Buying my first Property

J

Jim Davis

Registered User
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I just wanted to throw this out to anyone who could offer and tips or suggestions. Im in the preliminary stages of buying my first property. The details are as follows:

First Time Buyer
Private Purchase
Single Application (Buying Alone)
100% Mortgage of €300,000 Max
Looking for a 2 Bed Apt (New) would consider a house
On the south side

Does anyone have any suggestions or is there anything I've left out? Is there any pitfalls I should be aware of?

Any advice would be appreciated.
 

I would be wary of 100% and didn't think you could still get it. Do look at the option of a house over an apartment as even medium term the house is a far better buy and when it comes to selling it on it provides you with a much healthier chance of selling. even small things like lack of storage and will soon start to bug you in an apartment.
 
Are you buying in Dublin? Crumlin has some houses for the €300k mark.
Do you particularly want to buy now?
 
Jim Davis said:
I'd prefer to live in an apt than a house. There's alot less maintenance.
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Less maintenance in the fact it is smaller? If you're talking regards garden it can be a relatively cheap job to go for a maintenance free back garden. People obviously will have different tastes and needs, but the biggest market appeal down the line will be for a house.
 
I agree Jim, I lived in an apartment and I loved not having to worry in storm if the roof blew off!
Do remember to add the service charge to your monthly repayments though as they can be quite high.

Edit: I was on the top floor. That's why I was glad any repairs wouldn't be an unplanned cost.
 
moneygrower said:
I agree Jim, I lived in an apartment and I loved not having to worry in storm if the roof blew off!
Do remember to add the service charge to your monthly repayments though as they can be quite high.
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Unless you're the top floor of course.
 
It depends where you buy your apartment. With some the maintenance is not cheaper and yes, when the storm blows the roof off or the water boiler doesn't work or floods the block, the owners are more or less forced to look after it. YES you can say, there are management companies who you pay (an aweful lot of money) and should look after things like these but not every management company are doing their job - in fact, the place I am renting now (built 4 years ago) i.e. the actual apartment block has soo many problems that it wouldn't fit a single sheet of paper. YES the management company has been suit by the owners BUT after three years there is still no outcome on the matter.

So with that in mind, I would re-think of buying an apartment. Space (as mentioned by a previous) poster is very soon a real issue AND you get a balcony for a garden where you have birdies flying in and out unless you put spikes up (lovely sight!)

But then again, everyone has different ideas and if you really want an apartment, you'll go for it either way
 
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depends what your definition of "decent" is. a new house? a 2nd hand with absolutely no faults? and then it also depends on where in Dublin
just saying, consider all the options before making up your mind about apartments. i lived long enough in one and no way i'd do it again! (moving out now in 2 weeks into a lovely new house)
 
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MrMan said:
Unless you're the top floor of course.
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As far as I'm aware 100% mortages were always available for high earners such as vets and doctors. It was only in recent years that they opened it up for a while to others.

I think I'd be an apartment person as well but would love someone to call everyday for my rubbish and sure while they were at it they could run around and tidy up for me.
 
I seriously doubt you would get a 100% mortgage in this economic climate...have you actually made enquiries about this? I am in this category and went for mortgage approval recently and was only offered 92%...although this was based on the assumption that I could rent existing apartment/PR out.
 
My management company were pretty good. Well the caretaker was anyway. Everything repaired pronto. I don't what the birds flying and spikes is about but surely if you want an apartment you're not too fussed about a garden? I felt safer too in the apartment than I do in a house. I'm delighted to be in a house on the whole though as I do like a garden and my baba can entertain himself with some fresh air without me taking a trek. I also like the car just outside the door. I miss the recycling bins in the apartment, they took everything, cardboard, glass etc. And I never had to remember to put the bin out.
 
Jim Davis said:
Does anyone have any suggestions or is there anything I've left out? Is there any pitfalls I should be aware of?

Any advice would be appreciated.
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Buying right now is the biggest pitfall you should be aware of.

If you want my advise go nowhere near the property market for the next 6 months
 
One other thing to consider is that most of the banks at the moment will only offer 80% mortgage on an apartment
 
AIB, Bank of Ireland, First Active and Permanent TSB still offer mortgages in excess of 80% LTV for apartments.
 
Jim Davis said:
Does anyone have any suggestions or is there anything I've left out? Is there any pitfalls I should be aware of?
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Um, the fact that you're getting a 100% mortgage (I didn't even think anyone did these anymore) in a tanking housing market?

P.
 
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