Affordable Housing Initiative Greater Dublin Area-Dublin, Kildare, Meath and Wicklow

SDCC is waiting for the new prices - after that they should send us letters with mortgage details and after that we can go to banks.
 
Hello Yellowman

Did you ask the Council to reprice the apt after an independent valuation?
I'm thinking of buying with Fingal but think the properties are overpriced as similar second hand in the same development are going much cheaper.

Anyone have any advice about approaching the council on this?

Thanks
 
Cheeus said:
Hello Yellowman

Did you ask the Council to reprice the apt after an independent valuation?
I'm thinking of buying with Fingal but think the properties are overpriced as similar second hand in the same development are going much cheaper.

Anyone have any advice about approaching the council on this?

Thanks
Click to expand...

Hi,
I didn't ask - they told me that they (SDCC) will send it's own estimator and because it is a Section 23 (usually overpriced) they may (or may not) reduce a price.
As far as I understand if they do this they simply reduce our clawback.
 
Re: Affordable Housing Initiative Greater Dublin Area-Dublin, Kildare, Meath and Wick

Re Priors Gate

In last conversation I had with Property Path re Priors Gate valuations they said clawback will be reduced if they find market price differs from their purchase price. They won't reduce it due to S23 though, so the S23 content will still be reflected in the valuation. I understand that they are revaluing all properties offered through the recent initiaitive not just the S23's. Still waiting on the revenue commissioners & SDCC to clarify a few pts for me, but think I will likely turn apartment down due to the S23 as I likely will not live in the apartment for 10 yrs & owner occupiers (as I understand) cannot sell S23 relief.
 
Some people would be over the moon to get offered anywhere in Dublin at the prices affordable homes are being sold at these days. You cant have everything. Does my head in seeing everyone constantly giving out and saying they're not getting this that and the other when ti comes down to an affordable home. You're getting it at a very good price what more do you want?

Maybe I took you up wrong but it just seems greedy of you to want all the trimmings with it.
 
Hi Bassface

I know what you're saying - it's a sensitive issue when some people aren't receiving any offers at all.

However there are many thing to consider about affordable housing. You actually have to be more cautious than if buying privately because you could potentially fall into negative equity quite quickly, or if you move in and just don't like the place you are there for a considerable time. The reality is that many of the properties being offered are now overpriced in a changing property market.

Banks and Building Societies are valuing some of these properties at less than the market price being given by the councils. People are right to be cautious.

Even leaving loss out of it, it is really important to consider whether you're going to be happy somewhere. Value can also be a subjective thing. I think people should feel free to post their concerns.
 
You're getting it at a very good price what more do you want?
Click to expand...
It is right but only in a short-term.

PElliot is selling my appt. for 375K euro - for a price of 3x bedroom home in Killtipper or Citywest. It is possible to buy 3x beds duplex there for around 317-320K.
I am paying SDCC 285K and own them 90K.

If I get a 275K mortgage I would pay around 1050-1100€ pm minus owner occupier relief which should be around €400 pm plus €120 management fees. 1100+120-400 = €820 pm.

If I get 310K for a duplex I will pay around €1250-1300 a month. No releif, no management fees.

So, in three years living in the appt. I should save around 500*12*3 =€18K.
But will your appt. cost more than 375K after 3 years? I don't think so.
Will duplex go up? I think yes.
 
No by all means post your concerns but its like the chronic complainer story I heard when I worked in Dunnes years ago. Its funny and sad at the same time.
 
You're missing the point Bassface - 'Askaboutmoney'
This site helps people make informed decisions. There's a difference between moaning and asking questions to facilitate informed decision making.
 
Re: Affordable Housing Initiative Greater Dublin Area-Dublin, Kildare, Meath and Wick

I vacillate between being delighted to be offered a place under the AHI and being terrified that i will end up owing more than the place is worth due to developers hyping up the prices before selling them to the County Council.

I have friends who find this hard to listen to, they are on the affordable housing waiting list but don't have the minimum income levels to qualify for the AHI so they are stuck waiting and hoping.

I realise i am fortunate to have this opportunity, but the idea of having a good size mortgage plus owing another 30% is terrifying. I have nightmares about being stuck trying to raise a family in an apartment i can't afford to sell.

Oh well at least i'll still be in Dublin!
 
Hey

Would anyone have a suggestion on which of the 3 banks we can use would be the best???
 
anxious said:
Hey

Would anyone have a suggestion on which of the 3 banks we can use would be the best???
Click to expand...
One of the solicitors I spoke to that deals specifically with affordable homes recommended EBS. He said IIB were making a mess of things. My cousin works for the company that is installing the kitchens and wardrobes in Priors Gate and he said all the kitchens are now in and the painters are starting next week. He said PElliotts had originally planned to be finished and off site by the end of July but that it will be the end of August before they are finished now. He reckons we will be doing our snags within two months.
 
Thanks Bobby g

I have oct in my head for moving in so im happy with that news. So I guess for the moment we are waiting to her from the council re cthe clawback.Am I right..
 
anxious said:
Hey

Would anyone have a suggestion on which of the 3 banks we can use would be the best???
Click to expand...

Hi Anxious - when I rang the three IIB would give me the most money. As Im a 1st timer I havent a clue about mortgages etc so Im going through Irish Mortgage Corporation, Baggot St. They do everything for you, they contact the three banks to get the best deal and the best bit is they dont charge you a penny. I had an initial consultation and brought in my docs (payslips etc). When I get the letter from SDCC I will forward it on to them and they'll sort out my mortgage.
Michael Nangle is whom im dealing with tel: 669 310/087 740 4755 email: michaeln@irishmortgage.ie . I'd highly recommend using them as it makes your life a lot easier.
 
anxious said:
Thanks Bobby g

I have oct in my head for moving in so im happy with that news. So I guess for the moment we are waiting to her from the council re cthe clawback.Am I right..
Click to expand...
Yeah I think so. I rang them Tuesday and they said they were still waiting for their valuations.
 
Bobbyg said:
My cousin works for the company that is installing the kitchens and wardrobes in Priors Gate .
Click to expand...

BobbyG - do our aparments come with wardrobes? I know the 1bed showapt had built in-wardrobes but the 2bed showapt had only 2 door units? mind you the bedrooms are probably too small for built-ins!
 
Studio54 said:
BobbyG - do our aparments come with wardrobes? I know the 1bed showapt had built in-wardrobes but the 2bed showapt had only 2 door units? mind you the bedrooms are probably too small for built-ins!
Click to expand...
When I spoke to him he said the kitchen and wardrobes were in so I assumed he meant built in wardrobes, I actually didn't notice the wardrobes in the show apartment. I will be speaking to him tonight and I will find out if they come with built in wardrobes.
 
One of the solicitors I spoke to that deals specifically with affordable homes recommended EBS.
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Hi there, I would not recomend EBS as an existing customer - they are ok initially as they will probaby give you more than other banks however as an existing cutomer their rates are very high and uncompetative as you gain more equity in the place you own...
http://www.askaboutmoney.com/showthread.php?t=57280

I am sure you may be limited in where you can apply for a loan - I do find that is unfair but I would recomend you get independant advice from a broker as that is their job, where as a solicitor would not be as clued in as whos rates are the best when it comes to selecting the bank or BS that the authorities deal with...
 
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