commuter town.
Then, within 2 weeks, 3 similar apartments were put up for sale @ asking price €30-€40k below mine, bringing me back into negative equity. One went sale agreed very quickly. I can only assume they were AH apartments and that owners are trying to avoid the council clawback by selling them at the price they paid.
I do appreciate that people don’t want to pay the clawback to the council but have I any other options? We are in our late 40’s. Our time to get another mortgage is running out.